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[Grapevine] For 7 Aug, 2001



Title: The Mumbai Grapevine
The Mumbai Grapevine Connecting Mumbaikars with Mumbai
(Published by Mumbai-Central.com)
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Headlines
News:
Thackeray says BJP can break off if it wants to
Traffic comes to halt as students protest
India ready to carry forward talks with Pak on Kashmir:PM
New police region in the city
Agra summit initiated a fresh process in dailogue: Musharraf
India fashion week unfolds in Mumbai
Experts want city's forts spruced up
Canada 3000 Airlines announces new polar-direct service to India - Press Release
78 billion dollars required to improve tele-density:Paswan
Govt clears 88 FDI proposals worth Rs 980 cr
India to take up WTO issues with USTR
Stewart to lead Rest of World against Asia
BSE:Sensex improves on fresh buying at early stages
Germany thrash Malaysia 5-1 in Hockey
Sponsors for Afro Asian Games to be declared soon
Mark Waugh cleared by ACB


Markets:
Sensex: 3319.67, -10.28




Forex, Metals and Weather below

News
Thackeray says BJP can break off if it wants to
Mumbai,Tuesday, August 07, 2001: In the wake of strain in the relationship with BJP, Shiv Sena supremo Bal Thackeray today told its alliance partner BJP that it was free to break off if it wanted. "They must know their limits. I know my limits. I am an independent person who takes his own decision", a visibly agitated Thackeray told reporters referring to BJP's attack on the Sena following its MP Sanjay Nirupam's attack on the PMO on the UTI muddle.

"They (BJP) had come to me, I had not gone to them. If they want to break off, they can do it", Thackeray said on the sidelines of a book release function at Prabhadevi in Central Mumbai.

"If they (BJP) issue more threats to us, we will not keep quiet", he asserted.

Thackeray reiterated that Nirupam's remarks were not against Vajpayee but the PMO.

"We had only asked them to investigate the allegations related to the UTI scam as the money of several middle class people is involved," he added.

Meanwhile, Nirupam today tendered an unqualified apology to Prime Minister Atal Bihari Vajpayee for "hurting his sentiments" which had provoked him to offer his resignation last week.

"Your sentiments have been hurt by my question, I tender an unqualified apology," said Nirupam in a letter he wrote to Vajpayee in Hindi adding he was doing so as directed by his party supremo Bal Thackeray.

He said he had no intention to hurt his sentiments by the statement in Rajya Sabha.

Nirupam's letter to Vajpayee comes after his attempts to meet the Prime Minister and to make an apology statement in Rajya Sabha failed Monday.


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Traffic comes to halt as students protest
Road traffic in the busy business district of south-Mumbai was disrupted for more than and hour on Monday as angry students and parents blocked vehicular traffic to protest the closure of a local school even as the police resorted to lathi-charge to disperse the agitators.

Trouble started this afternoon after secondary section students of the Hindi Vidyalaya were asked to return home without appearing for their unit test on the ground that the school had suspended all its activities, police sources said. g for their examination on the ground that they had not paid up the school fees since the past 18 months ever since the fees were hiked from Rs 315 to Rs 900.

The parents of the affected wards had moved the Mumbai High Court which had directed the school to permit the students to appear for the exams.

However, when the students reported to school on Monday, they were surprised to read a notice announcing that the school had closed down, the sources added.

The parents and the students of the school, which has nearly 1500 on its roll, immediately took to the streets and brought the vehicular traffic to a halt.


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India ready to carry forward talks with Pak on Kashmir:PM
New Delhi,Tuesday, August 07, 2001: Prime Minister Atal Bihari Vajpayee today asserted in the Lok Sabha that India is ready to carry forward talks with Pakistan on the Jammu and Kashmir issue but bluntly told Islamabad that it had to stop cross border terrorism for any improvement in bilateral relations. "We are ready to have talks on Jammu and Kashmir. For you (Pakistan) is a piece of land. But Kashmir is a part of our life," Vajpayee said while replying to a debate on the Agra Summit.

