Shares of Borosil Renewables were locked in the 5 percent upper circuit at Rs 574.40, for a second consecutive session on January 8 after the company's promoter recently increased their holding.
On January 6, promoter Kiran Kheruka acquired 96,000 shares of Borosil Renewables, representing a 0.07 percent stake in the company through open market transactions. The transaction that was worth Rs 5.4 crore, took Kheruka's holding in the company from 3.57 percent to 3.64 percent. Promoter increasing stake in a company is generally seen as a positive sign, reflecting confidence over its growth prospects.
A similar trend was seen for Borosil Renewables as well, given that the stock was surged to its 5 percent upper circuit for two straight sessions after the news of promoter buying.
Follow our market blog to catch more
Meanwhile, the company is expected to witness improved growth prospects, especially after the government imposed anti-dumping duty on solar glass imports from China and Vietnam last month.
Chairman Pradeep Kumar Kheruka, in an interaction with NDTV-Profit stated that this anti-dumping duty will help Borosil Renewables restore its margins and profit to a healthy level.
Kheruka also forcasted a 'very good future' for the solar industry. “We see a good run to this because there's a very large demand for solar energy in the country, and there's a very large requirement for solar panels. Therefore, we expect that there should be absolutely no problem in selling the capacity as soon as we have it,” he said.
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
