Meanwhile, the BSE Sensex was down 158.56 points, or 0.51%, to 30,698.96. The BSE Mid-Cap index was down 66.09 points, or 0.45%, to 14,486.40.

On BSE, so far 9,835 shares were traded in the counter as against an average daily volume of 1.99 lakh shares in the past one quarter. The stock hit a high of Rs 158.25 and hit a low of Rs 155.10 so far during the day. The stock had hit a record high of Rs 177 on 9 June 2017. The stock had hit a 52-week low of Rs 48.85 on 22 July 2016.

The mid-cap polymer products maker has an equity capital of Rs 22.61 crore. Face value per share is Re 1.

Time Technoplast announced successful trial production and testing of Carbon Fiber based Composite Cylinders for CNG for automotive applications. This has been done for the first time in India. Company has developed 60 litre and 30 litre non-metallic Type-4 Composite Cylinders which are able to withstand burst pressure of over 550 bars. It shortly starts process of getting approval from independent third party and PESO before putting them on field trials.

These LiteSafe Composite Cylinders offer numerous technical and operational advantages over conventional steel cylinders for the same application, Time Technoplast said. Automotive companies are keen to replace metal cylinders with Composite Cylinders to reduce weight and improve upon fuel efficiency. These cylinders are likely to find their way both with OEM and aftermarket. It also has a huge export potential, the company said.

The company is planning to launch these cylinders in second half of the year ending 31 March 2019 (FY 2019) after obtaining necessary approvals and extensive trials, Time Technoplast said.

On a consolidated basis, Time Technoplast's net profit rose 33.45% to Rs 43.05 crore on 25.41% increase in net sales to Rs 810.07 crore in Q4 March 2017 over Q4 March 2016.

Time Technoplast is a leading manufacturer of polymer products. The company's portfolio consists of technically driven innovative products catering to growing industry segments like, industrial packaging solutions, lifestyle products, automotive components, healthcare products, infrastructure / construction related products, material handling solutions & composite cylinders.