Shares of Borosil renewables, formerly known as Borosil Glass Works, rose 16% on Tuesday to a record 182.60 rupees on BVB in an otherwise small market.
In the last two trading days, the household producer’s stock has increased by 39%, as the government will levy 9.71% duty on imports of coated or uncoated glass (of which the company is the only producer in India) Malaysia.
“According to the request made by Gujarat Borosil Limited (a company amalgamated with our company, ie Borosil Renewables Limited, according to a composite system approved by NCLT) to the General Directorate of Commercial Remedies, Ministry of Trade and Industry, Government of India, for the imposition of countervailing duty on imports from Malaysia of “coated or uncoated tempered glass” (of which the company is the sole producer in India) The designated authority issued, in its letter of 11 December 2020, the final findings for CIF (cost, insurance and transport) for a period of five years “, said the company.
The tax will take effect after the issuance of the final customs notification by the Ministry of Finance, the Government of India in this regard, in due course, he said.
Meanwhile, the company’s board of directors is scheduled to meet on Thursday, December 17, 2020, to consider the proposal to introduce capital instead of securities, issued through a preferential allocation, which does not exceed 25 million lei .
In the 2019-20 annual report, the company stated that it intends to install a third furnace (SG3) with an installed capacity of up to 500 MT, given the growing demand from Indian manufacturers of solar photovoltaic modules.
The company’s board of directors has decided to explore various fundraising options for its company’s expansion plan and has decided to seek shareholder approval to raise funds for the company up to 500m euros, he said.
At 13:50, the shares traded 10 percent higher at 173 lei on BVB, compared to the 0.2 percent decrease of S&P BSE Sensex. Over-the-counter trading volumes increased threefold, with 2.9 million combined shares changing hands on the NSE and BSE.