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STC pays interim dividend of 20 % to government

Mar '07
The State Trading Corporation of India Ltd. (STC) has paid an interim dividend of 20% for 2006-07 on its equity capital to the Government of India. The dividend cheque for Rs 5.46 crore was handed over to the Union Minister of Commerce & Industry, Shri Kamal Nath by Dr. Arvind Pandalai, CMD-STC here.

The interim dividend was paid in view of increase of over 100% in the profit during Apr.'06-Jan.'07 over the corresponding period last year. During this period, import turnover of about Rs 9200 crore has been achieved, marking an increase of over 100 %. “STC should close the year with record turnover and profitability” said Dr. Pandalai.

On this occasion, Dr. Pandalai informed that during the period, STC has further expanded its overseas steel operations, which are now also being undertaken in Bulgaria besides Philippines. These operations have been major growth drivers on export front in addition to the exports of chemicals & pharmaceuticals and jewellery. The total exports have surpassed Rs 2000 crore.

On the import front, STC has successfully discharged the responsibility assigned by the Government of India in arranging import of 55 lakh MT of wheat into India as per the schedule given by the Govt. STC also arranged substantial imports of items like bullion, hydrocarbons, minerals & metals, edible oils, pulses, etc.

Press Information Bureau, India

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