Borosil Renewables hits 5% upper circuit for 3rd day, announces 50% capacity expansion plans

Over the past three months, shares of Borosil Renewables have surged by over 29 percent

Shares of Borosil Renewables hit the 5 percent upper circuit for the third consecutive day, rising to Rs 602 per share on January 9, following the company's announcement of a 50 percent expansion in its solar glass manufacturing capacity, a key component in photovoltaic solar panel production.

With this expansion, Borosil Renewables will increase its manufacturing capacity from 1,000 tons per day to 1,500 tons per day. The company stated that boosting domestic solar glass production would create a stronger and more reliable supply chain for local PV module manufacturers.

Borosil Renewables, a leading solar glass producer, is part of the Borosil Group, which has been manufacturing consumer ware, scientific, and laboratory glass for over six decades.

Catch all the market action on our LIVE blog

Last month, the Indian government imposed an anti-dumping duty on solar glass imports from China and Vietnam, following an investigation by the Directorate General of Trade Remedies (DGTR). The probe found that solar glass was being sold in India at unfairly low prices, leading to dumping from these countries.

This move is expected to benefit companies like Borosil Renewables, which holds a 40 percent market share in India’s domestic solar glass market and exports to markets including the US, Europe, and Turkey.

In Q2FY25, the company reported a loss and a decline in revenue, as a reduction in solar glass prices and its inability to pass on higher raw material costs impacted profitability.

Over the past three months, shares of Borosil Renewables have surged by over 29 percent, while the benchmark Nifty 50 index has dropped by 4 percent.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.