PESO approval for high-pressure cylinders lifts Time Technoplast stock 5%

Time Technoplast share rose after the company said that it has received an approval from Petroleum and Explosives Safety Organization, to manufacture & supply high pressure type-3 cylinders

Time Technoplast share price: Time Technoplast shares soared up to 5.35 per cent to hit an intraday high of Rs 412.25 per share on Monday, November 25, 2024. 

 

The rise in Time Technoplast share price came after the company announced that it has received an Approval from the Nodal Agency, Petroleum and Explosives Safety Organization (PESO), to manufacture and supply high pressure type-3 fully wrapped fibre reinforced composite cylinders (6.8 litres).

 

In an exchange filing, Time Technoplast, said, “We are pleased to announce that the Company has received an approval from the Nodal Agency, Petroleum and Explosives Safety Organization (PESO) for the manufacturing and supply of high pressure type-3 fully wrapped fibre reinforced composite cylinders (6.8 litres).”

 

These high pressure cylinders will find usage for storing Hydrogen to power fuel cell driven unmanned aerial vehicles and drone applications, Time Technoplast said.

 

“The current technologies to power UAVs & Drones are through conventional batteries which are rather heavy and only offer limited time and distance travel. Type-3 Composite Cylinders offer higher power to weight ratio being light weight and carrying energy dense hydrogen. The reduced weight allows higher load carrying capacity, longer flying times and dispensing the need to charge very frequently. This has been made possible by using cutting-edge materials with latest technology, making them highly efficient and eco-friendly alternatives to traditional powering sources,” Time Technoplast explained.

 

Time Technoplast further claimed that this is a significant milestone making the company the first company in the country to receive such an approval to manufacture type-3 fully wrapped fibre reinforced composite cylinders for Hydrogen powered fuel cell, unmanned aerial vehicles (UAVs) and drones. 

 

Furthermore the company is involved in developing additional sizes for the same application, it added. 

 

Time Technoplast is a multinational conglomerate with a strong presence in Bahrain, Egypt, Indonesia, India, Malaysia, UAE, Taiwan, Thailand, Vietnam, Saudi Arabia, and the USA. It is renowned as a leading manufacturer of polymer products, offering a diverse portfolio of innovative solutions for burgeoning industry sectors including Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infra/Construction materials, Material Handling Solutions, and Composite Cylinders.

 

With over 34 state-of-the-art production facilities worldwide, Time Technoplast is globally recognised for its pioneering plastic products. 

 

Since its establishment in 1992, the company has distinguished itself through a steadfast commitment to research and development, futuristic product design, and exceptional customer service. 

 

Operating 28 manufacturing units and supported by 8 regional and marketing offices, the company is dedicated to meeting the evolving demands of both Indian and international markets, filling crucial gaps with innovative solutions.

 

The market capitalisation of the company is Rs 9,131.63 crore, according to BSE.

 

At 12:30 PM, shares of the company were trading 3.23 per cent higher at Rs 403.95 per share. In comparison, BSE Sensex was trading 1.47 per cent higher at 80,282.58 levels.