The stocks of Time Technoplast rose over 15 per cent in the Friday trading session after the technology based polymer manufacturer received final approval for manufacturing of TYPE-IV composite cylinders for hydrogen from the Petroleum and Explosives Safety Organization (PESO).
Time Technoplast traded at Rs 342 with 15.14 per cent gain in the morning session on the National Stock Exchange (NSE).
“This announcement follows our previous communication dated 19 March 2024, wherein the company received prototype approval for the manufacturing of high-pressure TYPE-IV composite cylinders for hydrogen from the PESO,” stated the company in a regulatory filing.
Subsequently, the company submitted the cylinders for joint testing and inspection to the approving authority for final approval.
The company also informed that it has received final approval from PESO for the manufacturing and supply of high-pressure type-IV composite cylinders for hydrogen.
Notably, Time Technoplast is the first company 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. With this approval, we are poised to capitalise on a rapidly growing market driven by the global shift towards green energy,” stated the company.
In terms of stock performance, Time Technoplast has clocked nearly 100 per cent gain in 2024 so far.
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