MMTC presents dividend cheque

By Our Special Correspondent

NEW DELHI, MAY 30. MMTC's chairman and managing director, Mr. S. D. Kapoor, today presented a cheque of Rs. 9.93 crores to the Commerce and Industry Minister, Mr. Murasoli Maran, as dividend for 1999-2000 which is 20 per cent on the equity held by the Government.

During the year, the corporation achieved a turnover of Rs. 4,805 crores, a rise of 13 per cent over the previous year with exports accounting for Rs. 1,208 crores.

Imports also increased to Rs. 3,582 crores and domestic trade accounted for Rs. 77 crores. It had a net profit before tax of Rs. 25.98 crores, an increase of 40 per cent.

The chairman of the State Trading Corporation of India, Dr. S. M. Dewan, also handed over a dividend cheque for Rs. 5.46 crores. The corporation has paid an interim dividend of 20 per cent for 1999-2000.

Dr. Dewan informed that during 1999-2000, STC had achieved a net profit after tax of Rs. 30 crores against Rs. 12.5 crores earlier.

The increase could be achieved despite there being a huge decline in the import turnover of items handled by the corporation on Government account which came down sharply to Rs. 379 crores from Rs. 1,449 crores in 1998-99.

Hedging in gold planned

PTI reports:

MMTC hopes to start hedging in gold by the second quarter of the current fiscal after it gets the necessary clearances from the Reserve Bank of India, a top company official said here today.

``We hope to get the clearance before the end of the first quarter, most probably by the middle of June so that we can start the operations in the next quarter," Mr. Kapoor told reporters after presenting the dividend cheque. He said some other companies from the private sector had applied for hedging clearances and this could have resulted in the delay in getting the approvals.

Birla Copper is one of the other companies which have applied for the approval. Mr. Kapoor said MMTC's gold business was up by 15 per cent in the seven weeks of the current fiscal as compared to the same period last year.

On its foray into the retail jewellery section, he said it already has a showroom in Dubai and was now looking at Kuwait and Bahrain. ``We have participated in the open tender for duty free show rooms in the three international airports at Chennai, Thiruvananthapuram and Goa" he said.

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