Time Technoplast surges 18% to all-time high on receiving PESO nod for manufacturing hydrogen cylinders

PESO comes under the ambit of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry. The organisation is the apex body for approval of goods used in the oil and gas sector.

The company informed the exchanges via a release on June 20 that the PESO has granted it final approval for manufacturing of high-pressure type-IV Composite Cylinders for hydrogen. The company added that it had submitted the cylinders for joint testing and inspection to the approving authority prior to getting the final approval. Time Technoplast said that it has become the first company in India to get final approval for the manufacturing of Type-IV Composite Cylinders.

Time Technoplast also mentioned that this development is a significant milestone in the company’s efforts towards promoting sustainable green energy. The company aims to capitalise on a rapidly growing market, which is driven by a global shift towards green energy, according to the release.

The Indian government also aims to promote the usage and export of Green Hydrogen and its derivatives, through the National Green Hydrogen Mission. Through the mission, the government aims to significantly decarbonise the economy, reduce dependence on fossil fuel imports and enable India to assume technology and market leadership in Green Hydrogen, according to the Ministry of New and Renewable Energy’s website.

Earlier on May 23 the company recommended a final dividend of ₹2 per equity share of face value of ₹1 for the financial year ended March 31, 2024, which translates to a dividend payout of 200%.

Time Technoplast Ltd is a multinational conglomerate that has 34 production facilities located across countries such as Bahrain, Egypt, Indonesia, India, Malaysia, the UAE, Taiwan, Thailand, Vietnam, Saudi Arabia and the United States. The company is a manufacturer of polymer products and its product portfolio consists of Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Composite Cylinders and other related products.

Shares of Time Technoplast were trading 15.58% higher at ₹343.55 apiece on the NSE at 1:05 pm.