Nelcast Ltd has announced that due to low production of Commercial Vehicles and Tractors, the demands for the Company's Castings have come down substantially. This has resulted in increase of inventories at the Company's end.
Hence, the Company have reduced its production at both Gudur and Ponneri plants. This will continue for some time until, the demand picks up for Commercial Vehicle and Tractors.
The stock closed the day at Rs.28.75, up by Rs.0.45 or 1.59%. The stock hit an intraday high of Rs.29.85 and low of Rs.28.50.
The total traded quantity was 451 compared to 2 week average of 4398.
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