Time Technoplast Achieves Record High as Shares Surge 12.7% on PESO Approval for Hydrogen Cylinders
Time Technoplast, a leading polymer products manufacturer, saw its shares soar by 12.7% in early trading, reaching a new peak of ₹335 each. This surge followed the company’s announcement of receiving final approval from the Petroleum and Explosives Safety Organization (PESO) for manufacturing and supplying high-pressure Type-IV composite cylinders for hydrogen.
Earlier in mid-March, Time Technoplast had secured prototype approval for these cylinders from PESO, which underwent joint testing and inspection leading to the final clearance.
The approval positions Time Technoplast as India’s first company authorized to produce Type-IV composite cylinders for hydrogen, marking a significant milestone in its commitment to sustainable green energy.
This development underscores the company’s readiness to capitalize on the burgeoning market driven by the global shift towards renewable energy sources. Time Technoplast expressed optimism about the future, highlighting the positive impact of this technology on both industry dynamics and environmental sustainability.
Time Technoplast is renowned globally for its technology-driven polymer and composite products. As the flagship entity of the Time group, it operates subsidiaries worldwide and serves diverse sectors including industrial packaging, lifestyle products, material handling, infrastructure, and automotive components.
The company boasts a robust portfolio, catering to over 900 institutional customers globally, and counts major names like BASF, Huntsman, Bayer, and Indian Oil among its clientele.
Over recent years, Time Technoplast shares have delivered impressive returns, appreciating by 168% in the past year and 280% over the last three years. From ₹24 per share four years ago, the stock has surged to its current trading price of ₹310, marking a substantial gain of 1191%.
Disclaimer: Investors are advised to seek advice from certified experts before making any investment decisions.
