In your interest.
Online Personal Finance Magazine
No beating about the bush.
State-run STC is also planning to foray into new areas like port development and overseas contract farming
With a view to achieve a projected turnover of Rs21,000 crore in the next fiscal, the State Trading Corporation of India Ltd (STC) is planning to foray into new areas like port development and overseas contract farming, reports PTI.
The total turnover of the state-run trading company has been projected to reach Rs21,000 crore in 2010-11, an official statement said on Tuesday.
STC, which plays an important role in importing essential items and exporting a large number of others, had a turnover of Rs19,460 crore in 2008-09. The company's profit after tax (PAT) has been estimated to increase by about 40%.
"With a view to achieve the stated projections of turnover and profitability, STC plans to enter into many new areas of trade such as overseas contract farming in pulses, development of infrastructure at port areas," it said.
The company notched up a profit of Rs81.34 crore in 2008-09.
STC would also lay emphasis to strengthen its bullion, hydrocarbons, petrochemicals, edible oils and agricultural commodities business. It would also expand its tea operations in domestic as well as global markets.
Last week, STC signed a memorandum of understanding (MoU) with the commerce ministry in this regard.
The new policy that seeks to prevent monopolies from being created at major ports would go to the law ministry for vetting once it is finalised, the Indian government has said
The shipping ministry will finalise a policy to prevent monopoly of private operators at major ports in the next one month, the Rajya Sabha was informed on Tuesday, reports PTI.
Replying to supplementaries during Question Hour, shipping minister GK Vasan said that the new policy that seeks to prevent monopolies being created would go to the law ministry for vetting once it is finalised by his ministry in a month.
The new policy includes a bar on any private operator from bidding for the next berth if it is the only operator of a berth handling a particular cargo.
Comments on the draft policy had been received from stakeholders and were under finalisation in the shipping ministry.
Mr Vasan said that the policy would apply to only major ports, and non-major ports which are under the jurisdiction of state governments would not come under its purview.
To a separate question, Mr Vasan said that the government was considering modification of the shipbuilding subsidy scheme. In-principle approval for shipbuilding subsidy for four vessels amounting to Rs23.69 crore has been granted to Alcock Ashdown (Gujarat) Ltd (AAGL).
Apart from this, requisite documents are awaited from AAGL for in-principle approval for shipbuilding subsidy for another four vessels amounting to Rs70 crore.
Mr Vasan said that a proposal to set up a dry dock at Cochin Shipyard at a cost of Rs1,000 crore was under consideration.
During the 6th and 7th Five Year Plan periods (2002-07 and 2007-12), Rs644.04 crore has been released under the shipbuilding subsidy scheme to public sector shipyards. Rs47.69 crore subsidy was given to private shipyards and Rs12.98 crore to the Gujarat government shipyard, he said.
The union has said that the airline is facing a shortage of manpower on board aircraft but despite their repeated representations to the management to fill up vacancies, Air India has not paid any attention to the issue
In a bid to avert the proposed strike called by a section of its employees on 19th March, the National Aviation Company of India Ltd (NACIL) management has convened a meeting with representatives of the Air Corporation Employees Union (ACEU) at Mumbai on Wednesday, reports PTI.
ACEU, the employee union of the erstwhile Indian Airlines, in a letter to the management on 4th March had said that it has directed over 800 of its non-executive cabin crew (affiliated to the union) not to report to work on 19th March to protest the shortage of cabin crew in the national carrier.
"The management has called a meeting with our representatives on 17th March to discuss our demand," ACEU's regional secretary, Vivek Rao, said.
The union was hopeful of a positive solution from the talks, Mr Rao said.
NACIL is the holding company formed after the merger of erstwhile Indian Airlines and Air India into one single entity.
ACEU said that despite several representations to the management on the issue of staff shortage, there had been no response and hence it had to resort to this industrial action.
"We have been forced to call for such an action. We are facing a shortage of manpower on board aircraft but despite our repeated representations to the management to fill up vacancies, it has not paid any attention to the issue," ACEU's general secretary, Dinakar Shetty, said.
According to him, there is a shortage of around 200-300 cabin crew in NACIL (I), affecting flight operations.