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).
The short-cut on single control cabins for WDP4 engines used on high-speed passenger trains is the real reason for the number of rail accidents and near misses
By and large, accident enquiries of all sorts tend to place the blame on what is called “human error”, implying that almost everything is the fault of the people on the spot. This is usually the easiest way out, especially when the people involved are dead, and also a convenient way to close a file. But is it the truth, does it provide justice?
As the saying goes, truth and justice are usually distant cousins, and often not on talking terms with each other too. It is likely to be the same in the case of the Hampi Express case here—except for a few simple truths which are now known. And for a change, come with photographic evidence too.
The Hampi Express from Hubli via Hospet to Bangalore, which met with an accident off Penuconda in the wee hours of Tuesday (22 May 2012), was operating under the power of diesel loco WDP-4 number 40036 in LHF (Long Hood Forward) configuration. Here is a photo of this engine in better days, with its control cabin facing forward, in SHF (Short Hood Forward) configuration, the way it should be operated:
(Image Courtesy: N Santhosh Kumar)
It is very easy, with hindsight, to draw conclusions. But it so happens that I was on the same sector, talking to loco drivers about the problems they face on this vital arterial link, between Secunderabad and Bangalore, and pretty much what one of them predicted has unfortunately happened.
There are multiple issues on this route:
1) Largely single track despite heavy traffic, not electrified as yet, and operating through as well as close to Naxalite territory—often with pilot engines preceding Rajdhani Express trains.
2) Huge amounts of plastic waste and garbage lining the tracks, causing lack of visibility as trains pelt past, and interference with signalling systems.
3) Heavy usage of the WDP-4 diesel engine on this sector, in “Long Hood Forward” (LHF) configuration, for passenger trains.
4) A very strong road bus lobby.
The first is not all that uncommon all over the rest of India, the second is made worse by the elongated dry season, and it is both these combined with the third which makes for a sure recipe for disaster. Here is a photo of a WDP-4 engine, operating in LHF:
(Image Courtesy: N Santhosh Kumar)
Please try to imagine yourself in the position of the loco pilot here, in LHF configuration? And then think about the plastic waste. When trying to understand how plastic waste or wind behaves when a railway train pelts past at high speed, please try to see how this would impact you if you were driving through dusty conditions in a car with the front windows rolled up, but the rear window open. A strange effect takes place—the dust and any plastic lying on the road is often picked up, sucked in by the rear window, and then the whole lot sort of, dances inside the car. The dust gets in your eyes and the plastic sheets tend to float around, often settling down wherever it can—including on the windscreen, on your head, between your feet, or steering wheel.
This is what it is like for the locomotive pilot of a WDP4 travelling LHF on almost the same sector. See him sticking his head out; see the lack of decent forward vision, and the line of sight obscured by the huge ‘hump’ in LHF configuration? Or see it live, on video:
Imagine yourself driving a school bus, in reverse, with your head out of the window. Towing another 20-24 coaches. All controls facing the wrong way, Head out of the window all the time. At 90-120 kmph. To adjust any controls, answer calls on the walkie-talkie or phone, make entries in the log book, and everything else, you have to get up and go in, leaving the visibility part unattended. Typically, in a minute, your train is doing 1.5 to 2 kilometres. And there are well over 1,500-2,000 people whose lives depend on you.
This amazingly dangerous situation is because the big bosses in Indian Railways decided that they could save some money by placing only one control cabin on this class of diesel engines. Unlike in other high-speed or high-power modern engines where there is one control room on either end. Because railway engines can operate in both directions at the same speed. In fact, for better wear and tear, they should be operated in both directions.
Older diesel engines often had only one control cabin. But it was far better designed for ergonomics, did not have that huge ‘bulge’ in front that the WDP4 has, and most of all, was not expected to provide such high speeds. And electric engines have two control cabins, one on each end, for decades now.
But for the new modern WDP-4, in their wisdom, the authorities decided to put only one control cabin and at one end. And this, by the way, is the way the WDP-4 engine is supposed to be operated, with “short hood forward”.
Can you see the difference now?
