Borosil Renewables locks in 5% upper circuit after capacity expansion plans

Shares of Borosil Renewables were in high demand on Thursday, after the company said that it proposes to expand its capacity of manufacturing solar glass by 50 per cent

Shares of Borosil Renewables were in demand on Thursday, after the company said that it proposes to expand its capacity of manufacturing solar glass by 50 per cent. Borosil Renewables share price was locked in a 5 per cent upper circuit at 602.20 per share on the BSE in the intraday deals of Wednesday.

 

Solar glass is a critical component in the manufacturing of Photo Voltaic solar panels. The expansion plans, which had been put on hold, are now back on track, after receiving the approval from the company’s board on the basis of announcement of a “Reference Price” for imports, by the Ministry of Finance which will act against cheap and dumped imports from China and Vietnam.

 

 

With this expansion, the manufacturing capacity of the company will increase from 1000 tons per day to 1500 tons per day, it said in a statement on Wednesday.

 

The reference price for imports from China has been set between US$ 673 and 677, translating to an INR 143 per mm/square meter at the Container Yard. This will serve as a minimum threshold for import prices. 

 

Solar glass manufacturing in India faced a crisis due to the dumping of glass by Chinese-owned companies, leading to soaring import volumes and a sharp price decline. 

 

The introduction of the reference price is expected to help Borosil Renewables regain better margins, supporting its expansion plans, the company said. 

 

The company has a total market capitalisation of Rs 7,862.80 crore. At 10:00 AM, the stock price of the company was locked in the 5 per cent upper circuit at Rs 602.20 a piece on the BSE. By comparison, the BSE’s Sensex was down 0.31 per cent to 77,906.40 level.

 

Borosil Renewables Limited, based in India, is a leading manufacturer of solar glass and other glass products. The company is renowned for its solar glass, including the world’s first fully tempered 2 mm thick solar glass, used in photovoltaic panels and greenhouses. 

 

Additionally, Borosil produces labware, scientific ware, and consumer goods under the BOROSIL brand. With a production capacity of 1,350 tons per day, it can manufacture approximately 6.5 GW annually. Its manufacturing facility is located in Bharuch, Gujarat, and the company has several subsidiaries, including Geosphere Glassworks GmbH, Laxman AG, GMB Glasmanufaktur Brandenburg GmbH, and Interfloat Corporat