MSTC Presents Dividend Cheque of Rs. 1.97 Crore to the Steel Minister
The Minister of Steel Shri Beni Prasad Verma was handed over the dividend cheque of `1,97,66,000 for the year 2010-11 by the CMD, MSTC Ltd. Shri S.K.Tripathi here today. The dividend paid by MSTC was 100% this year. MSTC is a profit making Mini Ratna, CPSU functioning under the Ministry of Steel.
This year the company reported Profit Before Tax (PBT) of `149.40 crore which is 10% higher than last year. MSTC ended up the year with a volume of business of `14,101 crore which is around 11% more than last year. MSTC is the only e-commerce CPSU in the country and its profit per employee is `47.27 lakh which is one of the highest among all e-commerce companies in Public as well as Private Sector.
The Company has a traditional business of disposal of reusable scrap. In this year, Scrap worth ` 2568.08 crore was sold. In this way, MSTC has been facilitating recycling for creation of wealth for its customers. MSTC therefore plays a major role in conserving natural resources and economizing consumption of energy in the manufacture of prime products.
Hon’ble Supreme Court has recently selected MSTC for holding e-auction of Iron Ore lying in the state of Karnataka. MSTC will auction 1.5 million ton Iron Ore from Bellary and 1 million ton from NMDC per month. The first e-auction held on 14.9.11 was a success which was appreciated by the Supreme Court appointed Empowered Committee.
For the first time, MSTC entered into e-auction of Human hair for Tirumala Tirupati Devasthanam. It has sold human hair to the tune of `133 crore through the e-auction. MSTC’s e-commerce services have resulted in the transparent discovery of appropriate product price to the satisfaction of both genuine buyers as well as sellers. MSTC’S e-commerce portal is a fair and prompt electronic market place for carrying out genuine trading activities in the country.
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