Time Technoplast shares surge 10% on Bahrain firm buy
Shares of Time Technoplast surged nearly 10 per cent on news that the company's energy unit - NED Energy - has acquired Bahrain-based battery maker Gulf Powerbeat WLL.
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of Time Technoplast surged nearly 10 per cent on news that the company's energy unit - NED Energy - has acquired Bahrain-based battery maker Gulf Powerbeat WLL.
Time Technoplast entered into the battery business early this year through acquisition of NED Energy. To meet the huge demand of its products and to further bring new products for the fast growing automotive sector, NED is tripling its present capacity from 100 mn AH to 300 mn AH through project expansion at Jammu (J&K) which is expected to come on stream by the second quarter of 2008-09.
This acquisition of Gulf Powerbeat shall provide NED Energy 'ready to use' capacity which could be integrated fully with NED's operation in the next three months.
NED plans to tap GCC market for automotive batteries and bring additional components into India to augment the capacity of its Hyderabad plant from 100 million AM to 200 mn AM in the first phase.
The total investment in Bahrain project is estimated at $ 10 million over the next three years and will be financed through a mix of equity contribution from NED and overseas debts.
At 11:14 am, the company's shares gained 7.82 per cent to Rs 1,027 after scaling to a high of Rs 1,064 in trade so far.
Time Technoplast entered into the battery business early this year through acquisition of NED Energy. To meet the huge demand of its products and to further bring new products for the fast growing automotive sector, NED is tripling its present capacity from 100 mn AH to 300 mn AH through project expansion at Jammu (J&K) which is expected to come on stream by the second quarter of 2008-09.
This acquisition of Gulf Powerbeat shall provide NED Energy 'ready to use' capacity which could be integrated fully with NED's operation in the next three months.
NED plans to tap GCC market for automotive batteries and bring additional components into India to augment the capacity of its Hyderabad plant from 100 million AM to 200 mn AM in the first phase.
The total investment in Bahrain project is estimated at $ 10 million over the next three years and will be financed through a mix of equity contribution from NED and overseas debts.
At 11:14 am, the company's shares gained 7.82 per cent to Rs 1,027 after scaling to a high of Rs 1,064 in trade so far.
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