State Trading Corporation Of India

While MMTC is just about managing to stay afloat for now, STC and PEC have posted losses long and hard enough for the Centre to call for their total shutdown

MMTC saw annual profit after taxes rise to Rs 81.43 crore in 2018-19, from Rs 48.84 crore in the year before, whereas with massive overheads, STC and PEC have both reported losses

The department of commerce may soon approach the cabinet with the proposal, as per the reports

At a recent high-level meeting in August, it was decided to immediately initiate the process of winding up of both the public sector units under the administrative control of the ministry, they added

The measures, which are under consideration, include provision of adequate time for STC to repay bank loans and sale of immovable assets

The move assumes significance as there was a proposal of the commerce ministry for a merger of STC and another state-owned trading firm MMTC

The government is unlikely to go ahead with the Commerce Ministry's proposal for merger of trading firms MMTC and STC, a senior official said. "It has been long that the Commerce Ministry forwarded the final cabinet note for the government's approval. It looks unlikely now," the official added. State Trading Corporation (STC), Project & Equipment Corporation of India (PEC) and Metals & Minerals Trading Corporation of India (MMTC) are under the administrative control of the Commerce Ministry. As per the proposal, the merger of the two trading firms would result in synergy of operations, which somewhat overlap. The ministry had also suggested that the government bear the expenses for VRS (voluntary retirement scheme) to be offered to about 600-700 employees of STC. While the government wholly owns PEC, it has about 90 per cent stake in MMTC and STC. MMTC and STC were created in 1963 and 1956, respectively. PEC Ltd was carved out of STC in 1971-72. According to industry ...

The stock was up 10% at Rs 208, zooming 73% in past four trading sessions, as compared to 1.3% rise in Sensex

On December 23, Smithblock Financial Services bought 400,000 shares of STC India at Rs 142.25 per share on the NSE