Date:27/03/2007 URL: http://www.thehindubusinessline.com/2007/03/27/stories/2007032704191000.htm

Back STC looking at 11% turnover growth for 2007-08

Our Bureau

New Delhi March 26 The State Trading Corporation (STC) has projected a turnover of Rs 10,000 crore to be scaled up during the next fiscal, envisaging a growth of 11 per cent over the 2006-07 performance, excluding wheat import turnovers.

Exports and domestic sales are slated to grow by 20 per cent over the current fiscal in 2007-08, according to the MoU the Corporation signed with the Department of Commerce for the fiscal 2007-08.

The STC Chairman and Managing Director, Dr Arvind Pandalai, signed the MoU and the Commerce Secretary, Mr Gopal K. Pillai, represented the Government.

Speaking on the occasion, Dr Pandalai said that the Corporation has projected ambitious targets for turnover and profitability during 2007-08. STC imported 55 lakh tonnes of wheat on Government directives during the current fiscal.

The Corporation's profit before tax is projected to reflect an increase of 18 per cent over profit projection included in the MoU for 2006-07.

To enter new areas

In order to achieve the projected milestones in performance, the Corporation plans to enter into several new areas of trade such as bio-fuels, mining, import of rough diamonds for cutting, polishing and re-export, extension of current overseas steel operation to other countries, acquiring coal blocks for power generation plants and processing of agricultural commodities in the overseas markets.