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Time Technoplast gets nod to make Type-IV composite cylinders; stock up 13%

The uptick in share price came after the company secured final nod for manufacturing of Type-IV composite cylinders for Hydrogen issued by the Government authority

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SI Reporter New Delhi

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Time Technoplast in focus: Shares of Time Technoplast rose as much as 12.72 per cent to hit a fresh 52-week high of Rs 334.90 per share on Friday.

The uptick in share price came after the company secured final nod for manufacturing of Type-IV Composite Cylinders for Hydrogen issued by the Government Authority i.e. Petroleum and Explosives Safety Organisation (PESO).

In an exchange filing, time Technoplast said, “We are pleased to announce that we have received Final Approval from PESO for the manufacturing and supply of High-pressure Type-IV Composite Cylinders for Hydrogen.”

This approval comes after receiving prototype approval and subsequent joint testing and inspection, solidifying our commitment to advancing sustainable green energy solutions. We believe this achievement positions us uniquely to capitalize on the burgeoning market driven by the global transition towards green energy.

“We are proud to be the first company in India to receive final approval for the manufacturing and supply of Type-IV Composite Cylinders for hydrogen. This milestone signifies a significant advancement in our efforts towards sustainable green energy,” Time Technoplast said. 

Looking ahead, we are enthusiastic about the opportunities this technology presents and remain committed to driving forward progress in the renewable energy sector.
 
Time Technoplast Ltd (Time Tech) is a multinational conglomerate with a strong presence in Bahrain, Egypt, Indonesia, India, Malaysia, UAE, Taiwan, Thailand, Vietnam, Saudi Arabia, and the USA. 

It is renowned as a leading manufacturer of polymer products, offering a diverse portfolio of innovative solutions for burgeoning industry sectors including Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure/Construction materials, Material Handling Solutions, and Composite Cylinders.

With over 34 state-of-the-art production facilities worldwide, Time Tech is globally recognised for its pioneering plastic products. Since its establishment in 1992, the company has distinguished itself through a steadfast commitment to research and development, futuristic product design, and exceptional customer service. Operating 28 manufacturing units and supported by 8 regional and marketing offices, Time Tech is dedicated to meeting the evolving demands of both Indian and international markets, filling crucial gaps with innovative solutions.

The market capitalisation of the company is Rs 7,315.06 crore, according to BSE.

At 10:13 AM, shares of the company were trading 8.67 per cent higher at Rs 322.85 per share. In comparison, BSE Sensex was trading flat at 77,486.01 levels.

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First Published: Jun 21 2024 | 10:35 AM IST

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