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Headlines
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News:
PM tells Pak killings of innocents in J&K cannot be glorified
757 militants killed in J and K during last six months:Rao
Oppn grills NDA Govt for "inept" handling of Manipur crisis
Gujarat passes on surplus quake aid to Orissa
British Scientists say India's Pokhran thermonuclear device failed
HR chief becomes UTI chief investment officer
China for "just" and "rational" solution between India, Pak
Industrial output falls to 1.9%; manufacturing hit
No proposal to invite Emirates group to acquire stake in AI
IA projects deficit of Rs 2.51 billion in 2001-02
DMK, AIADMK MPs clash in Rajya Sabha on UTI Chief appointment
Action against BPL, Videocon, Sterlite, 22 brokers
A thrilling battle in the offing between Lankans and Kiwis
LeT threaten to abduct Indian players
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Markets:
Sensex: 3335.08, +4.10
DSE members join nationwide strike, refrain from trading
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Forex, Metals and
Weather below
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News
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PM tells Pak killings of innocents in J&K cannot be glorified
New Delhi,Tuesday, July 24, 2001: In a firm message to Pakistan, Prime Minister Atal Bihari Vajpayee today bluntly told Islamabad that killings of innocent people in Jammu and Kashmir cannot be "glorified" as "Jehad" but voiced India's readiness to engage in "quiet, serious diplomacy" for a relationship of peace, friendship and cooperation.
Vajpayee, in identical statements in both Houses of Parliament, blamed Pakistan for its refusal to end cross- border terrorism, saying this was the "main hurdle" in the creation of a conducive atmosphere.
"We cannot ignore the fact of terrorism and violence in the state, which is exported from across the borders. We cannot accept that the insurgeny in J and K today, with its foreign mercenaries and generous assistance from abroad, is anything but terrorism," he said.
The Prime Minister, who gave an overview of the Agra Summit, made it clear that India would continue to seek dialogue and reconciliation with Pakistan. A structured discussion on the Summit would be held in the Lok Sabha and the Rajya Sabha enabling members to seek clarification from the Government. New Delhi, Vajpayee said, will persist with its efforts to convince Pakistan that bilateral cooperation "should not be held hostage to the resolution of any one issue". Debunking reports that the talks had been a failure, he said "though we could not (not) conclude a joint document in Agra, we did achieve a degree of understanding".
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757 militants killed in J and K during last six months:Rao
New Delhi,Tuesday, July 24, 2001: A total of 757 militants were killed in 2105 incidents in Jammu and Kashmir during the six months till June , Lok Sabha was informed today.
Giving the figures during Question Hour, Minister of State for Home, Vidyasagar Rao said during this period 278 personnel of the security forces lost their lives as also 442 civilians.
The Government has adopted a comprehensive approach to curb terrorist activities and check infiltration in the state which includes strengthening the border management, appropriate security actions in the hinterland, gearing up the intelligence machinery and providing protection for vital installations, he said.
The State Government said from January one to July One this year, 56 people were arrested in connection with terrorism related incidents, he said.
In reply to another question, he said there had been an increase in the death of civilians and incidents of violence during the period of peace initiative from November 28, 2000 to May 31 this year.
The Minister said 543 civilians were killed during this period while 2142 incidents had taken place.
However, 461 civilians were killed in pre-unilateral ceasefire period from May 27 to November 27 last year, he said adding the incidents of violence was 1672.
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Oppn grills NDA Govt for "inept" handling of Manipur crisis
New Delhi,Tuesday, July 24, 2001: Agitated Opposition members in Lok Sabha today grilled the NDA Government for its "inept" handling of Manipur crisis and warned it against taking the issue "lightly", saying this could even lead to separation of North Eastern States from India.
Sharing members' concern over the situation in North East in general and Manipur in particular, Parliamentary Affairs Minister Pramod Mahajan said Prime Minister Atal Bihari Vajpayee has convened a meeting of Chief Ministers of North Eastern states here on July 27 to discuss ways to resolve the issue.
