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[Grapevine] For 23 May, 2002



Title: The Mumbai Grapevine
The Mumbai Grapevine Connecting Mumbaikars with Mumbai
(Published by Mumbai-Central.com)
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Headlines
News:
Situation at border serious: PM
Vajpayee willing to consider autonomy for J-K
India builds nuclear and chemical warfare shelters
India bolsters Naval presence in Arabian Sea
Key Mumbai areas, services escape blackout
BMC struggles to keep date with the monsoon
64 students jostle for slice of HSC creamy layer
We haven’t paid Nadeem: Top city cop
PM announces Rs 61.65 bn package for J-K
First railway will chug in Kashmir in 2007
Petrol, diesel price hike postponed
Court breather for Amravati Co-op Bank ex-chief, directors
India can win abroad: Ganguly
Indian batting fails to live up to its reputation
Laxman tops the Indian batting averages


Markets:
Sensex: 3114.05, -61.44




Forex, Metals and Weather below

News
Situation at border serious: PM
Srinagar,Thursday, May 23, 2002: Describing the situation on the border with Pakistan as "serious", Prime Minister Atal Bihari Vajpayee asserted here today that India would meet the challenge. "The situation is serious. It is a challenging situation. We will meet the challenge," he said at a 30-minute press conference before winding up his three-day visit to Jammu and Kashmir.

The Prime Minister refused to spell out India's strategy saying that such matters could not be discussed in public.

Asked about his statement at Kupwara yesterday that the time had come for a "decisive battle" against cross-border terrorism, Vajpayee said, "I have nothing more to add. Whatever I said publicly is all that I want to say".


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Vajpayee willing to consider autonomy for J-K
Srinagar,Thursday, May 23, 2002: Prime Minister Atal Bihari Vajpayee today expressed the Centre's willingness to consider the question of autonomy for Jammu and Kashmir. "We had not set aside the resolution on autonomy (passed by the Jammu and Kashmir Assembly) without giving it a thought. We were ready for talks. We are ready for talks even now", he said addressing a press conference at the end of his three-day visit to the state.

He said that the Centre had asked state Chief Minister Farooq Abdullah as to what was coming in the way of rapid development of the state and whether any of the Constitutional provisions were becoming an obstacle in this regard when he had raised the autonomy issue.

Vajpayee said he had expressed readiness to remove such obstacles.

He was replying to a question as to why the Centre rejected the resolution on autonomy passed unanimously by the state assembly.

In a lighter vein, Prime Minister said at the outset that the issue was with Home Minister L K Advani who is sitting by his side. Abdullah was also present at the press conference.


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India builds nuclear and chemical warfare shelters
New Delhi,Thursday, May 23, 2002: To face the threat of Nuclear strike, Defence Research and Development Organisation (DRDO) today announced a breakthrough in developing an integrated battlefield shelter to provide protection from Nuclear as well as Biological and Chemical agents. The shelter with multifarious uses like being used as command post, observation post and communication centre is now in regular production and has already been introduced to the three services, a Defence Ministry announcement said.

The self contained shelter with the capacity of accomodating 30 people can give protection from nuclear and biological threat for upto 96 hours, DRDO officials said adding that it had been developed by Pune-based Research and Development Laboratory engineers.

The 28-metre long shelter with overall diameter of 2.5 metres is portable in a three ton services vehicle and has chemical toilets, water tanks, pumps for sewerage disposal and two power generators.

The nuclear shelter, DRDO officials said was structurally strong to withstand 7.5 MT circular pressure for the earth covered portions and 15 MT longitudinal pressures for portions not covered by the earth.


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India bolsters Naval presence in Arabian Sea
New Delhi,Thursday, May 23, 2002: India has bolstered Naval presence in the Arabian Sea by moving five frontline warships from the Eastern coast to conjoin with the Western fleet as authorities moved to step up anti-air-strike cover to vital installations including in the Capital. A Kashin Class, Russian acquired missile destroyer, an indigenous Godvari Class multi-purpose frigate and three Missile Corvettes have been asked to steam to join the Western fleet from their base in the Bay of Bengal off the Vishakapatnam coast, Naval officials said on Wednesday.

