India, Oct. 6 -- The company's Board of Directors has cleared a new plan to build a Machining Division. The unit will machine the company's own castings. The investment comes to about Rs. 75.00 crore.

Shares of Nelcastare trading at Rs. 121.97, up 0.44 percent on Tuesday. The stock touched the intraday high of Rs. 123.28 after opening at Rs. 123. The company commands a market capitalization of Rs. 1,061 crore.

What the Board Approved The company will set up the project in Gudur, Andhra Pradesh. It will fund the work through a mix of internal accruals and borrowings. Internal accruals mean money the company has earned and kept. The filing does not list a start date or a completion timeline. It also gives no split between the two fundin...