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Headlines
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News:
PM announces probe by SC Judge
Army court of inquiry begins its proceedings.
Police open fire in Srinagar
Govt may seek confidence vote
Saudi commandos storm hijacked Russian plane, hostages freed
Pak not yet ready to sign nuclear test ban treaty: reports
China showing Indian State as own in its maps
Government Reduces Interest Rate on Relief Bonds
Govt announces increase in commission for PCO operators
Brokers Completed Payments To BSE Thu; On Schedule
RSS launches broadside against Govt on economic policies
Securities And Exchange Board to Introduce Code of Ethics
Political uncertainty casts shadow on bourses
Asian stocks flat following stability on Wall Street
Mongia ruled out for Chennai Test
Ganguly calls for calm
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Markets:
Sensex: 3745.74, -74.12
Sensex sheds 74 points on political concerns
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Forex, Metals and
Weather below
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News
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PM announces probe by SC Judge
New Delhi,Friday, March 16, 2001: Prime Minister Atal Bihari Vajpayee tonight announced Government's decision to institute an inquiry by a sitting or retired judge of the Supreme Court into the allegations arising out of the Tehelka expose.
"Government is in consutlation with Chief Justice of India and will be requested that the inquiry be completed within four months," he said in an address to the nation over Doordarshan and All India Radio.
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Army court of inquiry begins its proceedings.
New Delhi,Friday, March 16, 2001: The high-level court of inquiry headed by a Lt General today continued its examination of suspended Maj Gen P S K Chaudhary in the sensational Tehelka tapes expose.
The inquiry, which also includes two Major Generals, has begun formal proceedings asking the officer to submit written statement as it still awaited the response from four other senior officers asked to appear before it, army sources said.
The four other officers -- Maj Generals M S Ahluwalia and Satnam Singh, Brig Iqbal Singh and Col Anil Sehgal, are reported to have reached the capital and would present themselves before the court of inquiry tomorrow. Any action against the four officers would be taken only after their preliminary examination, the sources said. Meanwhile, according to Defence Ministry sources no action has yet been initiated against L M Mehta, Additional Secretary, the seniormost official in the Ministry of Defence allegedly involved in the Tehelka expose. The Haryana cadre officer has issued a statement denying he had received any gift from Retired Maj Gen Murgai who accompanied the Tehelka team to a meeting with the official. Mehta has also dared the Tehelka team to produce a letter of clearing trial evaluation of equipment put up by the team posing as arms dealers.
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Police open fire in Srinagar
Srinagar,Friday, March 16, 2001: Police opened fire to disperse angry demonstrators, protesting the alleged burning of Quran, in downtown Srinagar today, official sources said.
Police resorted to firing when the stone-pelting protestors tried to hijack a police vehicle after coming out of Jamia Masjid at Nowhatta after Friday prayers, they said, adding no one was injured in the incident.
However, eye-witnesses said police opened fire as one of their colleagues was injured when his gun went off accidentally. The cops, mistaking it as firing by militants, fired a volley of shots to disperse the demonstrators.
Official sources said police bursted teargas shells when the protestors, numbering about 150, turned violent and pelted stones at them. The demonstrators split into small groups and engaged the police in a pitched battle.
Police fired warning shots when the agitators attempted to hijack a police vehicle, they said.
A policeman was injured when his gun went off accidentally, they added.
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Govt may seek confidence vote
New Delhi,Friday, March 16, 2001: Government is contemplating to seek a vote of confidence in Parliament next week, sources said today after an NDA meeting here.
A decision will be taken after holding talks with TDP, a crucial outside ally, the sources said after the meeting.
The meeting approved a probe by a sitting Supreme Court judge into the corruption charges levelled by a portal, chemicals and fertilisers minister S S Dhindsa said.
The Prime Minister will request Chief Justice of India A S Anand to appoint a judge to conduct the inquiry, he said.
The NDA decided not to hold any talks with Trinamool Congress and requested Samata Party leader George Fernandes to convince his party members, who have resigned from their ministerial posts, not to insist on their resignations, Dhindsa said.
The meeting also ruled out the resignations of any of the officials from Prime Minister's Office (PMO), he added.
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Saudi commandos storm hijacked Russian plane, hostages freed
Dubai,Friday, March 16, 2001: Three persons including one of the hijackers of a Russian plane were killed and two injured when Saudi commandos stormed the aircraft and freed over 100 people held hostage by three armed Chechen rebels, ending nearly a 23-hour drama at the Medina airport today.
"A stewardess, a terrorist, apparently the youngest of the three, and a Turkish passenger were killed in the operation which was conducted upon approval from Russian authorities," top Russian spokesman on Chechnya, Sergei Yastzhembsky, said in Moscow.
The hijackers killed the stewardess when commandoes raided the plane. The commandos retaliated killing one of the hijackers, sources at the Medina airport said.
