Stci Net Profit Up 37 Per Cent At Rs 113.63 Cr

The Securities Trading Corporation of India (STCI) has posted a 37 per cent rise in net profit for the year ended March 31, 1999, at Rs 113.63 crore from Rs 82.98 crore in the previous year.

The board of the primary dealer has proposed a final dividend of two per cent which takes the total dividend paid for 1999-2000 to 12 per cent as against 10 per cent in 1998-99. An interim dividend of 10 per cent had been paid on March 31, 2000.

As a primary dealer, Securities Trading Corporation of India has more than met its annual bidding commitments, the minimum success ratios and the turnover ratios both in respect of government securities and treasury bills during the year.

 

STCI's aggregate subscriptions in the primary issue of gilts and its aggregate turnover in the secondary market during the year amounted to Rs 11,356 crore and Rs 54,404 crore, respectively.

During the year, while continuing to focus its activities in gilts, STCI has made further progress in dealing in top rate commercial papers, and public sector undertaking bonds and debentures.

STCI's profit before depreciation on fixed assets and tax in 1999-2000 witnessed a rise of 45 per cent and amounted to Rs 184.65 crore as against a profit of Rs 127.18 crore in 1998-99.

The announced dividend will absorb Rs 60 crore and a further sum of Rs 7.7 crore as tax on dividend. Transfer to reserves aggregated Rs 40 crore, leaving a balance of Rs 20.95 crore in profit and loss account.

The board of directors of Securities Trading Corporation of India had met on April 29, 2000, and approved the company's audited accounts for the financial year ended March 31, 2000.