Borosil Renewables shares extended its winning streak to the sixth consecutive session, surging close to 32 percent during the period. In today's session as well, the stock managed to surge close to 5 percent, aided by a spike in trading volumes. As much as 33 lakh shares of the company changed hands on the exchanges so far, already more than double the one-month daily traded average of 15 lakh shares.
At 12.12 pm, shares of Borosil Renewables were trading at Rs 589.85 on the NSE.
Meanwhile, the buzz around the government's support for the domestic solar industry also bolstered sentiment for the entire sector. The government has introduced an anti-dumping duty on imported glass to ensure that the prices of domestically manufactured solar glass remain below that of imported glass.
Catch all the market action on our LIVE blog
Pradeep Kumar Kheruka, Chairman at Borosil Renewables, explained in an interaction with CNBC-TV18 that this move will enable domestic manufacturers to sell all they produce, helping to clear out the inventory in their warehouses. "The introduction of a duty on imported glass will enable domestic manufacturers to sell all they produce, helping clear out the inventory in their warehouses," Kheruka added.
On the back of this move, Kheruka also expects prices to rise as they were previously below production costs, but stated that Borosil Renewables was not in a hurry to match imported prices just yet.
Meanwhile, Kheruka also anticipates margins for the company to improve looking ahead, with the company operating at almost full capacity. He also hopes to improve margins for Borosil's standalone business from 18 percent to the mid-20s by Q4 once the price hike takes effect.
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
