Rs 3,000 million order book: This multibagger company received prototype approval for the manufacturing of high-pressure TYPE-IV composite cylinders for hydrogen from PESO
The stock gave multibagger returns of 185 per cent in just 1 year whereas BSE Small-Cap Index is up by 61 per cent.
In a significant development for the company and the clean energy sector in India, Time Technoplast Ltd has secured final approval from the Petroleum and Explosives Safety Organization (PESO) to manufacture and supply high-pressure Type-IV composite cylinders specifically designed for hydrogen storage. This news follows an earlier announcement in March 2024, where the company received prototype approval for these cylinders. After that initial go-ahead, [company name] collaborated with PESO for further testing and inspection to ensure the cylinders met all safety and performance standards.
This final approval is a major achievement, making [company name] the first company in India to be authorized for the manufacturing and supply of Type-IV composite hydrogen cylinders. This paves the way for the company to play a leading role in the growing hydrogen fuel market, which is expected to see significant expansion as the world transitions towards more sustainable energy sources. The company is excited about the positive impact this technology will have on the environment and looks forward to capitalizing on this rapidly developing market opportunity.
On Friday, shares of Time Technoplast Ltd made a fresh new 52-week high of Rs 352.50 per share, up 18.65 per cent from its previous closing of Rs 297.10. The shares of the company ended the day in green, up 13.26 per cent to Rs 336.50 per share with a spurt in volume by more than 3.55 times on BSE.
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Time Technoplast Ltd, a multinational conglomerate, leads the market in manufacturing large plastic drums and composite cylinders. Their focus is industrial packaging, with a strong domestic presence and cost-plus pricing. While they also produce infrastructure, lifestyle, and automotive components, their high-growth value-added products are particularly noteworthy. Composite cylinders, a key innovation, are lighter, more durable, and safer than traditional metal options, positioning Time Technoplast for a strong future in the evolving energy landscape. The company’s order book as of March 31, 2024, stands at Rs 3,000 million.
The company has a market cap of over Rs 7,600 crore and reported amazing numbers in its Quarterly Results (Q4FY24) and annual results (FY24). The stock gave multibagger returns of 185 per cent in just 1 year whereas BSE Small-Cap Index is up by 61 per cent. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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