The announcement was made during trading hours today, 29 September 2010.

Meanwhile, the BSE Sensex was down 62.86 points, or 0.31%, to 20,042.

On BSE, 3.79 lakh shares were traded in the counter as against an average daily volume of 23,058 shares in the past one quarter.

The stock hit a low of Rs 80 so far during the day. The stock had hit a 52-week high of Rs 97.80 on 6 April 2010 and a 52-week low of Rs 48 on 29 September 2009.

The stock had underperformed the market over the past one month till 28 September 2010, gaining 3.43% compared with the Sensex's 11.70% jump. It also underperformed the market in past one quarter, gaining 12.61% as against 13.11% rise in the Sensex.

The small-cap iron castings maker has an equity capital of Rs 17.40 crore. Face value per share is Rs 10.

The company expects to generate an additional profit of Rs 79 crore after tax from the sale of its investment in Nelcast Energy Corporation. The profit will boost Nelcast's earnings per share to the tune of Rs 45 per share. The transaction is expected to be completed by end of Q3 December 2010.

Nelcast's net profit rose 77.8% to Rs 2.08 crore on 56.7% increase in net sales to Rs 94.82 crore in Q1 June 2010 over Q1 June 2009.