Borosil Renewables jumped 8.46% to Rs 562.10 after the Indian government proposed a 10% import duty on solar glass.
The Finance Bill 2024, presented on 23 July 2024, proposed a 10% basic customs duty on solar glass imports starting 1 October 2024. This removes the previous exemption for solar tempered glass used in manufacturing solar cells and panels.This move aims to create a level playing field for domestic manufacturers like Borosil Renewables, India's leading producer of solar glass.
Borosil Renewables is the first and only solar glass manufacturer in India. On a consolidated basis, the company reported net loss of Rs 48.07 crore in Q4 March 2024 as against net profit of Rs 10.10 crore in Q4 March 2023. Net sales declined 8.39% YoY to Rs 283.11 crore in Q4 March 2024.
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