"The warships have been moved in view of the prevailing situation and to meet challenges on the seas in keeping with India's maritime interests," Officials said.

The Eastern fleet warships would join the fleet already deployed in the Arabian sea which includes the Aircraft Carrier INS Viraat.

These warships would now be split into two or three battle groups for more effective control of the Indian maritime interests and shipping. However, Naval officials remained tighlipped about the deployment of submarines.

The warships have been placed under administrative control of the Flag Officer Commanding in Chief Western Naval Command.


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Key Mumbai areas, services escape blackout
(Times News Network)

The blackout on Thursday in Maharashtra has not affected normal life in the financial capital of the country.

The services of Central and Western railway -- the lifeline of Mumbai -- were uninterrupted. And South Mumbai, the city's financial nerve centre was unaffected, thanks to the necessary action taken by Tata Power. Even Central Mumbai, including Dadar and Worli, and areas up to Vile Parle were not affected by the blackout.

Power supply at Chhatrapati Shivaji International Airport were affected in the morning for about an hour, but essential services remained unaffected.

The uninterrupted rail services alone provided succour to lakhs of commuters headed towards Church Gate or Chhatrapati Shivaji terminus early in the morning.

"Attendance was as usual," said Alok Churiwalla, proprietor of a brokerage firm in Dalal Street.

The power breakdown happened at about 8.55 am due to overloading of critical lines in the western power grid.

The breakdown affected Mararashtra -- including parts of the metropolis (mainly Western suburbs) -- Goa, and some areas of Madhya Pradesh, an official of Western Region Electricity Board (WREB) said. Gujarat and Chattisgarh were not affected.

The WREB official said the breakdown happened due to bad weather conditions near Chattisgarh and Pune, and when some towers were uprooted near Itarsi in Madhya Pradesh. This led to overloading of the lines, causing the breakdown.

Normal power supply is expected to be restored by 3.00 pm.

State government sources said a high-level meeting has been convened to study the situation.


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BMC struggles to keep date with the monsoon
(Express News Service)

For an island city which has slum land covering half its topography, whose storm water drains conveniently double up as perennial garbage dumping sites, whose saucer-like, low-lying areas almost meet the sea-level, the annual monsoon brings the ultimate survival test.

The question which props up every year is not whether the Brihanmumbai Municipal Corporation is all geared up to check flooding, but how soon the corporation can drain out the flood waters from the city once inundated. For, when high tide sets in, all that the city can do is wait and watch. Once the tide recedes, the quality of work done by the BMC is clear in the effect: In some places, flood waters drain out in four hours, in other areas citizens wade through thigh-deep water even after 48 hours. So, given its topography and infrastructural failings, Mumbai — reclaimed from seven islands — just needs a few hours of incessant showers coinciding with high tide to regress to its former self.

A considerable sum of Rs 13 crore is spent each year on de-silting works. These funds are meant to clear clogged drains so that roads remain navigable throughout the season. But if one resides in places like Thakkar Bappa colony in Chembur or near Milan Subway in Khar, or in King’s Circle, the fate of the roads remains stubbornly unchanged every year. These are the prominent spots which notoriously get inundated at the slightest provocation. If it is the congestion and low-lying status of King’s Circle and Milan subway that are to be blamed, for Thakkar Bappa colony it is the clogged drains, poor infrastructure and unchecked proliferation of slums. For the rest of Mumbai, a civic engineer who meaningfully turns a blind eye to a job done by the private contractor could mean a choked drain here or a broken sewer there. Once the showers begin, the cascading effect takes off, keeping the area inundated for long.

However, the corporation claims that 64 per cent of pre-monsoon de-silting work is complete. Meeting the May 31 deadline means getting in shape its 1986.98 kms of road-side drains, 200.25 kms of major nallahs, 129.26 kms of minor nallahs, 151.13 kms of box drains and 30,208 water entrances by removing the garbage, silt, carrying out repairs and opening up the full diameter of the drains for flood waters.

