Time Technoplast stock soars over 12% to new record high on final approval for high-pressure hydrogen cylinders

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Time Technoplast, a leading manufacturer of polymer products, saw its shares surge by 12.7% in early trade today, reaching a new all-time high of ₹335 apiece. This rally followed the company's announcement that it had received final approval from the Petroleum and Explosives Safety Organization (PESO) for the manufacturing and supply of high-pressure Type-IV composite cylinders for hydrogen.In mid-March, the company had secured prototype approval for these high-pressure Type-IV composite cylinders from PESO.

Following this, the cylinders were submitted for joint testing and inspection, leading to the final approval.Also Read: What drives investors to seek alternative strategies amid market volatility?Time Technoplast has now become the first company in India to receive final approval for manufacturing and supplying Type-IV composite cylinders for hydrogen. This milestone marks a significant step forward in the company's commitment to sustainable green energy.With this approval, Time Technoplast is poised to capitalise on a rapidly growing market driven by the global shift towards green energy.

The company expressed enthusiasm about the future and the positive impact this technology will have on the industry and the environment.Also Read: Stanley IPO to hit D-Street today;check GMP, review, key details. Apply or not?The company is one of the leading manufacturers of technology-based polymer and composite products globally.