[Grapevine] For Jul 20, 1999

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 News headlines:

 Fire at Express building
 JD, CPI may go along with NCP
 People must give fitting reply to government's failure: Pawar
 Decision on change of poll date in Gujarat soon: Krishnamurthy
 Railways earn Rs 23.56 cr from ticketless travel
 Government extends date of filing I.T returns to Oct 31
 Women's Hockey: Bombay holds Haryana; Orissa beats U.P.

 Markets:
 Equities decline on selling pressure at NSE
 BSE: Software sector suffers sharp setback on FII selling        


 Forex and Weather below



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______News_______
(From various agencies)

 Fire at Express building 
   A minor fire broke out in the basement of the Indian Express building,
   Nariman Point, early on Monday morning. There were no injuries.The
   fire was detected around 4 a.m. and was traced to the transformer.
   Five fire engines were rushed to the spot and the flames were
   extinguished after an hour, fire-brigade sources said.
  
 JD, CPI may go along with NCP 
   The Janata Dal, the CPI and the Peasants and Workers Party (PWP),prior
   part of third front are inclined to make an electoral plan with
   Congress Party(NCP) The only exception is the CPI(M) which said it
   still had an open mind.The Samajwadi Party has already announced its
   alliance with the NCP. Apparently, the ground realities, as the CPI,
   the PWP and the JD see it, warrant a relationship with Mr. Pawar here
   rather than the Congress(I).
  

 People must give fitting reply to government's failure: Pawar
   Nationalist Congress Party (NCP) president Sharad Pawar today said 
   a government which could not defend the country's borders had no 
   right to remain in power.

   Addressing a meeting of workers, jointly organised by Maharashtra
   INTUC and Rashtriya Mill Mazdoor Sangh in Mumbai, Pawar said around 500
   soldiers had to sacrifice their lives to regain Indian territory
   intruded upon by Pakistani infiltrators consequent to the BJP-led
   centre's negligence.

   Launching a blistering attack on Shiv Sena-BJP alliance in
   Maharashtra, Pawar said though the government was publicising its
   work of building flyovers the mill workers were not getting their
   salaries for six months.



 Decision on change of poll date in Gujarat soon: Krishnamurthy
   Ahmedabad: Election Commissioner G V G Krishnamurthy
   today said decision on change of polling date for Lok Sabha elections
   in Gujarat on account of Janmashtami festival would be taken by the
   commission soon.

   Gujarat Minister for Industries Suresh Mehta had earlier called on
   Gill in Delhi and demanded change in the polling date as September
   4 is the second day of the festival.


 Railways earn Rs 23.56 cr from ticketless travel
   Indian Railways earned Rs 23.56 crore from intensive drive against 
   ticketless travel during April and May.

   During the two months 19 lakh people were detected travelling without
   ticket or with improper ticket, an official release said here today.


 Government extends date of filing I.T returns to Oct 31
   The government today extended upto October 31 the last date for 
   filing income tax returns for those who own either a house, telephone, 
   vehicle, a credit card, club membership or have undertaken a foreign 
   trip.

   Government had made it mandatory to file income tax returns from the
   assessment year 1999-2000 for those who fall under either of these
   six categories.

   The last date for filing returns under this category was extended
   from June 30 in view of requests from individuals and associations
   for more time to file returns, finance ministry officials said.

   Hence, those who fall under this category and file the income tax
   returns after the due date of june 30 would be exempt from paying
   penalty for late filing.

   Those who satisfy any one of the conditions ie occupation of
   immovable property, ownership or lessee of motor vehicle, subcription
   of telephone, incurring of expenses on foreign travel, hold of credit
   card or membership of a club, are also required to file income tax
   returns.

   The due date for filing of wealth returns would stand at October 31
   for the 1999-2000 assessment year.



 Women's Hockey: Bombay holds Haryana; Orissa beats U.P.
   Tirupati: Contenders for the final, Haryana were held
   to a 2-2 draw by a much-improved Bombay, while Uttar Pradesh suffered
   their second straight defeat losing to Orissa 1-2 in the group 'B'
   league matches as the sixth Women's Federation Cup Hockey exploded
   into life here this evening.

   Last year senior nationals runner-up Haryana, down 1-2 at half-time,
   managed to find the equaliser in the second half to stave off what
   would have been a sort of upset win for Bombay who lost to them in
   the semi-finals of the nationals.

   For Bombay, Poonam Surin scored the brace, both through first half
   field goals (4th and 34th min), while for Haryana Suman Bala (14th)
   and Kiran Bala (57th) sounded the boards.

