The announcement was made during market hours today, 24 December 2014.

Meanwhile, the S&P BSE Sensex was down 106.69 points or 0.39% at 27,399.77.

On BSE, so far 1.10 lakh shares were traded in the counter as against average daily volume of 2.20 lakh shares in the past one quarter.

The stock hit a high of Rs 18.25 and a low of Rs 17.80 so far during the day. The stock had hit a 52-week high of Rs 36.90 on 11 June 2014. The stock had hit a 52-week low of Rs 12.72 on 18 February 2014.

The stock had underperformed the market over the past one month till 23 December 2014, sliding 11.72% compared with the Sensex's 2.92% fall. The scrip had also underperformed the market in past one quarter, declining 30.99% as against Sensex's 2.73% rise.

The small-cap company has equity capital of Rs 35.70 crore. Face value per share is Rs 1.

Electrosteel Castings' board of directors at its meeting held today, 24 December 2014, approved to offload 7.20 lakh equity shares of the company's investment in Singardo International Pte., an associate company of Electrosteel Castings.

Electrosteel Castings' net profit fell 34.4% to Rs 12.78 crore on 6.4% decline in net sales to Rs 509.94 crore in Q2 September 2014 over Q2 September 2013.

Electrosteel Castings is a leading pipeline solution provider. The company has a strong brand presence around the globe.