The Prime Minister hoped that Pakistan will reconsider its stand on cross-border terrorism and said if Islamabad wanted, "it can stop such (terrorist) incidents" in J and K. In his 40-minute speech, Vajpayee said the summit broke down because of Pakistan President Pervez Musharraf's insistence on having a one-point agenda of Kashmir and his refusal to incorporate references to cross-border terrorism and Simla and Lahore agreements in the draft joint document.


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New police region in the city
The state home department on Monday introduced a new police region in north Mumbai. This is in addition to the existing four regions -- south, central, north-west and north-east -- each headed by an additional police commissioner.

The north region will be headed by additional commissioner Madhu Shinde, who was earlier posted at Akola police training school as principal. The police stations, which are to come under the new region, are yet to be finalised, Mantralaya sources said.
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Agra summit initiated a fresh process in dailogue: Musharraf
Islamabad,Tuesday, August 07, 2001: Talking positively about the Agra Summit, Pakistan President Pervez Musharraf told his top Army Commanders that it helped initiate a fresh process of dialogue between India and Pakistan. The summit was "inconclusive and not a failure," he said while briefing the Corps Commanders and Principle Staff Officers of the Army Monday at Rawalpindi on his India visit.

The summit helped initiate a fresh process of dialogue between the two countries which otherwise had been stalled during the last few years, he was quoted as saying.

He said Prime Minister Atal Bihari Vajpayee deserved all praise for having invited him to New Delhi and conceding that Kashmir was an unresolved issue that needed to be sorted out through peaceful means, `Dawn' newspaper quoting informed sources reported today.

Musharraf also expressed the hope that he would meet Vajpayee in New York, on the sidelines of the UN General Assembly session, in September which would further help resolve the outstanding issues between the two countries, according to a defence press release.

The sources quoted Musharraf as saying that "Pakistan's position on Kashmir has strengthened as the centrality of the Kashmir issue has been recognised by both India and the international community to a great extent".

He claimed that the press in India was "vocal in conceding" Kashmir as an outstanding issue and that "there was a logic in his repeated statements that resolution of Kashmir issue would precede the resolution of other disputes between the two countries," according to the sources.


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India fashion week unfolds in Mumbai
The much-hyped event in the city --the India Fashion Week--on Monday unfolded as lissome young models walked down the ramp showcasing some of the most trendiest designer wear on the fashion scene.

The event, organised by the Fashion Design Council of India and aimed at promoting fashion as serious business, saw some of the exclusive collections of Mumbai's top designers, including Aki Narula and Sviojon, being exhibited during the well-choreographed fashion shows.

The event also saw some of Mumbai's well known models, showcasing the work and style of eminent hair stylists and skin experts. A special skin care symposium addressed by dermatologist Dr S Rekha tackled a host of skin and hair problems faced by youngsters.

The fashion shows kickstarted as the shimmering arc lights highlighted the creative work on fabric, which carried the impression and the inimitable style of the designer. The Taj, the venue for the event, turned into a riot of colours as hour-glass figures sashaayed down displaying the work of the young designers, who have unleashed their fantasy on clothes.

The fashion week, which will premiere the work of 44 designers during the 27 fashion shows, includes the work of noted designers, Sangeeta Chopra, Rohit Bal, Malini Ramani, Manish Malhotra, Tarun Tahiliani and Ritu Kumar.
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Experts want city's forts spruced up
A section of Mahim fort's 60-feet-high walls crumbled under the onslaught of the sea waves recently. However, the archaeological department cannot rectify the damage as it lacks access to both sides of the wall. It's simply not possible to fix it from the beachside during low tide, they say.

Encroachments are the bane of the state archaeology department's life, according to AP Jamkhedkar, retired director of state archaeology. Not to mention the shortage of manpower and financial resources.

Last year, the department utilised its budget to start repairing, among others, the Devi temple in Killari and the Ter temples in Osmanabad, which had been damaged in the 1993 Latur earthquake, the Parola fort (the birthplace of Rani Laxmibai of Jhansi) in Ahmednagar district and the Rajgarh fort in Pune district.

Veteran city historian Foy Nissen is in two minds about putting the forts of Mumbai on the tourist map. He is afraid that hawkers will set up stalls around the forts, ruining whatever is left of them. However, he sees no reason why the archaeological department cannot put up a plaque at each fort giving its history.

