Shares of Time Technoplast rose nearly 13 percent and hit a 52-week high of Rs 335 apiece after the company received final approval for manufacturing Type-IV hydrogen composite cylinders.
At 9.30 AM, shares of Time Techno were trading 8 percent higher at Rs 321 apiece. The stock has gained 85 percent in the past six months, outperforming Nifty 50, which gained 10 percent during the same period.
The final nod was given by the Petroleum and Explosives Safety Organisation (PESO). This follows Time Techno's earlier communication on March 19, when the company received prototype approval from PESO.
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"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," Time Techno said in a filing.
Time Techno became the first company in India to receive this final approval. "This milestone signifies a significant advancement in our efforts towards sustainable green energy," the company said.
Also Read | Time Techno Consolidated March 2024 Net Sales at Rs 1,394.32 crore, up 16.94% Y-o-Y
With this approval, Time Techno will enter a rapidly growing market fueled by the global shift towards green energy solutions. "We are enthusiastic about the future and the positive impact this technology will have on our industry and the environment."
Time Techno manufactures and markets technology-based polymer products in India. The company offers a range of products such as drums, containers, garden furniture, automotive components, auto break reuse-prevention syringes, entrance mattings, turfs, HDPE pipes, PET sheets, and car mats.
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