Assam Company India net profit rises to Rs10.8 crore in Q2

Assam Company India Ltd said its net profit for the second quarter stood at Rs10.8 crore as against Rs9.1 crore in the same quarter last year. During the June 2010 quarter, its total revenues increased to Rs38.4 crore from Rs33.5 crore in the same quarter last fiscal, said the company in a regulatory filing.

Assam Company is a group comprising companies engaged in tea plantation, oil & gas exploration and infrastructure development.

On Tuesday, Assam Company shares declined 1.9% to Rs18 on the Bombay Stock Exchange, while the benchmark Sensex ended flat to close at 18,048 points.

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RPG Life Sciences launches Impulse, strengthens cardio-vascular portfolio

Pharma company RPG Life Sciences, an RPG Group company, launched its third vertical, Impulse, to focus on the growing cardio-metabolic segment of the pharmaceuticals business. This was preceded by the launch of Empathy (neuropsychiatry division) and Neolife (oncology division) last month.

RPG Life Sciences focuses on the cardiovascular segment in India, and includes brands like Aldactone and Spiromide. The cardio-metabolic division, Impulse, will help improve its presence in this segment substantially with a team of 115 people across India. The objective of the division is to help RPG Life Sciences to be amongst the top 20 companies in cardiovascular therapy segment in India by 2015. This will be achieved by launching new products to cater to various therapeutic needs in cardio-metabolic segment and aggressive marketing strategies, said the company in a press release.

On Tuesday, RPG Life Sciences shares declined 1% to Rs98 on the Bombay Stock Exchange, while the benchmark Sensex ended flat to close at 18,048 points.

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Cashless medical facilities restored in 449 hospitals: Govt

New Delhi: Cashless medical facilities for persons insured with public sector units (PSU) companies have been restored in 449 hospitals in four big cities after hospitals have agreed to charge them at par with non-insured patients, reports PTI.

Replying to a Calling Attention on the issue in the Rajya Sabha, minister of state for finance Namo Narayan Meena said public sector insurance companies had to resort to rationalisation of rates for cashless facilities as they suffered a loss of Rs2,000 crore because of overcharging by hospitals in Mumbai, Delhi, Chennai and Bangalore.

He said if the hospitals were allowed to overcharge, it could result in "serious consequences" leading to insolvency of the insurance companies.

Mr Meena said the cost ratio for the public sector companies was 140% of the premium received under the health portfolio.

Citing an example, he said while the private hospitals were billing Rs1.35 lakh from an insured for a caesarean operation, the rate was Rs55,000 for uninsured and the Central Government Health Scheme (CGHS) rate was only Rs15,000.

While the standard health insurance policy did not provide any assurance of cashless facilities, it was agreed to extend such a facility through a network of hospitals in some cases, he said.

In the four cities, which accounted for over 50% of the malpractices and had led to the problem, a preferred provider network (PPN) of hospitals has agreed to provide the cashless facilities at the rates equal to those paid by non-insured patients, he said.

The four PSU insurance firms-National Insurance, New India Assurance, Oriental Insurance and United India Assurance-had last month stopped the cashless facility in private hospitals, including the expensive ones known as 5-star hospitals.

However, through mutual consultation a broad agreement has been reached between 449 hospitals and insurance companies.

"More hospitals are joining (the PPN)", the minister said adding the problem was limited to the four cities where rationalisation was underway. For rest of the country, the cashless facility was available like in the past, he said.

Earlier, members said patients should not suffer because of overcharging by hospitals and some cases of manipulation.

S S Ahluwalia (BJP) said there was no standardisation of rates. "The government was leaving the people at the mercy of hospitals," he said.

T Siva (DMK) demanded that the cashless facility should be available in all hospitals. Syed Azeez Pasha (CPI), E M Sudarshana Natchiappan (Cong) and Moinul Hasan (CPI-M) also expressed similar concern.

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