STC PRESENTS DIVIDEND CHEQUE TO KAMAL NATH
Date : 05 Feb 2008
Location : New Delhi
A dividend cheque for Rs.9.56 crore, towards the interim dividend of 35% for 2007-08, was presented to Shri Kamal Nath, Union Minister of Commerce & Industry by Dr. Arvind Pandalai, Chairman & Managing Director of State Trading Corporation of India Ltd. (STC) here last evening. During the first nine months of the current financial year (April-December 2007), STC has achieved an impressive increase of over 40% in profit over the corresponding period of the previous year. The total turnover has also crossed Rs.11000 crore mark during this period thereby surpassing the proportionate MOU target by 48%.
During the period, STC’s exports grew by over 60% to reach past Rs.3000 crore due to higher sales of chemicals & pharmaceuticals, gold jewellery, steel raw materials and iron ore. Total imports at Rs.7424 crore exceeded the proportionate MOU target by 36% in spite of lower wheat imports of the order of Rs.1500 crore as against about Rs.4200 crore worth of wheat imports during Apr.-Dec.’06. Imports of bullion, hydrocarbons, minerals, metals, petro-chemicals and pulses significantly grew over previous year.
STC has, of late, entered into domestic tea operations. It procures tealeaves directly from small farmers in Nilgiri district in Tamil Nadu. The tealeaves are processed through leasing of a processing unit and are blended to suit to the market tastes. STC has recently launched own brand ‘Tohfa’ tea for sale under PDS through Gujarat State Civil Supplies Corporation. These operations by STC aim at economic upliftment of small tea growers on one hand and augmenting its own business on the other.
STC is soon planning to enter into the field of bio-fuels. It has already signed an MOU with an Indian company in the field of Jatropha breeding/cultivation and identification of suitable strains of micro-algae, the production of biofuels. Under the MOU, STC shall arrange sale of all Jatropha planting material and allied products/services of the partner company. Discussions have been/are being held with a number of international companies having bio fuel refineries in the area of Jatropha plantation.