Borosil Renewables shares surged by 8% following the presentation of the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman. The budget provides significant support to the renewable energy sector, particularly solar, by announcing exemptions on basic customs duty (BCD) for specified machinery and equipment used in the manufacture of solar cells and modules. This exemption, previously set at 7.5%, is expected to lower costs for manufacturers.
Additionally, the budget extends BCD exemptions for specified goods used in the manufacture of silicon wafers, EVA sheets, and flat copper wire for photovoltaic ribbon production until March 31, 2026. However, starting October 1, solar glass and tinned copper interconnects for solar cell or module manufacturing will incur a 10% and 5% customs duty, respectively. This decision is based on the sufficient domestic manufacturing capacity of these items.
The finance minister also highlighted the government’s commitment to energy security, announcing a forthcoming policy document on energy transition pathways. The PM Surya Ghar Muft Bijli Yojana was launched to install rooftop solar plants, providing free electricity up to 300 units per month to 1 crore households.
As of 12:13 PM, Borosil Renewables shares were trading 7.95% higher at ₹559.20 on the NSE, reflecting investor optimism about the sector’s growth prospects.
