Shares of Borosil Renewables Ltd locked at 5% upper circuit on 9 January after the company announced their intentions to enhance its capacity to produce solar glass by 50%.
Solar glass is a crucial component in the manufacturing of photovoltaic solar panels. The company’s expansion plans that had been put on hold are now back on track after the board approved them and the Ministry of Finance released a “Reference Price” for imports. The Ministry of Finance will take action against cheap and dumping imports from China and Vietnam.
This development would increase the company’s manufacturing capacity from 1000 tons per day to 1500 tons per day.
The reference price for imports from China has been established at US$ 673 to 677, equivalent to INR 143 per mm/square meter at the Container Yard, serving as the minimum import price threshold.
The crisis in India’s solar glass industry was caused by glass dumping by Chinese-owned companies, which led to a sharp decline in prices and an increase in imports.
The company said that Borosil Renewables expects the reference price to help boost its expansion objectives and improve profitability upon adoption.
Borosil Renewables Limited, a renowned manufacturer of solar glass and other glass products, is based in India. The business is well-known for producing solar glass, which is utilized in photovoltaic panels and greenhouses. The first fully tempered solar glass, measuring 2 mm in thickness, is one of its offerings.
Borosil also produces labware, scientific ware, and consumer goods under the BOROSIL trademark.
The company’s manufacturing facility is located in Bharuch, Gujarat, and it has several subsidiaries, including Geosphere Glassworks GmbH, Laxman AG, GMB Glasmanufaktur Brandenburg GmbH, and Interfloat Corporation.
At 12:10 pm, the shares of Borosil Renewable were locked 5% higher at Rs 603.10 on NSE.
The future of investing is here!
Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app todayand 10x your trading & investing journey!
