Borosil Renewables: Three reasons why green energy stock is in focus today 

Shares of Borosil Renewables Ltd are in news today after the solar glass maker said its board has approved key decisions, including a temporary cooldown of its German subsidiary's furnace, a production capacity expansion in India, and revised fundraising strategies to support growth amid improving market conditions.

Borosil Renewables stock closed 1.70 per cent higher at Rs 628.20 on Wednesday against the previous close of Rs 617.70 on BSE. 

Borosil Renewables stock is trading higher than 5-day, 20-day, 50-day, 100 day and 200 day moving averages.

The stock opened higher at Rs 624 on BSE.

The share has gained 43 per cent in 2024 and risen 42 per cent in a year. Total 0.76 lakh shares of the firm changed hands amounting to a turnover of Rs 4.77 crore.

Market cap of the firm rose to Rs 8202 crore on Wednesday. The stock hit a 52-week high of Rs 667.40 on February 1,2024 and a 52-week low of Rs 403.10 on October 25, 2024.

The firm said its step-down subsidiary, GMB Glasmanufaktur Brandenburg GmbH, based in Tschernitz, Germany, will temporarily cool down its 350 tonne per day (TPD) furnace by the end of December 2024.

Meanwhile, Borosil Renewables has revived its capacity expansion plans. The move comes after the government imposed a 10% basic import duty on solar glass and a provisional anti-dumping duty on imports from China and Vietnam. The board of the firm cleared adding 500 TPD capacity at its Bharuch facility, either through two 250 TPD furnaces in phases or a single 500 TPD furnace, at an estimated cost of Rs 675 crore.

"...the board has revived the company’s capex initiatives and approved the expansion of its production capacity by 500 Tonnes Per Day (TPD) (against the previous proposal of 1100 TPD) through one of the two options i.e. either setting up two furnaces of 250 TPD each (SG-4 and SG-5) in one or two phases (Option 1) or a single furnace of 500 TPD (SG-4) (Option 2), at an approximate cost of Rs 675 crore," Borosil Renewables said.

In another development, the company has withdrawn its proposed Rs 450-crore rights issue, aiming for a larger fund raise to support its growth initiatives. Now, Borosil will issue up to 1.13 crore warrants to non-promoter investors at Rs 530 per warrant, amounting to Rs 600 crore and 18.86 lakh equity shares to the promoter group at the same price, raising Rs 100 crore. Both proposals are subject to shareholder and regulatory approvals.