Stating that the Government was aware of the July 31 deadline given by Manipur MLAs to resign en masse if the Government failed to review the Naga ceasefire expansion, Mahajan said it realised the importance of finding a way out without waiting for a debate in the House or approving the ordinance imposing President's rule in Manipur.
The decision on expansion of Naga ceasefire would come into force from August one.
He told them that the Home Minister L K Advani was expected to have consultations with opposition leaders on the issue. He would also convey the feelings of the members to Advani, Mahajan added.
Raising the issue during zero hour, CPI-M leader Somnath Chatterjee asked the Government to take immediate action to resolve the issue as the entire Manipur was "burning" and wanted to know the basis of the ceasefire decision without consulting the NE Chief Ministers.
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Gujarat passes on surplus quake aid to Orissa
THERE is some good news on the disaster-management front. This time, one state’s surplus did become another state’s relief. As the flood waters rose in Orissa, Gujarat responded by sending two plane-loads of tents and tarpaulin within 24 hours of distress calls being sent out.
Barely five months after the earthquake, Gujarat had been flooded with relief material from all over the world. In fact, the quantum of relief material in the warehouses of Gujarat prompted people to think that most of it would find its way to the black market. The fact that it being sent to Orissa can redeem the state a little.
Gujarat government officials claim they can send another four planes full of blankets, tents and tarpaulin which have been collected at the Ahmedabad airport. Already, 1,000 tarpaulins and 915 tents were sent on Saturday and Sunday. The rest of the material, including 4-5 truck loads of clothes would be despatched to Orissa as soon as aircraft are made available.
Orissa has had its share of bad luck which has made it wiser, it even streamlines the process of where to ask for help. After the supercyclone in 1999, the state was ravaged by a drought the next year followed by the floods this year.
Apart from Gujarat, other states have also responded. West Bengal has sent 500 MT of chura (puffed rice) and 30,000 polythene sheets. Andhra Pradesh despatched 20 boats and a demand has been made for another 30 boats.
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British Scientists say India's Pokhran thermonuclear device failed
British defence scientists have dismissed India's claim that the May 1998 nuclear tests it conducted at Pokhran had a yield as large as 60 kilotons and have thereby reopened the three-year old controversy.
Scientists from Aldermaston Weapons Establishment have said that the fission device and the thermonuclear bomb exploded by India on May 11, 1998 had a combined yield closer to 20 kilotons implying that the thermonuclear device failed to explode fully.
Publishing their report in "Current Science", they said, "Our conclusion is that there is no significant evidence" that the yield was near 60 kilotons as claimed by the Bhabha Atomic Research Centre (BARC).
The British scientists said their estimate tended to support calculations of two groups of American seismologists who had earlier pronounced that the Indian bombs had a total explosive energy in the range of 10-15 kilotons.
Former chairman of the Atomic Energy Commission Rajagopalan Chidambaram and a key scientist behind the Pokhran test told PTI on telephone from Mumbai that BARC would "appropriately respond" to the British report which he described as incorrect.
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HR chief becomes UTI chief investment officer
Following the arrest on last Saturday of two of its executive directors — S K Basu and MM Kapur alongwith former chairman PS Subramanyam — the UTI on Monday announced reallocation of activities earlier handled by these EDs.
While Mr Kapur was in charge of the investment activities of US-64 and all the equity schemes, Mr Basu was in charge of venture capital funds, offshore and debt funds.
These activities have now been reallocated. In a statement released on Monday UTI said, the chief of human resource department DSR Murthy (executive director) will now be in the overall charge of the department of funds management (equity schemes), department of market operations, department of finance and venture capital funds division in addition to his existing responsibilities. In short, he will be the chief investment officer of the fund.
Further, the chief of information technology BS Pandit (executive director) will now be in charge of funds management (debt schemes and US-64) and money market operations.
Interestingly, AN Palwankar (executive director) has been brought back in the UTI’s mainstream. Mr Palwankar on his health grounds, had preferred to shift as advisor to UTI Institute of Capital Managemnet. In the reallocation of activities, Mr Palwankar will be in charge of investors’ relations and will also monitor UTI ICM.
