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The optimism is largely due to the recent imposition of anti-dumping duties on solar glass imports from China and Vietnam, which are expected to help improve the company’s margins and competitiveness in the domestic market.
The government has shown strong support for the industry. “With the backing we’ve received from the Centre, we could even aim for 30% margins in the future,” said Pradeep Kumar Kheruka, Chairman of Borosil Renewables, during an interview with CNBC-TV18.
Tuesday’s gains in Borosil Renewables followed a similar decline in the previous session. On Monday, the company’s shares continued their downward trend for the third consecutive day, dropping 4.2%, which brought the three-day loss to more than 10%.
The Ministry of Finance (Department of Revenue) imposed a provisional anti-dumping duty on imports of solar glass from China and Vietnam. In its notification dated December 4, 2024, the Ministry of Finance announced the duty on Textured Tempered Coated and Uncoated Glass, effective for six months from the date of issuance, unless revoked, amended, or superseded earlier.
Also read: Borosil Renewables Q3FY25 results: Net loss widens amid higher input costs and pricing pressures
As a measure to safeguard Indian producers, companies that are engaged in solar equipment businesses had sought trade protections against a deluge of imports, including from China and Vietnam, arguing that safeguards against ‘dumping’ are needed to expand domestic capacity.
Borosil Renewables’ shares are currently trading at ₹500.40 on the NSE, marking a 5% increase from the previous close. However, the stock has lost nearly 20% of its value since reaching its peak in December.