However, the sewerage laying works being carried out under the Rs 1,600-crore World Bank funded Bombay Sewage Disposal System will continue throughout the season. ‘‘We have a deadline to meet and so the work will be not be halted even during the monsoon,’’ the Commissioner said.
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64 students jostle for slice of HSC creamy layer
Express News Service Mumbai, May 22: IT’S not lonely at the top. In fact, it is crowded. Around 64 students are elbowing each other in the general merit list of ten rankers in this year’s Higher Secondary Certificate (HSC) examinations. 57 students had shared among themselves the first 12 ranks last year. While the merit list is led by Suyash Shringarpure with 95.67 per cent, there are five students standing third with 95.17 per cent, five students ranked fifth with 94.83 per cent, seven sixth rankers with 94.67 per cent, nine seventh rankers with 94.5 per cent, 10 in the eighth place with 94.33 per cent, nine in the ninth place with 94.17 per cent and fifteen in the 10th rank with 94 per cent.

It is in keeping with the trend of beating the formula for success at the board exams, where colleges did everything from keeping a keen watch on the students who had it in them, picking them up, making them do a whopping 30 question papers on each topic, holding five prelims and getting their papers corrected by experienced moderators. Till in the end, students knew exactly how to get that merit number.

Notching an impressive 95.67 per cent, Shringarpure Suyash Satyendra, a student of Science in the Vocational stream in Ramnarayan Ruia College in Matunga, was declared the first rank among an estimated 1.498 lakh students in Mumbai who had appeared in the examinations. While, Satyendra was the overall topper, he was from the vocational stream. The science toppers this year were Charmi R Dedhia and Aditi D Gore, joint toppers with 93.67 per cent from D G Ruparel College.

In the Arts stream, St Xavier’s College’s Maria L Fernandes topped the merit list with 84.33 per cent. Farzana B Wadia of RA Poddar College of Commerce and Economics, secured top honours in Commerce with 89.93 per cent. In the MCVC (Minimum Competency Vocational Course) stream, Duhita J Jangale, emerged on top in the merit list with 83 per cent marks.

Girls, though continued their march over boys with their pass percentage touching a high 89 per cent, statewise, while that of the boys was 82 per cent. In the city too, the pass percentage of the girls was 87 per cent with the boys’ pass percentage at 78 per cent.
Top

We haven’t paid Nadeem: Top city cop
Express News Service Mumbai, May 22: FOUR years after the sensational murder of audio cassette producer Gulshan Kumar, confusion still reigns on whether controversial music composer Nadeem Akhtar Saifee will get compensation and damages related to the case.

While Nadeem’s advocate in India claimed that he has received Rs 6.3 crore as litigation cost, the police brush aside his claims by saying that they have not made any payment till date. According to the police, they do not intend to pay a compensation in connection with the case.

Joint Commissioner of Police (Crime) Sridhar Vaghal told Newsline that the Mumbai police have not made any payments to Nadeem Saifee. ‘‘We are not going to make any payments either. We have already issued a clarification in this regard,’’ said Vaghal.

However, according to Nadeem’s advocate Majeed Memon, his client is already in receipt of Rs 6.3 crore as cost of litigation pronounced by Deputy Chief Justice Rose and Newman on December 21, 2000.

According to Nadeem and Memon, as Nadeem had not availed of the legal aid in UK and hired counsel to defend him, the court has awarded him costs of litigation in accordance with the practice in Great Britain.

Confusion over the damages arose after The Indian High Commission in London reportedly informed the Mumbai police recently that no court in the United Kingdom had awarded compensation or damages to Nadeem Saifee.

The case relates to Nadeem’s discharge from the extradition proceedings launched by the Indian government for his alleged complicity in the Gulshan Kumar murder case.
Top

PM announces Rs 61.65 bn package for J-K
Srinagar,Thursday, May 23, 2002: Prime Minister Atal Bihari Vajpayee today announced a Rs 61.65 bn economic package for development of Jammu and Kashmir.

Vajpayee, addressing a press conference after his three-day visit to the state, assured Centre's full support for the development of the state.

The entire amount would be spent on the development of Jammu and Kashmir, including the cost of construction of the Leh-Manali road, Vajpayee said.


