UPDATE 1-MMTC sees FY09 revenue, gold imports up on price dip

(Adds details, quotes)

NEW DELHI May 2 (Reuters) - India's state-run trading firm MMTC Ltd (MMTC.BO) plans to import 14.8 percent more gold in 2008/09, and grow revenue by about as much, as a dip in prices spur demand in the world's largest buyer of the precious metal.

Gold, both in India <0#MAU:> and internationally XAU=, is at a four-month low, weighed down by a stronger dollar and lower oil prices.

"People are thinking it is a small correction and seeing a buying opportunity," Chairman and Managing Director Sanjiv Batra told a news conference on Friday.

MMTC looks to import 140 tonnes of the metal in the year to March, up from about 122 tonnes last year, he told reporters.

For the month of April it imported 20 tonnes of gold up from 11.3 tonnes in the year ago month, ahead of the Akshaya Tritiya festival next week, when consumers buy at least a bit of the metal to invoke prosperity.

"People are stocking up for Akshaya Tritiya. About 8 percent of total gold sales in India happen in this month," Batra said.

India imported 706 tonnes of gold in 2007/08, over a quarter of the world's production that year, MMTC said, quoting internal data and figures from international precious metals consultancy GFMS.

Helped by these imports, MMTC is likely to post an annual revenue of 300 billion rupees, up from about 263 billion rupees in 2007/08, Batra said.

"Our profits will definitely be higher than last year, but it is difficult to project, because of commodity prices." he said. Last year, MMTC's profit rose 63 percent to 2.06 billion rupees.

MMTC is also looking to raise its production of gold and silver coins to 2 million pieces a year, from 100,000 now, with the launch of a refinery in September 2009, in a joint venture with Swiss firm Pamp, an official said.

It will also trade gold coins on the NCDEX spot market, A.R. Goyal, director for marketing said.

"As per-capita income is rising, people are now increasingly buying coins for investment."

"We are working to trade 8 grams gold coins on NCDEX. It will be operational in two months," Goyal said. (Reporting by Rakesh Sharma, Writing by C.J. Kuncheria; Editing by Ramya Venugopal)