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Stock Report
Borosil Renewables Ltd updates on cold repair of furnace of GMB Glasmanufaktur Brandenburg GmbH
Posted On : 2023-03-30 21:59:25( TIMEZONE : IST )
Prior to acquisition of majority stake of 86% (through wholly owned subsidiaries) in GMB Glasmanufaktur Brandenburg GmbH (GMB) and Interfloat Corporation (Interfloat) in October, 2022, there was an incident of glass leakage from the furnace of GMB on July 31, 2022. GMB operates with a single furnace with production capacity of 300 tonnes per day (TPD), from its manufacturing facility located in Tschernitz, Germany.
Post the said incident of glass leakage, production was resumed in August 2022, after undertaking hot repair. However, the need for cold repair was identified and the cost of such repair & the consequential impact of this incident was factored while determining the final consideration for the aforesaid acquisition.
The furnace of GMB is under cold repair and would remain shut for around two months. This repair will not only help in increasing the life of the furnace, but will also help in improving the operational efficiency. Since, the said repair was planned well in advance, there will not be any significant impact on supply chain and other operations of GMB / Interfloat during the aforesaid period.
GMB has a sizable stock of semi-finished glass and the tempering line and other processing facilities are operational as usual. The available inventory should be sufficient enough to meet the market demand during the above period. The shortfall, if any, would be met by supply of glass from the Company, in accordance with the approval of shareholders obtained at the Extra-ordinary General Meeting held on March 17, 2023.
Shares of BOROSIL RENEWABLES LIMITED was last trading in BSE at Rs. 414.20 as compared to the previous close of Rs. 385.90. The total number of shares traded during the day was 147248 in over 7036 trades.
The stock hit an intraday high of Rs. 423.50 and intraday low of 391.00. The net turnover during the day was Rs. 60347481.00.
