Shares of Borosil Renewables extended gaining streak on Wednesday and were locked in 10 per cent upper limit on the Bombay Stock Exchange. The shares of the solar glass manufacturer touched its fresh lifetime high level of Rs 307.90. The stock has rallied 134.5 per cent in the last 12 twelve sessions from Rs 131.25 on December 11. In contrast, the BSE benchmark SENSEX has gained 4 per cent during the same period.
Borosil Renewables shares rose a whopping 1,000 per cent from its 52-week low of Rs 28 as on March 25, 2020, while it gained 98 per cent since the beginning of this year.
Early today, the stock opened higher at Rs 305 against the previous closing price of Rs 279.95 on the BSE. During the day's trade, the stock hit upper circuit of Rs 307.9 to close 9.98 per cent higher. The market cap of the Borosil Renewables surged to Rs 4,000.43 crore.
On the volume front, there was surge in buying as 8.36 lakh shares changed hands over the counter as compared to two-week average volume of 3.45 shares on the BSE.
Also Read: Borosil Renewables raises Rs 200 cr via QIP
For July-September quarter, the company reported net profit of Rs 14.05 crore compared to net loss of Rs 2.16 crore in the same period last year and loss of Rs 1.86 crore for the period ended June 30, 2020. The total income increased to Rs 114.80 crores during the period ended September 30, 2020 as compared to Rs 58.54 crore during the corresponding period last year.
Earlier this month, solar glass maker Borosil Renewables raised Rs 200 crore by issuing 1.58 crore shares through qualified institutional placement. The company intends to use fund proceeds to service its capital expenditure requirements for a brownfield expansion to more than double its solar glass production capacity -- from 450 tonnes per day (TPD) to 950 TPD.
The company, engaged in the manufacturing of low iron solar glass for application in photovoltaic panels, commissioned its first solar glass manufacturing facility at Bharuch in Gujarat. In 2019, the company had expanded its glass capacity from 180 TPD to 450 TPD, which is equivalent to the production of 2.5 gigawatts of solar modules annually. The capacity will be now further expanded to 950 TPD.