Borosil Renewables stock surges 11% as India initiates anti-dumping probe on solar glass imports from China
Borosil Renewables, a solar glass manufacturer and a subsidiary of the Borosil group, witnessed a significant surge in its stock price during today's intraday trade, climbing 11% to ₹598.65 per share. This rise came after India initiated an anti-dumping investigation into specific solar glass imports from China and Vietnam, prompted by complaints from domestic industry players.
Anti-dumping probes are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the alleged dumping of 'Textured Tempered Coated and Uncoated Glass' made or from China and Vietnam, PTI reported today.
Also Read: Vibhor Steel Tubes IPO: Experts decode key reasons behind robust 300 times subscription ahead of allotment The product is also known by various names, such as solar glass or solar photovoltaic glass, in the market parlance. The report said that an application has been filed by Borosil Renewables on behalf of the domestic industry for the probe and the imposition of an appropriate anti-dumping duty on imports.
If it is established that the dumping has caused material injury to domestic players, DGTR would recommend the imposition of anti-dumping duty on the imports, the report said. Borosil Renewables is the first producer of solar glass in the country.
It is engaged in the production of low iron textured solar glass used in the manufacturing of solar photovoltaic modules in the power sector. Also Read: Nifty FMCG vs Nifty Finance: Which sector has better long-term investment opportunities? Power demand has been rising, and solar remains the single largest source of new power capacity
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