Shares of Borosil Renewables surged over 9% on Wednesday, June 3 after the glassmaker welcomed the government's move to extend countervailing duty on imports of textured tempered glass from Malaysia. Borosil Renewables share price advanced 9.3% intraday to Rs 548 apice. The scrip was trading 6.17% higher at 11:21 am, while the benchmark Nifty 50 was 1.13% down.
Highlighting the development Pradeep Kheruka, Chairman of Borosil Renewables told NDTV Profit, "It is definetly a positive development," adding, "We are grateful for the government for having stepped in and given an extension of five years."
On the impact of the move on industry, Kheruka said, "this means that the government is a continuing to support domestic manufacturing of the solar modules, solar component solar ecosystem in India. So this is good news for the Indian solar industry."
Later, Borosil Renewables, in an exchange filing on Wednesday, lauded the imposition of countervailing duty, which is expected to address the damage caused by dumped and subsidised imports. "This measure will not only protect domestic manufacturers but also accelerate investments in expansion of local production, driving exponential growth across India's solar glass industry," the filing read.
The Ministry of Finance extended countervailing duty for a fresh five-year period, superseding the earlier 2021 notification. The duty applies to textured toughened (tempered) coated and uncoated glass with a minimum light transmission of 90.5%, thickness not exceeding 4.2 mm, and at least one dimension exceeding 1,500 mm. The product is also commercially known as solar glass, solar PV glass, high transmission photovoltaic glass, and heat strengthened glass.
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