Stock market today: Shares of Borosil Renewables, a leading solar glass manufacturer and a subsidiary of the Borosil Group, were locked in the 5% upper circuit for the third consecutive day on Thursday, January 9, at ₹603.10 apiece.
Today’s rally in shares followed the company’s announcement of a 50% expansion in its current capacity for manufacturing solar glass, a critical component in the production of photovoltaic 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 of Directors on December 18, 2024, on the basis of the announcement of a “Reference Price” for imports by the Ministry of Finance vide its notification dated December 04, 2024, 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,” the company said in a regulatory filing on Wednesday.
The reference price (US$ 673-677 for imports from China works out to a price of ₹143 per mm/square meter at the container yard) will act as a minimum threshold for import prices from China.
It may be recalled that solar glass manufacturing in the country was thrust into a crisis of survival due to the dumping of solar glass from Chinese-owned companies, with import volumes skyrocketing coupled with a sharp drop in prices, as per the regulatory filing.
The institution of a reference price for imported glass will enable Borosil Renewables to return to better margins, which will support its expansion plans.
Stock up 40% in 6 weeks
Over the last six weeks, Borosil Renewables share price has surged 40%, recovering after a downward trajectory between August and November 2024, during which it lost 20% of its value. Looking back, the stock has gained 1700% from its May 2020 low of ₹33.60 apiece.
Borosil Renewables, the first producer of solar glass in the country, plays a key role in the production of low-iron, textured solar glass, which is used in the manufacturing of solar photovoltaic modules for the power sector.
With power demand on the rise, solar power has remained the largest source of new power capacity additions for the past seven years. The Indian government’s ambitious goal to achieve 280 GW of solar power installations by 2030, along with initiatives like the imposition of BCD and PLI schemes, as well as a preference for domestic solar modules, is driving a continuous increase in the demand for solar glass in India.
FY24 has witnessed the highest-ever annual solar installations of 15 GW. With clarity on ALMM, a hike in the module manufacturing capacity, low prices of solar cells/modules, and a strong focus on renewables, the pace of growth in installations is expected to accelerate significantly.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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