Borosil Renewables, a leading solar glass manufacturer, has seen a significant surge in its stock price, hitting a 5% upper circuit limit at ₹603.10 per share on Thursday, January 9. This spike follows the company's announcement of a 50% expansion in its solar glass manufacturing capacity, which is set to support India's self-reliance vision under the Atmanirbhar Bharat initiative. The company aims to boost its manufacturing capacity from 1,000 tons per day to 1,500 tons per day.
Expansion plans back on track
Borosil Renewables' expansion was previously put on hold but is now moving forward after receiving approval from the Board of Directors on December 18, 2024. This move comes in the wake of a key development: the Ministry of Finance's notification on December 4, 2024, which introduced a "Reference Price" to curb the dumping of cheap solar glass from China and Vietnam. This price threshold, set at US$673–677 for imports from China, effectively increases the minimum import price, thus safeguarding domestic manufacturers from unfair competition.
With the new expansion, the company hopes to address the critical component shortage in the domestic solar panel industry. The growth in domestic solar glass production is expected to fortify the supply chain for photovoltaic module manufacturers across India, helping to avoid excessive foreign exchange outflows and creating more local jobs.
Strong growth prospects
Investing in stocks of Borosil Renewables is an attractive option, given the company's strong positioning in the growing solar energy market. Its recent announcement to expand production aligns with the government's push for renewable energy and domestic manufacturing, making it a promising stock for those looking to invest in stocks tied to sustainable growth.
In the last 12 months, the company's stock has already delivered a 13% return, a strong indicator of its market potential. With a more robust local supply of solar glass, Borosil Renewables is poised to strengthen its foothold in the industry, potentially offering solid returns for investors.
A promising investment opportunity ahead
Borosil Renewables is advancing its growth strategy by expanding its solar glass manufacturing capacity in line with India's Atmanirbhar Bharat initiative. The company's expansion, supported by a recent government measure to curb cheap imports, aims to strengthen the domestic supply chain for solar glass.
This expansion is expected to boost the company's manufacturing capacity by 50%, from 1,000 tons per day to 1,500 tons per day. At 11:16 AM on Thursday, Borosil Renewables shares hit a 5% upper circuit limit at ₹602.2 on the BSE after the company's announcement. Investors looking to invest in stocks tied to renewable energy might find Borosil Renewables an attractive option for long-term growth and returns.
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