Borosil Renewables continues upward march
- India’s only solar-glass manufacturer has seen its share price more than double in December. The stock closed 10.0% higher today.
- The company recently raised ₹200 crore via a QIP and plans to utilise the funds to double its production capacity from 450 tonnes per day to 950 tonnes per day. Further, India’s ambitious renewable energy plans for 2021-22 augur well for the company.
Sterlite Tech jumps on capex plans
- Shares of digital networking integrator, Sterlite Technologies jumped as much as 10% during the day. According to media reports, the company is planning a ₹300-crore optical fibre cable capacity expansion.
- The company plans to increase its capacity for optical fibre cables from 18 million to 33 million fibre kilometres. Given the massive surge in data consumption in India, investors would see this as a step in the right direction. The stock gained 5.8% coupled with a spike in volumes.
Crude oil on the rise
- Crude oil prices moved up 1.0% supported by a weak US dollar index after the US House of Representatives backed bigger direct payments of $2,000 (versus $600) in the fresh round of stimulus.
- Traders are likely to consider the improving demand prospects and plans of the OPEC+ group of countries to increase the daily output by 500,000 barrels from January 2021.
Battery makers power up on Tesla news
- Shares of Indian battery makers surged today on the news that electric vehicle major Tesla will begin operations in India in 2021. It is yet not clear what would be the type and size of the opportunity for Indian battery makers.
- Nonetheless, Exide Industries (+2.8%), Eveready Industries (+4.7%), HBL Power (+15.4%), Indo-National (+11.4%) and Panasonic Energy (+8.4%) made strong gains today.