Borosil Renewables hits new high; stock zooms 113% in 11 days

The company's shares were locked in 10 per cent upper circuit limit on the BSE

Shares of Borosil Renewables continued their upward movement in Tuesday's session and were locked in 10 per cent upper limit at Rs 279.95 on the BSE. The stock of the solar glass manufacturer was trading at its fresh lifetime high level. 
 

The scrip has more-than-doubled against shares issued to qualified institutional buyers (QIBs) at a price of Rs 126.55 per share.

In the past 11 trading days, the share price of Borosil Renewables has zoomed 113 per cent from level of Rs 131.60 on December 11, 2020. In comparison, the S&P BSE Sensex has gained 3.5 per cent during the same period. Till 10:02 am, a combined 380,000 equity shares had changed hands and there were pending buy orders for 400,000 equity shares on the NSE and BSE.

Borosil Renewables is engaged in the manufacturing of low iron solar glass for application in photovoltaic panels, solar thermal flat plate collectors and greenhouses and is the only solar glass manufacturer in India.

On December 18, the company had successfully raised Rs 200 crore through a qualified institutions placement (QIP) issue. The company said the funds raised through this QIP will help to undertake planned expansion. It further said the funds raised via the issue are planned to be utilized to service its capital expenditure requirements for a brownfield expansion to more than double its solar glass production capacity from 450 tons per day (TPD) to 950 TPD.

Among the QIBs, Franklin India Smaller Companies Fund (1.89 per cent), Franklin Templeton Investment Funds - Templeton Emerging Markets Smaller Companies Fund (2.01 per cent) and Infinity Holdings (4.56 per cent) have been allotted more than 1 per cent stake, according to shareholding pattern filed by the company post QIP issue.