   Bombay, who shared a point with Haryana, now have four points from
   two matches and meet Orissa in their last league encounter on Jul 22.

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______Market_______

 To get today's complete NIFTY (the NSE index) listing send an e-mail to
                    get-nse@mumbai-central.com



 Equities decline on selling pressure at NSE
   Mumbai: Prices of leading equity shares declined on
   selling pressure by Foreign Institutional Investors (FIIs) on the
   National Stock Exchange (NSE) here today.

   Mirroring the general trend, the s&p cnx nifty opened at yesterday's
   level of 1349.60 and moved between 1350.25 and 1310.85 but finally
   settled at 1314.70, showing a net loss of 34.90 points. Cnx nifty
   junior closed lower by 39.70 points at 2129.20 as against 2168.90
   yesterday. S&p cnx defty and s&p cnx 500 were settled at 1054.20 and
   900.40 as compared to 1082.20 and 921.45 previously. Cnx midcap 200
   fell by 14.45 points to 768.85.

   The total turnover was rs 2,797.43 crores from 1,146.95 lakh shares
   in 3,72,117 trades. Debentures traded value was rs 72.26 lakhs.

   In the market, 278 securities advanced, 833 declined and 57 held
   steady.

   The most actively traded securities were satyam computer with a
   turnover of rs 321.50 crores, sbin rs 259.59 crores, pentsfware rs
   251.70 crores, itc rs 203.39 crores, ranbaxy rs 167.90 crores,
   reliance rs 166.79 crores and zeetele rs 106.83 crores.



 BSE: Software sector suffers sharp setback on FII selling
   Equities, particularly yesterday's rally leader
   software sector, suffered a sharp setback pushing the sensex down by
   about 99 points on the stock market today in the wake of heavy
   selling by foreign institutional investors (fiis).

   Stuck at the upper price band at the opening, infosys technologies
   came under heavy onslaught from fiis due to reports that american
   depository receipts (adr) of the company had failed to maintain its
   earlier high and dropped to u.s. Dollar 92 on nasdaq yesterday,
   resulting in all-round selling in the software sector.

   Bulls and domestic financial institutions, however, were engaged in
   buying and selling in line with the activity on the national stock
   exchange (nse), which had the last day of the current settlement
   inducing operators to square up positions.

   The bse sensitive index opened moderately down at 4703.33 and
   gradually moved further downwards to the day's low of 4586.26 before
   closing at 4617.82 as against yesterday's close of 4716.81, netting a
   fall of 98.99 points or 2.10 per cent. The bse-100 index dipped by
   41.84 points to 2002.60 from previous close of 2044.44.

   The fall in the sensex, however, would have been further heavy but
   for the impressive gains in the index heavyweight hind lever ltd
   which was in keen demand.







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               This is the Mumbai Grapevine 
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______Forex_______

      
  1 DMark  = 22.89048    INR    
  1 FFranc  = 6.825118    INR    
  1 U.K. Pound  = 67.86910    INR    
  1 US $  = 43.16000    INR    
  1 Yen  = 0.364527    INR    
  1 Singapore $ = 25.40 INR
  1 UAE Dirham = 11.75 INR
  1 Saudi Arabian Riyal = 11.51 INR

___________________________________________________________
               This is the Mumbai Grapevine 
___________________________________________________________





______Weather_______
(From the Weather Underground)

 
Temperature: 81 F / 27 C
HeatIndex: 86 F / 30 C
Humidity: 79%
Dewpoint: 73 F / 23 C
Wind: SW  at 9 mph / 14.5 km/h
Pressure: 29.62 in / 1003 hPa
Conditions: Haze
  
Tonight: Low: 73 F / 23 C Thunderstorm 
Wednesday: High: 82 F / 28 C Thunderstorm 
Wednesday Night: Low: 73 F / 23 C Thunderstorm 
Thursday: High: 82 F / 28 C Thunderstorm 
Thursday Night: Low: 73 F / 23 C Thunderstorm 
 

___________________________________________________________
               This is the Mumbai Grapevine 
___________________________________________________________



                   _____ -:Advertisement:- _____ 

	          mailto:manav@mumbai-central.com

          How would you like to plan your next vacation in your pajamas?

	  Contact Manav Travels for all your travel arrangements. We
	  handle hotel reservations, tour co-ordination and immigration
          clearance. 

	  E-mail us for a prompt response.

	          mailto:manav@mumbai-central.com

                   _____ -:Advertisement:- _____ 

    


[Please feel free to forward this message to your friends and co-workers 
who might be interested in it. The instructions to join the Mumbai 
Grapevine are at the end of the message.]



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