India's Time Technoplast extends gains as Systematix initiates with 'buy'

Time Technoplast

15/10/2024 06:27

** Shares of Time Technoplast  TIME.NS  climb as much as 6.4%
to 444.85 rupees after brokerage Systematix initiates coverage
with "Buy" rating
    ** Brokerage sets target price of 615 rupees - a 47% premium
on last close
    ** The polymer and composite products maker's stock is
hovering near record high levels, eyes best day since late
August 
    ** Systematix says optimistic about co's value-added
products, industrial packaging business, and improving
financials 
    ** Expects pre-tax return on capital employed (RoCE) to
expand from 16% in FY24 to 23% in FY27 on healthy operating
performance
    ** Systematix is first brokerage to start coverage on stock
- LSEG data 
    ** Stock last up 3.3%, extending YTD gains to ~146%  

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))