The Turkish passenger, who was wounded in the operation, succumbed to injuries, the sources said adding another air hostess and a hijacker were also injured in the raid.
A unit of the Saudi anti-terrorist force raided the plane and freed the hostages in a quick operation, SPA quoting an Interior Ministry spokesman reported.
The hijacking drama began nearly 30 minutes after the Russian TU 154 plane, with 174 people including 12 crew, took off from Istanbul airport in Turkey en route to Moscow last evening.
The three hijackers said to be carrying knives and a bomb-like object forced the plane to land at the Medina airport where it was immediately surrounded by Saudi forces.
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Pak not yet ready to sign nuclear test ban treaty: reports
Tokyo,Friday, March 16, 2001: Pakistan's Foreign Minister Abdul Sattar told Japanese leaders his country is not yet ready to sign the Comprehensive Test Ban Treaty (CTBT) on nuclear arms, news reports said today.
Sattar met with Japanese Prime Minister Yoshiro Mori today here and handed over a letter from Pakistani military ruler Gen. Pervez Musharraf, stating he was making efforts to ratify CTBT and to reform his country's economy, Jiji Press said.
Mori asked Sattar to make the utmost effort to expedite the signing of the CTBT, Kyodo News reported.
"I hope that Pakistan will soon make progress on limiting its nuclear capability, which would allow Japan to give comprehensive aid to the country," Mori told Sattar, according to Jiji.
But Sattar told his Japanese counterpart Yohei Kono that the immediate signing of the test ban treaty was difficult as the government had to build a public consensus for doing so, Jiji said.
"There is a strong opinion (in Pakistan) that we should wait to make the decision until after the general election" to be held in Pakistan later this year, Sattar told Kono, according to reports.
"Pakistan declared a moratorium soon after the nuclear testing," Sattar told Kono, Jiji said. "We will not be the first country to resume the nuclear testing," he added.
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China showing Indian State as own in its maps
New Delhi,Friday, March 16, 2001: The indian Government today asserted Arunachal Pradesh was an intergral part of India and said it was aware of China showing the state as her own in its maps.
External Affairs Minister Jaswant Singh said in a written reply in Rajya Sabha that the state of Arunachal Pradesh was an intergral part of India and China was aware of New Delhi's position in the matter.
To a query whether the Indian government was aware of China showing Arunachal Pradesh in her own maps as her own part, Singh said it was aware of it.
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Government Reduces Interest Rate on Relief Bonds
The Indian government has announced a reduction in interest rates payable on the Relief Bonds 1999 Scheme, to 8.5 per cent per annum from nine per cent with effect from March 15, 2001.
The Relief Bonds issued on or after March 15 2001 will bear an 8.5 per cent interest rate, and bonds sales bearing nine per cent interest will cease, a Reserve Bank of India [RBI] statement said.
The government has also decided that post-maturity interest on 10 per cent and nine per cent Relief Bonds issued earlier would carry post-maturity interest at 8.5 per cent annually, with effect from March 15 2001.
However, valid applications up to the date of receipt of the government decision by the receiving officers regarding this reduction in the rate of interest, will be deemed to be subscription under the nine per cent Relief Bonds in 1999, it added.
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Govt announces increase in commission for PCO operators
New Delhi,Friday, March 16, 2001: In an attempt to provide a level playing field to PCO operators amid increased competition, government today announced a service charge of Rs 2 per call in urban and Re 1 per call in rural areas payable to the PCOs for intra-circle calls between 100 to 200 kilometres.
Communications Minister Ram Vilas Paswan following a meeting with PCO operators here, also announced an increase in commission of STD and ISD Public Call Offices (PCO) operators to 20 per cent from the present 16.6 per cent.
"The commission would be 22 per cent whereever the operators face competition from cellular operators. The chief General managers (CGMs) can fix commission upto 25 per cent where the PCO operators face competition from private operators," an official release said here.
A task force was appointed to look into the problems of eight lakh PCO operators throughout the country so as to provide them a level playing field, Paswan said adding government had decided to have a service charge of Rs two per call in urban areas and Re one per call in rural areas payable to PCOs for intra-circle calls between 100 to 200 kilometres.
However, no service charge would be payable for such calls upto 100 kilometres.
The decision has been taken in wake of competition faced by PCO booth operators from the private operators and the recent concessions announced by Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) on intra- circle long distance calls upto 200 kilometres.
The rural PCO operators would continue to get 25 per cent commission on gross turnover as at present, the statement added.
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Brokers Completed Payments To BSE Thu; On Schedule
The Bombay Stock Exchange, said Friday that brokers completed pay-ins to the stock exchange as normal, in respect of their purchases in the week ended March 9.
The BSE said that the broker payments were completed Thursday, "as per normal schedule, without invoking the trade guarantee fund."
