Company news: Nelcast

Nelcast on Wednesday issued a clarification its ongoing greenfield project (phase II) to manufacture iron casting in Andhra Pradesh. It said the installation of several machinery is currently on and due to the customised nature of the machinery, some are expected to be delivered and installed by the end of the year. The trial runs will commence during the second half of the current financial year and commercial production will commence in the next financial year, the company added. The stock slumped 2.53 per cent at ₹36.60 on the BSE.