The apathy of the department seem to have affected other institutions as well. The civic authorities have recently built an ugly toilet block against the wall of Fort George.

Like Nissen, historian M S Naravane (who has written books on the forts of India) would also like to see plaques highlighting the history of the structure in question. "Travellers often stumble across intriguing old structures but are clueless about their history because there's no plaque in sight," observes the chronicler, who has ridden round the country on his scooter, exploring and documenting its forts. "Indians have a poor sense of history -- which is all the more reason that our culture department should take the trouble to provide them with it," he insists.
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Canada 3000 Airlines announces new polar-direct service to India - Press Release
CANADA 3000 AIRLINES announced today details of their new scheduled service to Delhi and Mumbai (Bombay), India commencing October 8, 2001 as the exclusive Canadian carrier.

CANADA 3000's inaugural flights using 'polar-direct' routes will commence from Toronto to Delhi on October 8th, 2001 and from Vancouver to Delhi on October 10th, 2001.

"There are currently no direct scheduled flights between Canada and India. The introduction of Canada 3000's service will revolutionize the air service between the two countries. CANADA 3000's polar service between Toronto- Delhi and Vancouver-Delhi will provide the fastest way between North America and India", explains Angus Kinnear, President of CANADA 3000.

CANADA 3000 operates a wide network of services in North America, linking 69 city pairs in Canada, with services to major cities in the U.S.A. Passengers who travel with CANADA 3000 from India will be able to avail themselves of the convenient CANADA 3000 services throughout Canada and the U.S.A.

Examples of schedule information: -------------------------------- Toronto/Mumbai: (via London-Gatwick) ------------------------------------ - Depart Toronto on Tuesday or Sunday at 11:25 p.m., - Arrive Mumbai on Thursday or Tuesday at 3:15 a.m.

Mumbai/Toronto: (via London-Gatwick) ------------------------------------ - Depart Mumbai on Tuesday or Thursday at 7:30 a.m., - Arrive Toronto on Tuesday or Thursday at 4:30 p.m.

Reservations on CANADA 3000 can be made by calling 1-888-3000- 669 in North America or on-line at www.canada3000.com.
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78 billion dollars required to improve tele-density:Paswan
New Delhi,Tuesday, August 07, 2001: The government would require 78 billion dollars to provide the requisite 17.5 crore telephone lines in the country by 2010 to improve tele-density, the Rajya Sabha was informed today. Replying to supplementaries during question hour, Communications Minister Ram Vilas Paswan said several steps had been taken to bring in private sector investment in the sector as it would not be possible for the government to raise the required level of resources.

Paswan said a sum of 38 billion dollars was required by 2005 in the sector.

On the frequent failure of the Multi-Access-Radio-Relay (MARR) system of communication in the villages, he said efforts were on to replace the system gradually by the Wireless-in-Local-Loop (WLL) system.

He said initially six lakh lines will be provided under the WLL system that covers 25 kms of distance from the base station which are now being set up in rural areas.

Currently, the country has 3.29 crore telephone lines besides 45 lakh celluar phone connections.


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Govt clears 88 FDI proposals worth Rs 980 cr
New Delhi,Tuesday, August 07, 2001: Government today cleared 88 Foreign Direct Investment proposals worth Rs 980 crore, including the Rs 354.31 crore Agrani Satellite Services' proposal and another by GDF International for Rs 178.6 crore. The proposals were cleared by Union Commerce and Industry Minister Murasoli Maran, according to an official statement.

While the Agrani project, launched by ZEE Telefilms promoter Subhash Chandra, envisages 74 per cent equity divestment in favour of a foreign partner to own and operate satellite communication systems, the GDF proposal is for restructuring equity.

GDF International has asked for permission to bring FDI for developing, importation and transport projects of liquid fuel natural gas.


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India to take up WTO issues with USTR
New Delhi,Tuesday, August 07, 2001: India will take up the issue of imbalances in World Trade Organisation (WTO) weighed against developing countries during the meeting with United States Trade Representative (USTR) Robert B Zoellick that begins here tomorrow. This will be the first senior-level visit by an official of the present Bush administration who arrives here tonight on a three-day visit.