Brokers have to pay for shares bought in the previous week on the Thursday of the following week.
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RSS launches broadside against Govt on economic policies
New Delhi,Friday, March 16, 2001: Even as the BJP-led NDA Government continued to grapple with the political crisis, the RSS today made a scathing attack on its economic policies including the approval given to the Enron power project.
"The country is passing through many a critical situation. On the economic front, there is a sense of despondency gripping the farmers and small entrepreneurs because of the illegal inflow of foreign goods and reckless concession for the entry of multinational companies," RSS General Secretary Mohan Bhagwat said.
He was delivering the RSS annual report at the 'Akhil Bharatiya Pratinidhi Sabha' (National General Council) of the organisation at Sewadham, on the outskirts of the capital.
"The warnings sounded about the dangerous consequences of Enron project are coming true to the hilt. Experts have opined that even now it is not too late to initiate right measures in order to retrieve the situation and save the nation from the impending financial disaster which is sure to overtake the country in the absence of such firm measures," he said.
The nation, he said, "hopes that no partisan consideration will be allowed to deflect the Government from taking the right path and avoiding temptation of taking to soft options pregnant with unbearable financial burden in the future."
About 1,200 delegates from across the country including BJP leaders Kushabhau Thakre and Govindacharya are attending the meeting which would deliberate on the situation in Jammu and Kashmir, construction of Ram temple, cow protection and Taliban's demolition of Budhha statues.
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Securities And Exchange Board to Introduce Code of Ethics
Proposing drastic measures to protect investors from market manipulation, the Securities and Exchange Board of India [SEBI] has decided to introduce a code of ethics for directors and functionaries of stock exchanges, and would introduce at least 200 top scrips under on-the-spot compulsory rolling settlement processes by July 1.
SEBI Chairman DR Mehta told reporters after the board meeting here, that the proposed Code of Ethics would bar presidents, vice presidents, and treasurers from carrying out "proprietory" trading either for themselves or for their dependents while they are holding office.
SEBI would also ask other broker directors of the stock exchanges to disclose details of proprietory trading to the Ethics Committee of the governing body.
The board gave in-principle approval to enforcing a code of ethics for directors and functionaries of stock exchanges, with the aim of strengthening market integrity by improving professional and ethical standards of exchanges, Mehta said.
He said stock exchanges would also be asked to strictly comply with the requirement of introducing 'gross margining', on the basis of data available from the systems and not on a self certification basis.
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Political uncertainty casts shadow on bourses
Mumbai,Friday, March 16, 2001: The sensex made a dramatic turnaround, closing sharply down by about 74 points on the Bombay Stock Exchange (BSE) today, in the wake of selling triggered by fears of uncertainty on the political front.
Despite consistent purchases from Foreign Institutional Investors (FIIs), the market reacted sharply to fears of political instability after a senior Samata Party (SP) MP demanded immediate removal of Principal Secretary to the Prime Minister Brajesh Mishra and OSD in the PMO N K Singh.
The development prompted the speculators and domestic operators, who have burnt their fingers in recent stocks meltdown, not to take risk ahead of weekend holidays.
After opening weak at 3752.36, the BSE Sensitive Index had rallied smartly to the day's high of 3867.47, raising hopes of further recovery in share prices. However, it met with a strong resistance and dropped to a low of 3696.52 before closing at 3745.74 as against yesterday's close of 3819.86, a net fall of 74.12 points or 1.94 per cent.
Meanwhile, announcing a successful completion of the pay-in for settlement No 50/2000-2001, the BSE cautioned the investors against rumours floating in the market relating to payment problems and asked them to verify such rumours with the exchange authorities.
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Asian stocks flat following stability on Wall Street
Tokyo,Friday, March 16, 2001: Asian stock markets moved within a narrow range today, stabilising a day after major losses on Wall Street helped trigger wild swings in share prices.
Stocks in Tokyo, Manila and Sydney made modest gains in early trading today, while markets in Bangkok, Hong Kong and Singapore were slightly down at midday.
The quiet trading in Asia came as Wall Street settled down yesterday after three days of volatile trading. The Dow Jones industrials plunged below 10,000 on Wednesday for the first time in five months, but closed above that benchmark yesterday.
In Tokyo, the Nikkei index climbed after global markets steadied overnight, but many investors were sidelined amid speculation that the Bank of Japan may cut interest rates after its policy meeting on Monday.
The benchmark 225-issue Nikkei Stock Average was up 30.09 points, or 0.25 percent, to 12,182.92 at the end of morning trading. On Thursday, the average closed up 309.24 points, or 2.61 percent bouncing back from early losses.
Investors in Japan got more bad news today when the government downgraded its assessment of the economy in March, following a downgrade the previous month.
