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GOI Receives Rs. 9.56 Cr Dividend from STC
New Delhi, February 06, 2008
A dividend cheque for Rs.9.56 crore, towards the interim
dividend of 35% for 2007-08, was presented to 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.
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