The visit would provide an opportunity to hold in-depth talks on the issues to be taken up at the WTO ministerial meeting at Doha in November, sources said.

Zoellick is scheduled to meet several senior ministers including the Finance Minister Yashwant Sinha, Commerce and Industry Minister Murasoli Maran, Agriculture Minister Ajit Singh and IT Minister Pramod Mahajan.

The USTR has also sought a meeting with the Prime Minister Atal Bihari Vajpayee. The USTR will also interact with the industry chambers and leading businessmen.

The US government, which is in favour of a new round being launched at Doha, is expected to press its stand even though New Delhi has sought removing imbalances in the existing WTO agreements.

Two of the country's leading industry chambers - FICCI and CII - had recently led delegations to the US and had among other things raised concerns over the anti-dumping proceedings against Indian steel.


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Stewart to lead Rest of World against Asia
London,Saturday, August 07, 1999: Alec Stewart will lead a Rest of the World XI against an Asian side captained by superstar Sachin Tendulkar at the England wicket-keeper's home ground of The Oval on September 19. Master batsman Tendulkar has agreed to once again head Asia in a repeat of last year's 50-over clash at the personal invitation of former British Prime Minister and Surrey president John Major.

Stewart, under increasing pressure to step down from international duties in the aftermath of another Ashes surrender to old foe Australia, will this time have England tormentor-in-chief and fellow gloveman Adam Gilchrist on his side.

Stewart's side will include England collegues Graham Thorpe and Andy Caddick apart from West Indies' Jimmy Adams and Courtney Walsh where as the Asian side is set to include India Test stars Rahul Dravid, Harbhajan Singh, V V S Laxman, Saurav Ganguly, Anil Kumble and Javagal Srinath.
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BSE:Sensex improves on fresh buying at early stages
Mumbai,Saturday, August 07, 1999: After a subdued start, the sensex recovered smartly and even improved further in keeping with a fresh upsurge in key old economy stocks at the initial stages on the Bombay Stock Exchange (BSE) on continuous purchases by institutional investors. Technology stocks, however, showed marked falls due to selling pressure triggered by a slide in the Nasdaq Composite Index by about 26.35 points for the second successive session.

Foreign Institutional Investors (FIIs) have slowed down their activity but are making consistent net purchases in the old economy stocks for the last couple of sessions.

The net investments of FIIs have increased to Rs 194 crore during the last week from July 30 to August 3 as compared to about 72 crore in the preceding week.

Though key IT stocks like Infosys Technologies, Satyam Computer and NIIT showed moderate falls, old economy shares like RIL, SBI, Tisco, ITC, GACL and Dr Reddy scored handsome gains on fresh buying.

Second-line stocks line Sterlite, GSFC, Sygenta, Raymond, ICICI, Ind Cement, Wartsila and UTI Bank were among the top gainers at early stages.


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Germany thrash Malaysia 5-1 in Hockey
Kuala Lumpur,Saturday, August 07, 1999: Bjorn Michel pumped in four goals including a hat-trick as Germany completed a 5-1 rout of hosts Malaysia to go at the top of the table in the Azlan Shah hockey tournament here today. Germany, who were leading 2-0 at the break, scored three goals in the second half to lead 5-0 before Chairil Anwar scored a consolation goal for Malaysia two minutes before the final whistle.

Germany have won all their three matches and lead the table with nine points. Tomorrow they play Korea who are in the joint second spot with seven points.

Malaysia's ploy of playing an ultra-defensive game worked initially when the Germans were unable to break through their defences. Michel broke the deadlock in the 17th minute when his flick off a penalty corner which beat the Malaysian goalkeeper Roslan. He got the second goal with a smart snap shot from just inside the circle.

Goals came quickly in the second half as the German midfield pushed harder giving their forwards enough space to create moves. Michel got his hat-trick in the 44th minute off a penalty corner.

Leading 3-0, Germany slowed the pace of the game after that but never seemed in major trouble even with a Malaysian forward line throwing in their everything.

