Time Technoplast sees block deals, foreign investors lap up stock
Select mid-cap companies outperformed the broader indices as foreign funds were seen buying their shares despite a weak market on Wednesday.
By ET Bureau | Updated:
Select mid-cap companies outperformed the broader indices as foreign funds were seen buying their shares despite a weak market on Wednesday.
Time Technoplast, a plastic products manufacturer, was one such company where the stock gained substantially as overseas institutional investor Capital International bought a large chunk of the equity in the open market.
One of its funds, Capital World Growth and Income Fund, acquired over 30 lakh shares on BSE and NSE at Rs 63.5, while the stock closed 5.4% up at Rs 65.2 on the BSE.
The counter saw huge volumes of 36.2 lakh shares compared with the two-week average of 61,000 shares. Its fourth quarter earnings were in line with analysts’ expectations.
It undertook a few major inorganic and organic growth initiatives which may drive its earnings. Earlier, Time Technoplast has bought plastic product unit of Solutia Europe. It has also Yung Hsin Contain.
Time Technoplast, a plastic products manufacturer, was one such company where the stock gained substantially as overseas institutional investor Capital International bought a large chunk of the equity in the open market.
One of its funds, Capital World Growth and Income Fund, acquired over 30 lakh shares on BSE and NSE at Rs 63.5, while the stock closed 5.4% up at Rs 65.2 on the BSE.
The counter saw huge volumes of 36.2 lakh shares compared with the two-week average of 61,000 shares. Its fourth quarter earnings were in line with analysts’ expectations.
It undertook a few major inorganic and organic growth initiatives which may drive its earnings. Earlier, Time Technoplast has bought plastic product unit of Solutia Europe. It has also Yung Hsin Contain.
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