Typically, a single control room engine would be operated as one half of a ‘mated’ pair, both engines connected LHF to LHF, thereby providing a control cabin in ‘front’, regardless of how the train operates. If operated as a single engine, it should be in SHF configuration. But for passenger trains, the authorities often break this rule, and operate with a single engine LHF.
Because they can and also because there is a shortage of engines, there is always an excuse that they could not turn the engine around because the turntables were unavailable, and because if the loco driver objects then there may be hell to pay. Especially as diesel engines and loco pilots are being replaced by electric engines and loco pilots. The diesel loco pilot, as a result, keeps quiet and accepts his fate.
It is another simple fact that in parts of eastern India, passengers refuse to let a train move if the WDP4 engine is operated in LHF configuration—they are known to force the authorities to get either a fresh engine in SHF configuration or they get the LHF turned around on a turntable.
Will the Hampi Express accident, which occurred with WDP4 engine number 40036 in LHF configuration, bring this simple basic common sense to the bosses in the Indian Railways?
(In my days, I have worked on some huge ships, under really stressful conditions. The WDP4 diesel engine in LHF configuration is something else, again—you have to board one to experience the stress the loco pilots must be going through.
Here’s where the road lobby comes in, when the roads outside are good and the commercial bosses in the Indian Railways are forcing high operational speeds on trains in this region.
A smart fraudster called a mobile user and told him that he had won a free talk-time of 50,000 minutes. However, when the user went to claim it, there was no free talk time and instead he had to pay money for other peoples’ calls
There are no free lunches and so is no free talk-time of thousands of minutes in the mobile world. In fact, someone may use the free talk-time con to dupe you. This is the lesson Kolkata-based Ashok Mistry learned the hard way and after paying Rs4,200 for his blind faith.
Mr Mistry, while on his way to office, received a call from +91-7800604060 (a Vodafone number belonging to the Uttar Pradesh (East) telecom circle). The caller told him that he is calling from Airtel Customer Care and Mr Mistry has won a talk time of 50,000 minutes on his mobile. To claim the free talk time, the caller told Mr Mistry to visit nearest distributor and hand over the call, which he promised to make in few minutes.
Without suspecting any foul play, Mr Mistry visited his nearest mobile distributor. Within few minutes he received call from the same caller, who asked him to handover the call to the distributor. While Mr Mistry was waiting for the free talk-time, the caller told the distributor to upload talk times of Rs2,000 on +91-9919868619, Rs1,001 on +91-9839137098 and talk time of Rs1,111 on +91-9935239329. The distributor uploaded the talk time on these numbers as per the instructions of the caller while Mr Mistry was under the impression that he is getting the free talk-time of 50,000 minutes.
So when the distributor returned his phone, Mr Mistry started to leave the shop thinking that he got the free talk-time of 50,000 minutes uploaded on his mobile. However, to his surprise, the distributor stopped him from leaving the place and asked for a payment of Rs4,200 towards uploading talk-time on the three mobiles. When, Mr Mistry told about the original call and instructions he received, the distributor could not believe it. However, he then tried calling +91-7800604060, the so called Airtel Customer Care number. To his surprise, he received recorded message that this number does not exist and please check the number dialled.
Then it stuck to Mr Mistry that he has been taken for a ride by the caller under the pretext of giving free talk-time of 50,000 minutes. After speaking with some friends, he then filed a first information report (FIR) at the nearest police station and also sent mails to his operator. But till date there is no response from the operator.
According to Moneylife investigations, all the numbers from where the calls were made and on which the talk time were loaded, belong to the UP East telecom circle. While +91-7800604060, +91-9919868619 and +91-9839137098 belongs to Vodafone, the last number +91-9935239329 is serviced by Airtel. Since the case involves inter-circle mobile operators, it would be very difficult to recover the money.
Many mobile operators allow uploading of talk time through other mobiles. Mostly all distributors, re-sellers of SIM cards and re-charge vouchers also use the same method to upload talk time on their customer’s mobile. Only thing, in Mr Mistry’s case, the distributor should have asked whether he is carrying required money with him or not. But it seemed that both Mr Mistry and the distributor acted in blind faith and got duped in the process.
This should serve as an eye opener for all mobile subscribers. So next time, whenever somebody tells you that you have won free talk-time, be careful and tell the caller to use it for himself.