The broader Tokyo Stock Price Index of all issues listed on the first section was up 11.27 points, or 0.95 percent, to 1,195.0 6 at the midday break. The TOPIX ended up 21.82 points, or 1.88 per cent, the day before.
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Mongia ruled out for Chennai Test
Chennai,Friday, March 16, 2001: Wicket-keeper Nayan Mongia, who was hit on his nose on the last day of the Kolkata Test has been ruled out for the third and final Test against Australia starting here on Sunday and Mumbai captain Samir Dighe will replace him.
Team Manager Chetan Chauhan told reporters after net practice here that "Dighe is being contacted to reach here tonight." Mongia was injured by a Harbhajan Singh delivery and needed a couple of stitches on his nose yesterday. Though he came back and kept wickets, there was some swelling on his nose and an X-Ray was to be done today. Mumbai Cricket Association joint secretary Mayank Khandwala told PTI in Mumbai that Dighe would fly to Chennai this evening after captain Saurav Ganguly called up to say that the wicket-keeper batsman be rushed to join the team.
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Ganguly calls for calm
Indian captain Sourav Ganguly is attempting to bring his team down to earth following the euphoria of their 171-run victory over Australia in the second Test at Calcutta.
The outcome of the match, which saw India win after following on 274 runs behind on first innings, prompted mass celebrations among home supporters.
But the third Test starts in Chennai on Sunday and Ganguly is keen to re-focus the minds of his players.
"There's more to come - the job's only half done. All this good work will mean nothing if we do not win the series," he said.
"We have Australia in a corner and must not let slip the advantage."
The home side's win put an end to Australia's 16-match winning streak, but the tourists can still achieve their main tour objective by winning a series on Indian soil for the first time in 31 years.
India have made three changes to their squad for the game in Chennai with fast bowler Javagal Srinath and spinners Sairaj Bahutule and Nilesh Kulkarni replacing Venkatesh Prasad and Venkatapathy Raju.
"I know it is said that you should not disturb a winning combination, but emotions have no part to play when you are trying to win a series," Ganguly added.
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Markets
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Sensex: 3745.74, -74.12
The sensex closed at 3745.74, down 74.12
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Sensex sheds 74 points on political concerns
The market lost ground after a smart recovery in the morning. Today being the last day of the settlement on BSE, operators preferred to unwind long positions ahead of the uncertainty ahead. The conflicting pulls and pressures between the coalition partners of the ruling National Democratic Alliance (NDA) after the arms deal expose, kept the market on tenterhooks. The market will be keenly watching Prime Minister Atal Bihari Vajypayee's address to the nation at 19:30IST to get a clue to the end of the present political uncertainty.
The movements in the BSE Sensex remained volatile. It opened in the red with a gap of 67.50 points at 3752.36. After the successful completion of the pay-in on Calcutta Stock Exchange on Thursday, a fresh round of speculative buying and short covering pushed up the BSE Sensex into the positive territory. Within minutes, the Sensex touched the day's high of 3867.47 at 10:52 IST. It remained steady for the better part of the first half of the session.
However, following renewed political concerns, with former Defence Minister George Fernandes' Samata Party demanding the ouster of two key aides of the prime minister for its continued support to the NDA government, the market lost ground in afternoon trades as operators unwound long positions. The Sensex plunged into the red and touched the day's low of 3696.52 at 14:40 IST. In the end, it settled at 3745.74, losing 74.12 points from its previous close, losing 122 points from the day's high of 3867.
Pivotals lost ground after a firm opening.
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Forex
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1 DMark = 21.30197 INR
1 FFranc = 6.351649 INR
1 U.K. Pound = 66.70422 INR
1 US $ = 46.63000 INR
1 Yen = 0.379383 INR
1 Canadian $ = 29.75 INR
1 Singapore $ = 26.22 INR
1 UAE Dirham = 12.70 INR
1 Saudi Arabian Riyal = 12.43 INR
1 Euro = 41.69 INR
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Metals
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15 March
Gold Std. (10g): Rs 4270
Silver (1 Kg) : Rs 7405
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Weather
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Temperature: 77 F / 25 C
HeatIndex: 79 F / 26 C
Humidity: 69%
Dewpoint: 66 F / 19 C
Wind
West at 5 mph / 8.0 km/h
Pressure: 29.83 in / 1010 hPa
Conditions
Smoke
Clouds
Clear (SKC)
Sunrise : 06:43 AM (IST)
Sunset : 06:45 PM (IST)
Moon Rise : 01:14 AM (IST)
Moon Set : 11:44 AM (IST)
Tonight : Low: 62 F / 17 C Partly Cloudy
Saturday : High: 87 F / 31 C Partly Cloudy
Saturday Night : Low: 64 F / 18 C Partly Cloudy
Sunday : High: 91 F / 33 C Partly Cloudy
Sunday Night : Low: 69 F / 21 C Partly Cloudy
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