October 25, 2021 - Jeena Scriptech Alpha Advisors

Borosil Renewables Ltd
Houseware
FV – Rs 1; 52wks H/L – 509.7/84.35; TTQ – 1.59 Lacs; CMP – Rs 436 (As On October 25, 2021);

Market Cap – Rs 5675 Crs

Consolidated Financials and Valuations for FY21 (Amt in Rs Crs unless specified)

Equity Capital	Net worth	Debt	Total Sales	PAT	BV (Rs)	EPS (Rs)	P/E	P/BV	Promoter’s Stake
13	615	61	508	90	47	7	62.3	9.3	61.83

Consolidated Financials and Valuations for H1FY22

Equity Capital	Net worth	Debt	Total Sales	PAT	BV (Rs)	EPS (Rs)	P/E	P/BV	Promoter’s Stake
13	690	72	308	74	53	5.7	5.9	8.2	61.74

During the year, the Company started work on installing this 3rd furnace (SG-3) with an installed capacity of up to 500 MT and the work on the Project is progressing as per schedule. The said project is likely to be commissioned by July 2022.
Borosil Renewables Ltd (BRL) has successfully completed fundraising of Rs 200 crore through a qualified institutions placement (issue). BRL allotted 1,58,04,030 shares of the face value of rs.1 each at Rs 126.55 per share. Post the QIP issue, the holding of promoter and promoter group was 61.92 %. The funds raised will be utilised by BRL 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 year 2020-21 saw a major transition in the company with improved operational performance as a result of achieving a higher scale after the capacity expansion implemented in 2019-20. The Company had in 2019-20 added a second furnace with a capacity of 240 MT/day, which was commissioned in August 2019 and also rebuilt the first furnace with an enhanced capacity to 210 MT/day, which resumed operations in December 2019.
The Ministry of Finance , Govt of India has imposed Countervailing Duty on imports from Malaysia of “Textured Tempered Coated or Uncoated Glass”(of which the Company is the sole manufacturer in India). The duty will be effective after the issuance of final customs notification by Ministry of Finance.
There is a Anti Dumping duty of 9.71% on Malaysian Imports as the company imports glass and is not the price setter and they don’t intend to be the price setter in the coming years too as the capacity abroad is 40 times than their own capacity.
https://www.bloombergquint.com/business/borosil-renewables-says-capacity-running-flat-out-margins-will-improve

Revenue :

Overview:
• BRL is engaged in the manufacturing of low iron solar glass for application in photovoltaic panels, solar thermal flat plate collectors and greenhouses and is the only solar glass manufacturer in India.
• The company commissioned its first solar glass manufacturing facility at Bharuch in Gujarat.
• It services India’s solar panel manufacturers while simultaneously exporting its products to Europe, Turkey and North America.
• BRL has developed a manufacturing process that does not require the use of Antimony (Sb) – an environmental toxin – in solar glass and also has developed a fully tempered solar glass in 2 mm thickness.
• The company services India’s solar panel manufacturers and exports its products to Europe, Turkey, and North America.

Mr. P. K. Kheruka is the MD & CEO of the company.
Mr. Sunil Kumar Roongta is the CFO of the company.

Share Price Trend:

Share Price Snapshot:

On 14 Sept, 2017 there was a stock split from Rs. 10 to Rs. 1
On 2 August, 2018 there was bonus issue of 3:1
On 6 March 2020 there was spin off

(The Borosil Group, which runs the flagship kitchen and dining ware business under the brand names of Borosil and Larah, is amalgamating its two listed group companies and three promoter-held companies. Amalgamation envisages merger of Gujarat Borosil, Vyline Glass Works and Fennel Investment & Finance into Borosil Glass Works and also demerger of consumer and scientific businesses of Borosil Glass Works into Borosil, the group said.
The merger is to simplify group structure by eliminating cross holdings and will give Borosil Glass Works shareholders direct proportional shareholding in the Gujarat Borosil business to reduce related party transactions to create more administrative efficiencies.
Under the merger, two shares of Gujarat Borosil will fetch one share each in Borosil Glass Works and Borosil.)

Major Holdings:
Infinity Holdings holds 4.55% (5926510 fully paid up) shares of the company.

Daily Bulletin (22nd October, 2021)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20211022-42

1.Scrip code : 531761

Name : APOLLO PIPES LIMITED

Subject : Corporate Action-Board recommends Bonus Issue

Apollo Pipes Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 22, 2021, inter alia, has considered and approved the following; – Recommendation of issue of bonus equity Shares in the proportion of 2 (Two) equity share of Rs. 10/- each for every 1 (One) Equity Shares of Rs. 10/- each held by the shareholders of the Company as on the record date, subject to the approval of members and other approvals, consents, permissions, conditions and sanctions, as may be necessary.

