Borosil Renewables zooms ~8% on anti-dumping duty

6 Dec 2024 , 01:41 PM

Borosil Renewables shares rose as much as 7.8% to ₹552.50 on the BSE on Friday after the Ministry of Finance announced a provisional anti-dumping duty on imports of textured tempered coated and uncoated glass from China and Vietnam, with the goal of curbing unfair trade practices and protecting domestic manufacturers from the impact of cheaper imports.

The tariff will be in force for six months, beginning on December 4, and will apply to all glass items used in the solar business. 

The Ministry of Finance (Department of Revenue) has now issued a notification dated December 4, 2024, imposing provisional anti-dumping duties on imports of Textured Tempered Coated and Uncoated Glass from China and Vietnam, the company revealed in an exchange filing on December 5.

The company’s stock price has risen significantly in recent days, by almost 25% this week, owing to the overall bullish feeling surrounding the renewable energy sector. Continued government backing for renewable energy producers is expected to help companies like Borosil grow their operations.

The interim anti-dumping duty imposed by the Ministry of Finance will be effective for six months, beginning December 4, 2024 (unless withdrawn, altered, or superseded earlier), according to the petition.

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