Stock of this kitchen and dining ware manufacturer has zoomed 175% in June

Shares of Borosil Renewables, formerly known as Borosil Glass Works, have hit the upper circuit band for the fifth straight trading day, up 5 per cent at Rs 96.35 on the BSE on Tuesday. Thus far in June, the stock has more-than-doubled on expectations of higher demand for solar glass - rallying 175 per cent in first 12 trading days from Rs 35.10 on May 29, 2020. Till 12:04 pm, a combined around 200,000 equity shares changed hands and there were pending buy orders for 250,000 shares on the NSE and BSE.

The Ministry of Finance had recently proposed to impose basic customs duty (BCD) on solar cell and module imports to encourage domestic manufacturing. “Although the news does not pertain directly to imposition of custom duty on glass, it would have a direct bearing on increased production of Photo Voltaic modules in India, which would lead to a corresponding increase in demand for solar glass in due course,”” Borosil Renewables said on June 10.

This may be the probable reason for increase in trading volume of the share, the company said on clarification to stock exchange on sudden increase in volume and price of security. READ EXCHANGE FILING HERE

The Borosil Group, which runs the flagship kitchen and dining ware business under the brand names of Borosil and Larah, had amalgamated its two listed group companies and three promoter-held companies. Amalgamation envisages merger of Gujarat Borosil, Vyline Glass Works and Fennel Investment & Finance into Borosil Glass Works and also demerger of consumer and scientific businesses of Borosil Glass Works into Borosil.