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Business Upturn
24 minutes ago
- Business Upturn
Borosil Renewables shares rise over 2% today as German subsidiary files for bankruptcy
By Aditya Bhagchandani Published on July 7, 2025, 09:16 IST On Monday, 7th July, shares of Borosil Renewables traded higher by 2.39% at ₹509.00 on the NSE, gaining ₹11.90 during the session. The stock's rise comes despite news that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH (GMB), has filed for bankruptcy at a German insolvency court. According to the company, GMB's operations had been under strain since January this year when its furnaces were cooled down due to poor demand and weak market conditions in the European Union. GMB attributed the slump to Chinese dumping of solar panels at lower prices, which hurt the competitiveness of its products. The subsidiary had previously approached authorities in Germany for urgent measures to support the business, but no relief was provided. As a result, GMB and its step-down subsidiary — with an exposure of approximately ₹350 crore — moved to insolvency proceedings. While GMB reported a topline of ₹327 crore for FY25, contributing nearly 22% of Borosil Renewables' consolidated revenue, it continued to post losses. The company highlighted that the bankruptcy move would stop the cash loss of around ₹9 crore per month that was being incurred by GMB. Going forward, an administrator will oversee GMB's expenses and cash flows. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Bloomberg
25 minutes ago
- Bloomberg
Trump Slams Musk Plan for Rival Political Party as Feud Deepens
President Donald Trump blasted Elon Musk's bid to start a new political party, as the intensifying feud between the former allies deepens concerns among investors over the implications for Tesla Inc. and other companies helmed by the world's richest man. 'Third parties have never worked, so he can have fun with it, but I think it's ridiculous,' Trump told reporters on Sunday. The US has 'always been a two-party system,' he added.
Yahoo
an hour ago
- Yahoo
Trump Slams Musk Plan for Rival Political Party as Feud Deepens
(Bloomberg) -- President Donald Trump blasted Elon Musk's bid to start a new political party, as the intensifying feud between the former allies deepens concerns among investors over the implications for Tesla Inc. and other companies helmed by the world's richest man. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos What Gothenburg Got Out of Congestion Pricing 'Third parties have never worked, so he can have fun with it, but I think it's ridiculous,' Trump told reporters on Sunday. The US has 'always been a two-party system,' he added. Musk said on Saturday that a new 'America Party' he has been threatening to launch 'is formed,' a day after Trump signed a tax-cut and spending bill into law that Musk had denounced. He didn't provide details of the political party and there's no immediate indication that he has filed official paperwork. The latest move by Musk signals a longer-term commitment to politics, a development set to further unnerve Tesla investors who have wanted the company's chief executive officer to focus more on increasing profits for shareholders. The company's stock, which has lost more than 20% this year, was set to take a further hit when trading resumed on Monday. Shares of Tesla were more than 6% lower in alternative trading system Blue Ocean in the Asia morning on Monday, according to Kok Hoong Wong, head of institutional equities sales trading at Maybank Securities. They traded at $296.05 a share at 9:29 a.m. Hong Kong time compared with Thursday's regular market close of $315.35. Musk's 'major beef' with Trump shows no signs of slowing and his latest move will likely push the president to further isolate the Tesla co-founder from the Oval Office, according to Wedbush analyst Daniel Ives, who noted that there's some exhaustion related to the focus on politics for the company's leader. He expects shares to come under pressure as investors fret over the impact of Musk's move. 'Very simply Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors/shareholders want him to take during this crucial period for the Tesla story,' Ives wrote in a note dated July 6. The 'political gamble' may draw Tesla's board of directors to get involved depending on how far Musk takes it, he added. Musk in May exited the administration in a dramatic blowup with Trump that ended his role heading the Department of Government Efficiency drive to cut federal spending. After initially appearing to back off his feud with Trump, Musk last week renewed criticism of the president's 'insane' spending bill. He said it gave 'handouts to industries of the past while severely damaging industries of the future,' and would raise the federal debt ceiling by $5 trillion. Musk made the announcement of a new 'America Party' on his X social network after posting the results of a poll on the platform that he said showed 65% of respondents in favor of doing so. He said one way to break the two-party system would be to focus on winning a small number of Senate and House seats in order to serve as the deciding vote on contentious laws. 'Off the Rails' Later on Sunday, Trump amplified his comments in reaction to the new party in a post on his Truth Social network, saying he was 'saddened to watch Elon Musk go completely 'off the rails'' over the past five weeks. Trump also touted his budget package that 'unfortunately for Elon' eliminates the electric vehicle subsidy. Treasury Secretary Scott Bessent suggested Sunday that Musk should stick to business rather than politics. 'I believe that the boards of directors at his various companies wanted him to come back and run those companies, which he is better at than anyone,' Bessent said in reply to a question on CNN's State of the Union. 'So I imagine that those board of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities,' Bessent said. While independent candidates periodically win seats in the Senate and House of Representatives, third parties have traditionally struggled to gain traction in the US's winner-take-all political system. Ross Perot's presidential bid for the Reform Party in 1996 marked a high-water point for third-party candidates in presidential elections, when he captured about 8% of the popular vote but failed to win any states. Not all investors opposed Musk's move to create a party. Jason Hsu, CIO at Rayliant Global Advisors Ltd., called it a 'genius move' that could potentially boost Musk's political power and ultimately help protect his companies. 'We will see some initial volatility,' Hsu added. 'Some investors would be concerned with Elon's distraction and perhaps many don't yet see this move as the best move to protect Tesla from the wrath of the current Trump administration.' For Brazil's Criminals, Coffee Beans Are the Target SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Sperm Freezing Is a New Hot Market for Startups Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
