Time Technoplast, which had closed yesterday at Rs.103.50, opened with a positive gap to go on and hit a new 52-week high at Rs.112 today. Volumes are up over 4-times.

The company said that the process of sale of land parcel located on Saki Vikar road, Mumbai has commenced with identified buyer. Further, due diligence process is ongoing by a leading Asset Management Company.

The transaction is likely to be completed including receipt of sales proceeds shortly.

The sale consideration will be utilized for repayment of debt to lenders of the promoter company, resulting in release of entire present pledged equity shares.

Promoters currently hold 51.33% stake of which 8.18% is pledged.