Shares of Borosil Renewables, formerly known as Borosil Glass Works, surged 16 per cent on Tuesday and hit a fresh record high of Rs 182.60 on the BSE in an otherwise subdued market.
In the past two trading days, the stock of the houseware manufacturer has zoomed 39 per cent as the government is set to levy duty at 9.71 per cent on textured tempered coated or uncoated glass imports (of which the company is the sole manufacturer in India) from Malaysia.
"Pursuant to application made by Gujarat Borosil Limited (Company amalgamated with our Company ie. Borosil Renewables Limited, under a Composite Scheme approved by NCLT) to the Directorate General of Trade Remedies, Ministry of Commerce & Industry, Government of India, for imposition of Countervailing Duty on imports from Malaysia of "Textured Tempered Coated or Uncoated Glass"(of which the Company is the sole manufacturer in India). The designated authority has, vide their letter dated December 11, 2020, issued final findings for imposition of Countervailing duty at 9.71 per cent of CIF (Cost, Insurance and Freight) value for a period of five years," the company said.