Time Technoplast shares rise 3% on approval to manufacture high pressure cylinders

Time Technoplast Share Price

Time Technoplast share price rose 3 percent in the early trade on January 2 following the company received approval to manufacture and supply of high-pressure cylinders of 2 litres capacity.

At 09:20am, Time Technoplast was quoting at Rs 193.90, up Rs 5.70, or 3.03 percent, on the BSE.

"...... has received approval from the Petroleum and Explosives Safety Organization (PESO) and M/s. TUV Rheinland (India), for the manufacture and supply of high-pressure type-3 fully wrapped fibre reinforced composite cylinders of 2 litres capacity for compressed gases applications," company said in its exchange filing.

The company has existing approvals in hand for Composite Oxygen and Breathing Air (Type-3) Cylinder for 6.8 Litres Capacity, as well as Composite Hydrogen Cylinders (Type-3: 6.8 Litres) and (Type-4: 150 Litres).

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On December 31, the company has been awarded a contract from Hindustan Petroleum Corporation valued at approximately Rs 51 crore, for the supply of rigid packaging p products (Conipack pails) in sizes ranging from 7.5 litres to 20 litres, to be dispatched within a period of two years.

In the previous trading session, the share closed at Rs 188.20, up Rs 0.40, or 0.21 percent.

The share touched a 52-week high of Rs 254 and a 52-week low of Rs 153.38 on 02 January, 2025 and 09 May, 2025, respectively.

Currently, the stock is trading 25.91 percent below its 52-week high and 22.7 percent above its 52-week low.

The market capitalisation of the company stands at Rs 9,290.22 crore.