2.Scrip code : 502015

Name : ASI INDUSTRIES LIMITED

Subject : Announcement Under Regulation 30- Updating On Slump Sale Of Engineered Stone Division Further to our earlier announcement dated 27th July, 2021 regarding approval of slump sale of the Engineered Stone Division of the Company to Marudhar Rocks International Private (Buyer) Now as per the further discussion between the parties and approval of the board, at its meeting held today, i.e. 22nd October, 2021, the said division will be transferred to Marudhar Quartz Surfaces Private Limited, a subsidiary of the Marudhar Rocks International Private Limited, incorporated under Companies Act, 2013 and having registered office at Site No.338/45, 16th B Main, Jayanagar 4th T Block,, Bangalore, Bangalor and CIN Number U26990KA2021PTC151243.

3.Scrip code : 524370

Name : Bodal Chemicals Ltd

Subject : Board Meeting Intimation for Financial Results, Scheme Of Arrangement And Other Business Matters

BODAL CHEMICALS LTD.has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/10/2021 ,inter alia, to consider and approve To consider and approve the Scheme of Arrangement, financial results for the period ended September 30, 2021 and other business matters.

4.Scrip code : 532960

Name : Dhani Services Limited

Subject : Third And Final Call Money Notice To The Holders Of Partly Paid-Up Equity Shares Of Dhani Services Limited (Formerly Indiabulls Ventures Limited) (‘The Company’) (‘ISIN’) IN9274G01034

In furtherance to the stock exchange intimation dated August 6, 2021, we wish to inform that the Third and Final Call Money Notice has been dispatched to all the holders of partly paid-up equity shares of the Company held as on the record date i.e. October 14, 2021, in relation to payment of Third and Final Call money of Rs. 108 per Rights Equity Shares, to be paid during the period from November 1, 2021 to November 30, 2021 (both days inclusive), at the designated branches of Yes Bank Limited as mentioned in the Third and Final Call money Notice. For reference, specimen copy of the Third and Final Call money Notice dispatched to the shareholders, with specific details, is attached.

5.Scrip code : 530139

Name : Kreon Finnancial Services Limited

Subject : Board Meeting Intimation for To Consider And Approve The Proposal For Various Other Avenues For Raising Funds To Meet Capital Requirements Of The Company.

KREON FINNANCIAL SERVICES LTD.has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 28/10/2021 ,inter alia, to consider and approve In continuation to outcome of meeting of Board of Directors dated October 18, 2021 where they approve raising of fund through Rights Issue upto Rs. 25 Crore and in accordance with Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that a meeting of the Board of Directors of the Company will be held on Thursday, October 28, 2021 to inter alia consider, transact the following businesses: 1. To consider and approve the proposal for various other avenues for raising funds to meet capital requirements of the Company. Please take note of the same in your record and acknowledge the receipt of the same.

6.Scrip code : 532531

Name : STRIDES PHARMA SCIENCE LIMITED

Subject : Strides Announces Completion Of Transaction To Acquire Manufacturing Facility In The US Along With Basket Of Andas From Endo International Plc

This has reference to our earlier Press Release of August 6, 2021 titled ‘Strides inks definitive agreement with Endo to acquire its manufacturing facility in the US along with basket of ANDAs’. With reference to above, we wish to inform you that the transaction has now achieved closure. This is for your information and records.

7.Scrip code : 517530

Name : Surana Telecom And Power Limited

Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition

With reference to above cited subject and reference, we would like to inform you as per the Regulation 30(7) of SEBI (LODR) Regulations, 2015 that the Company has acquired 10% of equity shares consisting of 1,00,000 equity shares at fair value of Rs.10/- each aggregating to an amount of Rs.10,00,000/- by way of purchase of equity shares from Mr. Advait Surana and the said transaction was completed on 20th October, 2021. ‘Surana Infotech Private Limited’ (SIPL) has acquired an IT property from HCL Infosystems Private Limited consisting of 15.81 Acres of land with built up area of 93,157 sq.ft. located at Hardware Park, Maheswaram Mandal, Hyderabad. SIPL is engaged in the business of providing IT/ ITES services, which will add value to the shareholders of the Company. We request you to kindly take the same on your record.

8.Scrip code : 960468

Name : Welspun Corp Limited

Subject : Welspun Corp Signs Mou With BP India Pvt. Ltd.

In line with Weispun Group’s ESG framework, Welspun Corp remains strongly committed to netzero carbon emissions with an aim of lowering its carbon footprint in core operations through renewable energy, cleaner transport, effective energy management, water circularity and sludge cycling bio-gas, under the company’s sustainability goals. In the same regard we wish to disclose that Welspun Corp has signed a MoU with BP India Pvt. Ltd. on 18th October, 2021. The scope of the MoU is to jointly explore carbon emission mitigation and reduction opportunities in Welspun Corp’s energy, logistics, mobility and waste management activities.