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China for "just" and "rational" solution between India, Pak
Beijing,Tuesday, July 24, 2001: Despite a stalemate at the Agra Summit, China today hoped India and Pakistan could find a "just" and "rational" solution to their differences, including the Kashmir issue through peaceful dialogue.
In its first comments on last week's summit between Prime Minister Atal Bihari Vajpayee and Pakistan President Pervez Musharraf in Agra, the Chinese foreign ministry described the differences between New Delhi and Islamabad as "a legacy of history" and noted that the Chinese stand on these issues has always been clear.
"China hopes that both India and Pakistan will be able to achieve a just and rational solution of such issues, including the Kashmir issue, with the basic interest of both the peoples in mind, through holding peaceful dialogue," foreign ministry spokeswoman Zhang Qiyue said when asked to comment on the outcome of the summit and the spurt in militant activities in Kashmir.
Meanwhile, China's official media has commented on the Vajpayee-Musharraf summit, saying though the summit ended without an agreement, its significance can hardly be played down.
"Musharraf's visit marked the first summit in the new century between Indian and Pakistani leaders since an undeclared war in northern Kashmir (Kargil) two years ago," the state-run 'China daily' commented in an editorial.
"It shows the two countries are getting serious about discussing their differences for the first time, although the differences are too big to removed in one step," the paper said in a signed article.
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Industrial output falls to 1.9%; manufacturing hit
New Delhi,Tuesday, July 24, 2001: Government said today overall industrial growth declined to 1.9 per cent during May 2001 from 4.5 per cent in January with manufacturing and electricity sectors being the worst hit.
Last year, the first five months till May had witnessed industrial growth rates of 4.9, 8.2, 8.3 6.5 and six per cent respectively whereas growth has been steadliy delcining this year.
The Minister of State for Commerce and Industry, Raman Singh, told Rajya Saha in a written reply that "sector-wise performance indicates that the manufacturing and electricity sectors have registered low growth rates. In the use-based classification, the capital goods sector has registered poor growth rates".
During April and May this year, the manufacturing sector grew by a mere 2.6 per cent against 6.6 per cent growth in the corresponding period of the previous year while electiricty grew by just 2.6 per cent against 6.2 per cent in the same months last year.
Mining sector was the only reason to cheer, with growth rate of 3.8 per cent in the first two months this fiscal against 3.3 per cent in the same period last fiscal.
The broad classification of `general' also evinced a poor growth rate of 2.6 per cent against 6.2 per cent last year.
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No proposal to invite Emirates group to acquire stake in AI
New Delhi,Tuesday, July 24, 2001: Government today said that there was no no proposal to invite Dubai based Emirates group to acquire equity stake in Air India.
Civil Aviation Minister Sharad Yadav informed the Rajya Sabha that the exercise of equity in Air India had been completed and study of data documents of the bidder had begun.
Yadav said there was a proposal to change the pricing mechanism for international flights, though no no final decision had been taken yet.
But, the Minister made it clear that there was proposal under consideration of the Government for introduction of a voluntary retirement scheme in either the Air India or Indian Airlines.
Yadav also said there was no no proposal at present with the Government to develop an alternative international airport at Noida in Uttar Pradesh.
The Minister said Government had recently approved proposals for letting private players into ground handling services at international airports.
He said according to terms of tender, companies having upto 78 per cent foreign equity were eligible.
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IA projects deficit of Rs 2.51 billion in 2001-02
New Delhi,Tuesday, July 24, 2001: Indian Airlines has projected a deficit of Rs 2.51 billion in the current fiscal, primarily reflecting the steep rise in the price of aviation turbine fuel and other charges.
While the cost of operation had gone up substantially by over Rs three billion annually, no fare hike was assumed in preparing the budget estimates for 2001-02, Civil Aviation Minister Sharad Yadav said in the Lok Sabha.