Top

First railway will chug in Kashmir in 2007
Srinagar,Thursday, May 23, 2002: The first Railway line between between Udhampur and Baramulla in Jammu and Kashmir will be completed in five years and the first train is expected to run on 15th August 2007, Prime Minister Atal Bihari Vajpayee announced here today. He told reporters the 287 kms Udhampur and Baramulla rail track via Srinagar will cost Rs 36 bn.


Top

Petrol, diesel price hike postponed
New Delhi,Thursday, May 23, 2002: The proposed increase in the selling price of petrol and diesel has been postponed for the time being on account of the mounting tension on the Indo-Pak border. Plans to hike petrol prices by Rs 2.50-3 per litre and diesel by Rs 1.50 per litre this month following hardening of global crude oil prices has been deferred for the time being, senior Petroleum Ministry officials said.

"We are watching developments very closely and there is not likely to be any change in retail selling prices over the next eight to ten days," they said.

State-run oil retailing companies are selling petrol at Rs 4 per litre loss and diesel at Rs 3.43 per litre loss as crude oil price has increased to over 25 dollars per barrel as against the 20 dollars a barrel budgeted at the time of last petroleum product price review.

Sources said also under consideration is cut in excise duty on petrol from 32 per cent to 24 per cent and on diesel from 16 per cent to 12 per cent to give relief to state-run oil companies which are incurring huge losses on selling product below the price of crude.

"Price increase would be more if it is not timed with cut in excise duty. We are working on that," sources said but added no meeting has been scheduled between Petroleum Minister Ram Naik and Finance Minister Yashwant Sinha on this issue.

Lower excise duty after a hike in ex-storage price of the two products would be revenue neutral - it would fetch same amount of revenue as at present, sources said.


Top

Court breather for Amravati Co-op Bank ex-chief, directors
Nagpur,Thursday, May 23, 2002: A vacation bench of Mumbai High Court here has directed the authorities not to arrest till May 28 the former chairman and 14 directors of Amravati People's Co-operative Bank in connection with the Rs 95 million government securities scam. Vacation judge justice P S Bramhe yesterday directed all the 15 persons to report to the concerned investigating police officer every day from 9.00 am to 11.00 am and not to leave Amravati till further orders.

The bank's erstwhile directors led by its chairman Vasant Saurkar, Ishwar Lal Ghom, Rajender Soni, Ghanshyam Mudgal, Ajay Gandhe, Chandulal Kela, Dinkar Sane, Mukund Shandilya, Bhojraj Gupta, Sadashivrao Maskre, Rangrao Kale, Dyneshwar Malode, Jayant Chede, Jayashree Patil and Maya Ambulkar had moved an application before a vacation High Court bench seeking anticipatory bail.

Their anticipatory bail application had been rejected by Amravati's Additional District Sessions Judge D S Jamkhedkar, who had directed them to surrender before the appropriate authority within 24 hours.

Bank's former chief and other directors are facing criminal charges for alleged misappropriation of Rs 95 mn invested in government securities through a Mumbai-based broking firm Home Trade Management Service.

Offences under various sections of the IPC have been registered against them. The board of directors have been superseded and an administrator appointed recently.


Top

India can win abroad: Ganguly
Kingston (Jamaica),Thursday, May 23, 2002: Ever an optimist, Indian captain Saurav Ganguly still firmly believes his team has the ability to win overseas and pointed to the three away victories recorded under his captaincy to argue his case. "It is not true that we can't win abroad. If that was the case, we wouldn't have won in Trinidad. We won a Test in Bulawayo (Zimbabwe) and in Kandy (Sri Lanka).

"I think it has more to do up in the mind," said Ganguly after losing the fifth Test and the series against West Indies 1-2 yesterday.

Ganguly has now captained India in 23 Tests winning 10, losing seven and drawing the other six.

He admitted his side has consistently failed to improve its performance in a crunch situation. "I think what makes a good team is to give its best when it is required the most - in the last Test of the series or in a key crunch match which is going to be a decider.

"We haven't done well in the last one year, whether it is in Zimbabwe or Sri Lanka or in the West Indies. This is also true of our performance in the finals of one-day tournaments. That's why I said it has to got to be more in the mind."

