Borosil Renewables' board on Monday gave a nod to a 100 percent acquisition of solar glass companies lnterfloat Corporation and GMB Glasmanufaktur Brandenbur. Reacting to this, the stock rose 7 percent intraday.

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Borosil Renewables said it will acquire the target companies from HSTG Glasholding GmbH and Blue Minds IF Beteiligungs GmbH. The acquisition will take 6-18 weeks, according to a regulatory filing.

It also said the acquisition is intended to strengthen the company's ability to supply products to its European customer base and will add value to its customers by leveraging the greater synergies offered by the two companies.

In an interview with CNBC-TV18, Pradeep Kheruka, Chairman, Borosil Renewables, had said in February that the demand for solar is visible across the world.

He said, “People do not see the price of oil or natural gas coming down in the near term, therefore solar energy would still give them a dependable source of supply at a more predictable price. So demand remains very strong.”

However, the stock was unable to sustain early gains and fell more than 7 percent to Rs 722.7 on BSE with a large volume.

The stock has fallen after three days of consecutive gain. Earlier today, it touched an intraday high of Rs 833, up nearly 7 per cent. (Source: BSE)

Though there is no obvious trigger for the fall in the stock price today, investors seem to have taken some money off the table after Friday's 14 percent upmove in the scrip.

At 1220 IST, the scrip was trading 4.5 percent lower at Rs 745.15, down by Rs 35 points or 4.5 percent from its previous close. A total of 4.3 lakh shares had changed hands so far on Monday, as against a daily average of 1.7 lakh in the past two weeks, exchange data showed.

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(Edited by : Akanksha Upadhyay)

First Published:Apr 25, 2022 11:46 AM IST