Besides, a 50 per cent hike in the domestic price of ATF, there was also an increase in charges connected with navigation, handling and security along with an upward revision in aircraft insurance premium and foreign exchange rates, he said.
However, Yadav said in the first two months of this fiscal, Indian Airlines made a net loss of Rs 326 million as against the budgeted net loss of Rs 351 million.
The flexi-fare policy on the domestic network, which has been effective from May 25 this year, was likely to have a positive impact on the financial performance of the company, the minister added.
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DMK, AIADMK MPs clash in Rajya Sabha on UTI Chief appointment
New Delhi,Tuesday, July 24, 2001: DMK and AIADMK members today clashed in the Rajya Sabha over on the issue of appointment of then UTI Chairman P S Subramanyam with the former quoting reports to say that the appointment was made on the recommendation of AIADMK supremo J Jayalalithaa.
Raising supplementaries during the Question Hour, DMK member C P Thirunavukkarasu quoted a weekly news magazine to say that Subramanyam's appointment was made by the Government on a recommendation from Jayalalithaa.
AIADMK members soon sprang to their feet and noisy scenes were witnessed for a while when they strongly protested against the DMK member's remark.
When Thirunavukkarasu sought clarifications from Government whether the report was true, Finance Minister Yashwant Sinha said such the appointment of UTI Chairman is done by the Appointments Comittee of the Cabinet.
In Subramanyam's case the same procedure was followed, he said.
Sinha said a three-member High-Level Committee, set up to look into investment decisions of UTI, was likely to submit its report "in the next few weeks or months".
On the basis of the report, Government will take a comprehensive view on what should be done for higher returns to UTI's equity purchasers, he added.
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Action against BPL, Videocon, Sterlite, 22 brokers
New Delhi,Tuesday, July 24, 2001: As a sequel to a SEBI probe into alleged market manipulation, Government has initiated action against BPL, Videocon and Sterlite, along with 22 brokers including Harshad Mehta, Credit Suisse First Boston (India), First Global Stock Broking, Nirmal Bang Securities and Anand Rathi Securities, since March 2001.
The 25 companies had been charged by Securities and Exchange Board of India (SEBI) for irregularities like price manipulation and violation of Takeover Code, an official release said while listing the names of the companies.
BPL, Videocon and Sterlite, have been prohibited from accessing the capital market for a period of four years, three years and two years respectively, on account of their involvement in price manipulation in connivance with Harshad Mehta, it said.
"In addition, the Department of Disinvestment has framed guidelines regarding qualification of bidders seeking to acquire stakes in public sector enterprises and qualification of advisors for the disinvestment process," it said.
"Decision will be taken, where applicable, regarding individual companies after observing the due process prescribed in the guidelines of the Ministry of Disinvestment," it added.
Harshad Mehta has been debarred for lifetime from dealing with in securities, for manipulating prices of BPL, Videocon and Sterlite.
Apart from Harshad Mehta, 21 broker firms have been prohibited from undertaking fresh business till the completion of enquiry proceedings and action thereon.
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A thrilling battle in the offing between Lankans and Kiwis
Colombo,Tuesday, July 24, 2001: With two successive victories, a perked up Sri Lanka will try to ensure a berth in the final of the tri-series when they take on New Zealand tomorrow in a one-day league encounter.
But the task may not be so easy for the one-day experts as New Zealand have displayed remarkable grit in etching a comprehensive 84-run victory over India after almost upsetting the Lankans in the opening encounter which they went on to lose by a 16-run margin.
The Kiwis also seem unaffected by the politically volatile situation in the island nation as they chose to spend the five-day gap between their two league matches visiting popular tourist destinations rubbishing rumours of their calling off the series mid-way.
New Zealand bowlers, especially veteran Chris Harris and the debonair Daniel Vettori, have been successful in checking the onslaught by the flamboyant rivals spearheaded by Sanath Jayasuriya, and did well in bowling out the Indians inside the quota of 50 overs.
It is their batting line-up which needs to be regrouped. The absence of all-rounder Chris Cairns is being acutely felt in the middle order which appears rather fragile.
