Time Technoplast stock soars over 12% to new record high on final approval for high-pressure hydrogen cylinders

Time Technoplast shares surged by 12.7% to reach an all-time high of 335 after receiving final approval from PESO for manufacturing high-pressure Type-IV composite cylinders for hydrogen, becoming the first company in India to do so.

A Ksheerasagar
First Published21 Jun 2024, 10:21 AM IST
Mulitbagger Stock: The company shares have delivered impressive returns in recent years, with a 168% increase over the past year and a remarkable 280% rise over the last three years.
Mulitbagger Stock: The company shares have delivered impressive returns in recent years, with a 168% increase over the past year and a remarkable 280% rise over the last three years. (Pixabay)

Time Technoplast, a leading manufacturer of polymer products, saw its shares surge by 12.7% in early trade today, reaching a new all-time high of 335 apiece. This rally followed the company's announcement that it had received final approval from the Petroleum and Explosives Safety Organization (PESO) for the manufacturing and supply of high-pressure Type-IV composite cylinders for hydrogen.

In mid-March, the company had secured prototype approval for these high-pressure Type-IV composite cylinders from PESO. Following this, the cylinders were submitted for joint testing and inspection, leading to the final approval.

Also Read: What drives investors to seek alternative strategies amid market volatility?

Time Technoplast has now become the first company in India to receive final approval for manufacturing and supplying Type-IV composite cylinders for hydrogen. This milestone marks a significant step forward in the company's commitment to sustainable green energy.

With this approval, Time Technoplast is poised to capitalise on a rapidly growing market driven by the global shift towards green energy. The company expressed enthusiasm about the future and the positive impact this technology will have on the industry and the environment.

Also Read: Stanley IPO to hit D-Street today;check GMP, review, key details. Apply or not?

The company is one of the leading manufacturers of technology-based polymer and composite products globally. It is the flagship company of the Time group and has subsidiary companies (including set-down subsidiaries) operating across the globe.

Globally, Time Group is the largest manufacturer of large-size plastic drums, the second-largest manufacturer of composite cylinders, and the third-largest intermediate bulk container manufacturer.

Its diverse portfolio caters to various industry segments, including industrial packaging solutions, lifestyle products, material handling solutions, composite cylinders, infrastructure/construction-related products, and automotive components.

Also Read: Cyient DLM trading 183% higher than IPO price. Is it still a 'buy'?

With over 14 recognised brands, the group collaborates with more than 900 institutional customers worldwide. Notable clients of the company include BASF, Huntsman, Bayer, Du Pont, Indian Oil, Gulf, ExxonMobil, Total, Ashok Leyland, Tata Motors, Cargill, GE, and L&T, among others.

The company shares have delivered impressive returns in recent years, with a 168% increase over the past year and a remarkable 280% rise over the last three years. Moreover, from 24 per share four years ago, the shares have surged to the current trading price of 310, marking a substantial gain of 1191%.

Also Read: Uno Minda gains 12% after Goldman Sachs initiates coverage with a 'buy' tag

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess

News in Numbers

Numbers that help you understand news better
₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

20 Yrs

First Published:21 Jun 2024, 10:21 AM IST
HomeMarketsStock MarketsTime Technoplast stock soars over 12% to new record high on final approval for high-pressure hydrogen cylinders

Most Active Stocks

Bharat Electronics

313.50
03:59 PM | 18 JUL 2024
-12.85 (-3.94%)

Oil & Natural Gas Corporation

331.20
03:59 PM | 18 JUL 2024
8.8 (2.73%)

Zee Entertainment Enterprises

142.45
03:59 PM | 18 JUL 2024
-13 (-8.36%)

Tata Steel

166.35
03:56 PM | 18 JUL 2024
-0.7 (-0.42%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

India Cements

344.75
03:54 PM | 18 JUL 2024
21.7 (6.72%)

IDBI Bank

92.19
03:59 PM | 18 JUL 2024
4.27 (4.86%)

Endurance Technologies

2,679.00
03:29 PM | 18 JUL 2024
102.4 (3.97%)

Gillette India

8,002.75
03:29 PM | 18 JUL 2024
275 (3.56%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    75,099.00-147.00
    Chennai
    74,659.00-440.00
    Delhi
    74,512.00-294.00
    Kolkata
    75,539.0073.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts