Shares of Borosil Renewables Ltd rose 4.5% to hit a day’s excessive of Rs 526.95 on seventh July, after its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH (GMB), filed for chapter in a German insolvency courtroom.
The German subsidiary of Borosil Renewables had shut down its furnace in January this yr resulting from weak demand and difficult market circumstances within the EU. The corporate had blamed cheaper Chinese language photo voltaic panel imports for the drop in demand. It additionally acknowledged that it had requested help from authorities, however no help was forthcoming.
What does this imply for Borosil Renewables?
The corporate had an publicity of about Rs 350 crore to the German unit. With the chapter, the month-to-month money lack of round Rs 9 crore will now stop. An administrator will take over the German subsidiary’s bills and money circulate. In FY25, the subsidiary had income of Rs 327 crore — almost 22% of Borosil’s whole income — however it continued to submit losses.
At 10:59 AM, the shares of Borosil Renewables have been buying and selling 4.29% greater at Rs 518.45 on NSE.
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