Government to provide direct subsidy on kerosene

The government is bearing a subsidy of Rs503 per LPG cylinder, a subsidy of Rs32 on per litre of kerosene, while the loss on diesel suffered by oil marketing companies was Rs13.64 per litre

New Delhi: The Indian government on Tuesday said that it planned to provide direct subsidy to beneficiaries of kerosene oil and a pilot project in this regard in Alwar district of Rajasthan was yielding good results, reports PTI.

"Direct subsidy on kerosene is planned in future...We have to move towards it. It will be done using UID cards... We are benefiting from the pilot project," Minister of State for Petroleum and Natural Gas RPN Singh said in the Rajya Sabha.

He said the Government had provided subsidy of Rs1.38 lakh crore during 2011-12 and a subsidy burden of Rs1.9 lakh crore on petroleum products was due during the current year.

"The government is bearing a subsidy of Rs503 per LPG cylinder, a subsidy of Rs32 on per litre of kerosene, while the loss on diesel suffered by oil marketing companies was Rs13.64 per litre," he said during Question Hour.

He suggested that subsidy should be reduced and urged members to take the lead in doing away with their LPG quotas.

"A proposal should come from all MPs that they will not take subsidy on their LPG cylinder. This would show the way so that the message goes that the subsidy is meant for the poor," he said, adding that the rich were also taking subsidy which was meant only for the poor and lower middle class.

The Minister said a pilot project providing direct subsidy to poor and lower middle class beneficiaries was successfully under implementation in a Tehsil in Alwar district of Rajasthan and the government was benefiting. He said details of the project were yet to be received as it was still on.

To another question, he said there is no plan before the government to supply PDS kerosene to fishermen of Kerala, but said non-PDS kerosene could be provided to Kerala government for fishermen if a demand was made.

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Genpact in finance, accounting deal with Dr Reddy's

As part of the deal, Genpact will take over Dr Reddy's shared services operations in Hyderabad, which supports the company's operations in India, the US and the UK

New Delhi: Business porcess outsourcing (BPO) giant Genpact on Tuesday said it has signed an agreement with Dr Reddy's Laboratories to provide comprehensive finance and accounting (F&A) services to the pharmaceutical company, reports PTI.

As part of the deal, Genpact will take over Dr Reddy's shared services operations in Hyderabad, which supports the company's operations in India, the US and the UK.

Genpact will implement its best practices to make Dr Reddy's F&A processes more effective for accounts payable, accounts receivable, record-to-report and employee-related services.

"This engagement will ensure that our F&A support processes become more effective while we continue to focus on growing our pharmaceutical business across therapeutic segments and geographies," Dr Reddy's CFO Umang Vohra said.
 

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Reliance AMC posts Rs276 crore net profit for FY12

Reliance Capital AMC had overtaken HDFC AMC as the country's most profitable fund house during FY11 and has managed to retain its leadership position with a net profit of Rs276 crore

New Delhi: Reliance Capital Asset Management Company (AMC), which runs Anil Ambani-led Reliance group's mutual fund business, has posted a net profit of Rs276 crore for the fiscal year 2011-12, reports PTI.

The company's profit after tax grew by over 5% from Rs261 crore in the previous fiscal 2011-12. Its profit after tax also grew by 5% to Rs308 crore in the fiscal ended March 2012.

Reliance Capital AMC had overtaken HDFC AMC as the country's most profitable fund house during the previous fiscal 2010-11 and has managed to retain its leadership position.

In the latest fiscal 2011-12, Reliance AMC was followed by HDFC AMC as the second most profitable fund house and the latter's profit after tax grew to Rs269 crore from Rs242 crore.

During the fiscal 2009-10, HDFC AMC was the most profitable with a profit after tax of Rs208 crore, followed by Reliance AMC (Rs195 crore), UTI AMC (Rs170 crore) and ICICI Prudential (Rs128 crore).

However, HDFC AMC slipped to second slot in 2010-11, while UTI remained at the thirst position with Rs138 crore, followed by Franklin Templeton (Rs97 crore), Birla Sunlife (Rs85 crore) and ICICI Pru (Rs72 crore), among others.

The latest fiscal (2011-12) figures are as yet not available for UTI and Franklin Templeton mutual funds, while Birla Sunlife and ICICI Pru have posted profit after tax of Rs59 crore and Rs88 crore, respectively.

Reliance Capital Asset Management managed Rs1.4 lakh crore ($27.5 billion) as on March 2012, across mutual funds, pension funds, managed accounts and hedge funds.

Reliance Mutual Fund figures among the top two mutual funds in India, in terms of AUM, with market share of nearly 12% and its average AUM stood at Rs78,112 crore for the period ended March 31, 2012.

Nippon Life, largest private life insurer in Asia, recently signed final agreements to acquire a 26% stake in RCAM -- making it the largest FDI in Indian mutual fund space and the largest investment in any Indian AMC.

The transaction, under which Nippon Life is investing Rs1,450 crore for 26% stake, pegs RCAM's valuation at about Rs5,600 crore ($1.1 billion).

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