"It is not that we are not tough mentally. It is just that a little bit of extra is required at the crunch time," a pensive looking skipper said.


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Indian batting fails to live up to its reputation
New Delhi,Thursday, May 23, 2002: Shivnarine Chanderpaul's astounding average of 140.50 reflects the resurgence of West Indian middle order which enabled the home team to clinch the Test series against India whose fancied batting line up did not live up to its reputation. The averages aptly show the earnestness and application of the West Indies batsmen who largely helped their side register a memorable 2-1 series victory. And it was exemplified in Chanderpaul's aggregate of 562 that rightly earned him the man-of-the-series award.

It also didn't come as a surprise that the highest run getter was a West Indian batsman - skipper Carl Hooper who turned the corner in his career aggregating 579 at 82.71 including his maiden double ton (233) at Guyana.

The Indians, in contrast, fell by the wayside, burdened, it seemed, by their own huge reputations. None of the Indian batsmen could aggregate 500 runs. The nearest to Chanderpaul was middle-order bat V V S Laxman who also topped the batting averages for India.

Laxman aggregated 474 runs from eight innings at 79.00, his best performance to date after his historic stint against Australia last year. Rahul Dravid was the only other Indian to reach the 400-run mark, aggregating 404 at 57.71.

Fancied stars Sachin Tendulkar and Brian Lara had to be content playing second fiddle. While Tendulkar aggregated 331 runs from eight innings at 41.37 to be placed fourth, behind skipper Sourav Ganguly (322 at 53.66) in India's averages list, Lara managed 202 runs from seven innings at 28.85.


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Laxman tops the Indian batting averages
New Delhi,Thursday, May 23, 2002: Stylish V V S Laxman topped the batting averages for India in the just concluded five-Test series against the West Indies at Kingston, Jamaica, on Wednesday. Laxman aggregated 474 runs from eight innings at 79.00, his best performance after the series against Australia at home in 2001.

Rahul Dravid is the only other Indian to score more than 400 runs, 404 at an average of 57.71, in the series while Sachin Tendulkar was third with 331 runs at 41.37.

Captain Sourav Ganguly, who began and ended the series with a disastrous pull shot, did well for himself scoring 322 runs at a slightly better average than Tendulkar, at 53.66.

But the Indians' performance fell way below that of hosts West Indies who had two batsmen with more than 500 runs in their kitty.

Man of the series Shivnarine Chanderpaul, with three not outs, topped the averages at 140.50 from an aggregate of 562 but skipper Carl Hooper was the highest run-getter with 579 at 82.71, including his maiden double ton (233) at Guyana.

Zaheer Khan scalped 15 wickets and averaged 37.86, while Harbhajan Singh, with series best of 5-138 at Kingston, Jamaica, finished with 14 wickets at 27.71. Javagal Srinath and Ashish Nehra shared the spoils with 13 and 12 wickets respectively.

Again, the overall best bowling performance came from a West Indian. While Merv Dillon with 23 wickets at 27.21 was the most successful bowler, Cameron Cuffy was the most economical with 17 wickets at 21.88.


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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: 3114.05, -61.44

The sensex closed at 3114.05, down 61.44
Top


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Forex
 
1  U.S. $ = 48.95 INR
1  Japanese Yen  = 0.39 INR
1  British Pound  = 71.45 INR
1  Canadian $ = 31.84 INR
1  Singapore $ = 27.20 INR
1  UAE Dirham = 13.33 INR
1  Saudi Arabian Riyal = 13.05 INR
1  Euro = 45.23 INR
1  Qatar Rial = 13.44 INR
 
Metals

 No data
Weather
Temperature : 86 F / 30 C  
HeatIndex : 89 F / 32 C 
Humidity : 55%
Dew Point : 68 F / 20 C 
Wind : WNW at 9 mph / 14.5 km/h 
Wind Gust - 
Pressure : 29.74 in / 1007 hPa (Steady)
Conditions : Partly Cloudy
Visibility - 
Clouds (FEW): 2000 ft / 611 m 
  
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