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