 "Indian Bank, UBI classify STC account as NPA over non-payment of interest")
Indian Bank and Union Bank of India have rendered the accounts of State Trading Corporation (STC) as non-performing asset because of non-payment of interest on loans.
“Due to non-payment of interest of Rs 192.9 million on bank borrowings, Indian Bank and Union Bank of India have reported STC accounts as NPA on March 1, 2018,” STC said in a filing to the BSE. As a result, these banks may not sanction further loan to STC, it added.
“STC is in the process of restructuring of existing debts and necessary action has already been initiated in this regard,” it said. Shares of the firm had closed at Rs 140.40 apiece on Friday, down 1.61 per cent from its previous close on the BSE.
For the quarter ended December 2017, the company’s net profit stood at Rs 190.8 million, while revenue was at Rs 22.4 billion.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%