With ten minutes left, Oliver Domke scored the fourth goal for Germany and Michel made it 5-0 five minutes later.

In another match, Pakistan defeated England 4-3 to join Korea in the second place with seven points.


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Sponsors for Afro Asian Games to be declared soon
New Delhi,Saturday, August 07, 1999: Dispelling doubts about rocketing expenditure and little means to meet those, Sports Minister Uma Bharti said sealed tenders had already been collected from sponsors whose names names will be revealed in a couple of days. "The Marketing Committee for the Afro-Asian Games, headed by Sports Secretary S S Sharma, has received the tenders and we will declare the sponsors within a day or two," Bharti told PTI here on Monday.

A ceiling on the budget for the inaugural Games is yet to be fixed with figures varying from 111 crore to 150 crore.

"We are yet to know the exact budget as the various committees have not submitted their individual budgets. We can only estimate that it may run up to 150 crore," she said.

Once the committees have done their job, the Ministry would approach the Finance Minister for sanctioning of the final budget, Bharti said.

She also revealed that the Indian Olympic Association had backed out from its earlier assurance of taking care of total expediture of the air travel of the participants and sharing half of the expense of the conduct of the Games.

"IOA has categorically said they can not meet these expenses and this means we now need additional 18 crore for air travel and another 50 crore for conduct of Games.

"But all these notwithstanding we would ensure the successful staging of the Games. Everything will be accounted for and there will be no wasteful expenditure," she said.


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Mark Waugh cleared by ACB
Sydney,Tuesday, August 07, 2001: Australian Cricket Board has cleared Mark Waugh of match-fixing allegation levelled by Indian bookmaker M.K Gupta for lack of any "credible evidence" and following refusal of the latter to be questioned and repeat his charge. The ACB today released Anti-Corruption investigator Greg Melick's report,which was based on more than 60 interviews in four countries. It concludes that there is no basis on which to recommend any action against Mark Waugh. The Melick report confirms that Gupta despite making the allegations to CBI was not prepared to have his allegations appropriately exchanged to determine if they had any substance.

Melick said, one of the fundamental principles that underpins this process is that Mark Waugh is presumed innocent unless proved otherwise.

."It is therefore essential that if anyone is going to make serious allegations against another person they must be prepared to have these claims properly tested before they can be believed. This investigation has established that despite a number of approaches to Gupta by cricket investigators, he remains uncooperative and has not provided any evidence to support his allegations, Melick said.


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Markets
To get today's complete NIFTY (the NSE index) listing send an e-mail to get-nse@mumbai-central.com
(updated multiple times a day)
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(updated multiple times a day)
To get today's NAVs for mutual funds send an e-mail to get-mf@mumbai-central.com
(updated once a day)
Sensex: 3319.67, -10.28

The sensex closed at 3319.67, down 10.28
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Forex
 
1  U.S. $ = 47.07 INR
1  Japanese Yen  = 0.38 INR
1  British Pound  = 66.65 INR
1  Canadian $ = 30.80 INR
1  Singapore $ = 26.35 INR
1  UAE Dirham = 12.81 INR
1  Saudi Arabian Riyal = 12.55 INR
1  Euro = 41.27 INR
 
Metals
No data
Weather
 
Temperature
N/A F / -99999 C
Humidity
N/A%
Wind
WNW  at 12 mph / 19.3 km/h
Pressure
N/A
Conditions
Rain Showers
Clouds
Scattered Clouds (SCT): 800 ft / 245 m
Scattered Clouds (SCT): 1500 ft / 459 m
Sunrise : 06:17 AM (IST)
Sunset : 07:11 PM (IST)
Moon Rise : 09:25 PM (IST)
Moon Set : 08:38 AM (IST)
  
Tonight : Low: 75 F / 24 C Chance of a Thunderstorm
 
Wednesday : High: 82 F / 28 C Chance of a Thunderstorm
 
Wednesday Night : Low: 75 F / 24 C Chance of a Thunderstorm
 
Thursday : High: 82 F / 28 C Chance of a Thunderstorm
 
Thursday Night : Low: 75 F / 24 C Chance of a Thunderstorm
  
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