MSTC pays Rs. 16 cr dividend to the government

India Infoline News Service | Mumbai | September 29, 2015 21:43 IST

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MSTC, earlier know as Metal Scrap Trade Corporation Limited), a Mini Ratna category 1 PSU under Ministry of Steel, has paid dividend of Rs. 16.37 cr for the financial year 2014-15. S. K. Tripathi, CMD of MSTC, handed over the dividend cheque to Narendra Singh Tomar, Union Minister of Steel & Mines, Government of India.

MSTC’s dividend was declared at 207 percent of the paid up equity capital for FY15 in the Annual General Meeting held on September 14, 2015 at Kolkata. The company has also declared issue of Bonus Share at 1:1 ratio.

MSTC closed the financial year 2014-15 with a Profit before Tax (PBT) of Rs.131.47 cr. The company reported total volume of business of Rs. 29,923 cr as against Rs. 19,395.25 cr in fiscal 2013-14, reflecting a growth of 19%. MSTC has also registered a growth of 11% in its reserve.

In the year 2014-15 MSTC created history and successfully auctioned 29 coal blocks and allotted 41 coal mining blocks to steel, cement and power sector and State owned entities in a transparent and fair manner as a follow up of Supreme Court directive.

STC also conducted Global e-Tender-cum-e-Auction in multi-currency of Red Sander Wood for Andhra Pradesh valuing Rs. 850 Crore. All these businesses made MSTC one of the largest e-commerce companies in the country.