Opener Nathan Astle, the only centurion in the series so far, will have to play the role of sheet anchor again to pile up a 220 or above score on a not-so-batsmen-friendly pitch.
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LeT threaten to abduct Indian players
New Delhi,Tuesday, July 24, 2001: Terrorist outfit Lashkar-e-Toiba has threatened to abduct some Indian players and hold them hostage, the Lok Sabha was informed today.
Government is aware that the organisation has issued threats to some Indian players and adequate security has been provided to all of them, Minister of State for Home Vidyasagar Rao said in a written reply.
Over 500 personnel of paramilitary forces have been killed in encounters and enemy action during the last three years in various states, the Minister informed.
The Government has decided to augment the Central Paramilitary Forces including the BSF in a phased manner over a period of five years, strengthening deployment of BSF on borders, Rao said adding that the force will not normally be diverted for internal security duties.
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Markets
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Sensex: 3335.08, +4.10
The sensex closed at 3335.08, up 4.10
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DSE members join nationwide strike, refrain from trading
Responding to the call for a nationwide broker’s strike, the members of the Delhi Stock Exchange (DSE) refrained from trading on Monday.
Few trades were reported during the day as the brokers protested against the ban on badla and introduction of rolling settlement in 400-odd scrips.
The total turnover on DSE during the day was Rs 5.56 lakh with 5,840 shares changing hands.
According to DSE president Sudhir Joshi: “Some trades were reported in the morning, however, later during the day the brokers refrained from trading.”
Meanwhile, demonstrations and slogan shouting against the Securities Exchange Board of India (Sebi) and the finance minister was held in front of the exchange, though the number of protesters was thin.
Among the 50 people assembled in front of the exchange, majority were employees of the exchange while the brokers were very few.
Their plans for going to the Sebi office to hold protests were also foiled due to lack of adequate numbers.
The brokers were demanding the restoration of weekly settlement and badla.
Some members were in favour of having both weekly and rolling settlements for some time, before the former can be scrapped so that the markets may get enough time to develop.
Advocating for the badla system Mr Joshi said: “Ours was a very efficient system as it provided much needed liquidity to the markets.”
Cautioning against blindly following the western concepts Mr LR Munjal of LRM Securities said: “The regulator may allow both badla and the new generation derivative products to run together and compete with each other and let the market decide which one is better.”
Citing the example of the collapse of Barings Bank, he added that futures and options was also not very safe, but it did not lead to killing the system as has been done in India.
Mr Joshi was concerned about the fact that lack of liquidity could give rise to more scams in future as price manipulations are much easier in the present circumstances.
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Forex
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1 U.S. $ = 47.10 INR
1 Japanese Yen = 0.38 INR
1 British Pound = 66.82 INR
1 Canadian $ = 30.58 INR
1 Singapore $ = 25.89 INR
1 UAE Dirham = 12.82 INR
1 Saudi Arabian Riyal = 12.56 INR
1 Euro = 41.03 INR
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Metals
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No data |
Weather
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Temperature: 82 F / 28 C
HeatIndex: 89 F / 31 C
Humidity: 79%
Dewpoint: 75 F / 24 C
Wind
SW at 9 mph / 14.5 km/h
Pressure
N/A
Conditions
Haze
Clouds
Scattered Clouds (SCT): 1800 ft / 550 m
Towering Culmulus,FEW: 2500 ft / 764 m
Mostly Cloudy (BKN): 10000 ft / 3050 m
Sunrise : 06:12 AM (IST)
Sunset : 07:18 PM (IST)
Moon Rise : 09:44 AM (IST)
Moon Set : 10:31 PM (IST)
Tonight : Low: 73 F / 23 C Chance of a Thunderstorm
Wednesday : High: 84 F / 29 C Chance of a Thunderstorm
Wednesday Night : Low: 73 F / 23 C Thunderstorm
Thursday : High: 84 F / 29 C Chance of a Thunderstorm
Thursday Night : Low: 73 F / 23 C Overcast
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