Public sector MSTC Ltd announces 498 per cent dividend for 05-06

Kolkata, Sept 15 (UNI) Public Sector MSTC Limited, under the Ministry of Steel, today announced an unprecedented 498 per cent dividend for 2005 -06 after recording a net profit of Rs 54.75 crore on a turnover of Rs 7,700 crore for the year.

Announcing this after the 41st annual general meeting of the company here today, MSTC Chairman and Managing Director Malay Sengupta said the public sector unit, previously known as Metal Scrap Trading Corporation, had been giving increasing dividend to its share holders every year.D During 2004-05, MSTC gave 349 per cent dividend to its shareholders on a net profitability of Rs 38.30 crore.

Claiming that the city-based company despite some diversification of activitites during the last decade did not reduce its manpower from 300 odds, Mr Sengupta said at present MSTC was providing value added service to its diversified customers of different coal companies.

At present MSTC had more than 8,000 registered customers for e-auction for selling scraps of PSUs, government departments and even private sectors. In recognition of its business achievement the Government of India had placed MSTC in Mini Ratna Grade-I, company sources here said.

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