Time Technoplast shares jump 9% as firm gets nod for hydrogen cylinder manufacturing

Shares of Time Technoplast Ltd surged 8.93 per cent in Wednesday's trade to hit a day high of Rs 210.95. The stock was last seen trading 5.01 per cent higher at Rs 203.35. At this price, the multibagger counter has gained 178.22 per cent in a year.

Today's upward move in the share price came after the company said it has received approval from the Petroleum and Explosives Safety Organization (PESO) for the manufacturing of high-pressure Type-IV composite cylinder, prototype, for hydrogen.

"The authority has advised us to manufacture the first lot of cylinders for their joint testing and inspection. The testing will be completed in around six months. We are the first company in India to have received this manufacturing approval & this milestone marks a significant step forward in our efforts towards Sustainable Green Energy Solutions," it stated in a BSE filing.

With this approval, we are poised to contribute to the advancement of green hydrogen technology and its role in shaping a greener future, it added.

Bourses BSE and NSE have put the securities of Time Technoplast under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.