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Time Technoplast Gets Approval to Make Type 4 Composite Cylinders, Stock Jumps 15%

21 June 20243 mins read by Angel One
On the approval of manufacturing Type-IV cylinders, Time Technoplast’s stock jumps by 15% and marks the first company in India to receive the said approval.
Time Technoplast Gets Approval to Make Type 4 Composite Cylinders, Stock Jumps 15%
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Time Technoplast received the final approval from the Petroleum and Explosives Safety Organization(PESO) for the manufacturing and supply of high-pressure type IV composite cylinders for Hydrogen. Time Technoplast is the first company in India to receive the final approval for the manufacturing and supply of Type-IV Composite Cylinders for Hydrogen. In March, the company secured prototype approval for these high-pressure Type-IV composite cylinders from PESO. Following the final approval the cylinders were submitted for joint testing and inspection, leading to the final approval.

Impact on Stock Performance:

The stock of Time Technoplast landed flat on 20 June and ended at Rs.297.10 on BSE. The stock opened much higher at Rs. 301 on the next day. The market cap of the firm stood at Rs. 6,742 Crore. A total of 0.22 lakh shares were dealt with amounting to a turnover of Rs.66.96 Crores. The company has a one-year beta of 1.1 signaling high volatility during that period. The company’s shares stand higher than the 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages.

About the Company: 

Time Technoplast is the leading manufacturer of technology-based polymer and composite products globally. It is the flagship company of the Time group and has subsidiary companies operating around the globe. It is a multinational conglomerate with operations in Bahrain, Egypt, Indonesia, India, Malaysia, the U.A.E., Taiwan, Thailand, Vietnam, Saudi Arabia & USA. On a global scale, Time Group is the largest manufacturer of large-size plastic drums, the second-largest manufacturer of composite cylinders, and the third-largest intermediate bulk container manufacturer. The company’s portfolio consists of technically driven innovative products like industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure / Construction products, Material Handling Solutions & Composite Cylinders. Since its inception, the company has committed to providing green sustainable solutions with its products and services.

Conclusion: With the approval, the company is poised to capitalize on the rapidly growing market driven by the global shift towards green energy and its commitment to providing sustainable green energy solutions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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