State Trading Corp turnover surges 53 percent

August 5th, 2008 - 9:37 pm ICT by IANS  

New Delhi, Aug 5 (IANS) The State Trading Corp of India (STC) posted revenues of Rs.42 billion in the first quarter this fiscal, reflecting a 53 percent growth when compared to the corresponding period last year, a company statement here said Tuesday. As per the provisional unaudited financial results, STC’s trading profit zoomed 47 percent to Rs.390 million for the current quarter as compared to the same period last fiscal.

The company’s domestic operations, involving direct procurement of tea from small growers and processing, have been extended to cover more growers.

Another processing unit has also been acquired on a long-term lease.

STC has further undertaken paddy procurement operation on minimum support price on behalf of Food Corp of India (FCI).

The company made significant progress in developing bio-fuel business and is planning an entry in mining and power generation shortly, the statement added.

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