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[Grapevine] For 15 Nov, 2002



Title: The Mumbai Grapevine
The Mumbai Grapevine Connecting Mumbaikars with Mumbai
(Published by Mumbai-Central.com)
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Headlines
News:
VHP rejects PM's appeal, to go ahead with yatra
50,000 pilgrims take holy dip, four Kashmiris arrested
Hindujas to face trial in Bofors pay-off case
Gujarat elections will have no impact on Centre: Advani
Iraq asks Indian inspectors to join UN team
Organiser of 'suicide training' camp held under arms Act
Indian concerns should be borne in mind, Lankan opposition
India wants WTO to allow flexibilities to developing countries
Shipping Minister for sale of SCI stake at right time, price
India seeks faster movement on implementation issues
World Bank sanctions 250-million-dollar loan to India
Funds buying lifts sensex to end above 3000-psychological mark
Gayle, Sarwan lighten up Ahmedabad sky
Hooper to skip Bangladesh tour
Ganapathy creates history with 12-under 60
India beat West Indies by 5 wickets


Markets:
Sensex: 3033.91, +47.35




Forex, Metals and Weather below

News
VHP rejects PM's appeal, to go ahead with yatra
AHMEDABAD: The Vishwa Hindu Parishad on Friday rejected Prime Minister Atal Bihari Vajpayee's appeal not to go ahead with its controversial yatra and said it was planning to carry the model of the S-6 coach if the Sabarmati Express in its march from Godhra on Sunday.

Addressing newspersons here after a three-hour high-level meeting of the top brass of the VHP and the Bajrang Dal to discuss the course of action following the Gujarat government's refusal to grant permission for the yatra, VHP international general secretary Praveen Togadia said, "I am going ahead with the Yatra to uphold the fundamental rights of Hindu society."

Referring to the Prime Minister's advice not to go ahead with the yatra, the VHP leader said, "I expect the PM to safeguard the basic fundamental rights of Hindus and not succumb to pressure from secular forces".

Referring to Vajpayee's advice not to use the Godhra incident as a poll issue, the VHP leader stressed that "Godhra is the heart of Hindutva and it is impossible to forget the gruesome Godhra carnage...Godhra is the part of the issue."

Giving details of the yatra, Togadia said puja would be performed in Karnavati (Ahmedabad) in the presence of Acharya Dharmendra Maharaj before commencing the yatra from the Science College Ground in Godhra.

"I am Shivaji-protector of Hindu religion," will be the message of the 'footmarch' which will stop at at least 200 places in the entire 21-day journey, Togadia said.

He reiterated that the VHP had no plans to enter mainstream politics.


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50,000 pilgrims take holy dip, four Kashmiris arrested
Ajmer,Friday, November 15, 2002: About half a lakh pilgrims took a dip in the holy Pushkar lake today, even as four people from Jammu and Kashmir were arrested in view of threats of a terrorist attack during the annual Pushkar fair, official sources said.

Braving inclement weather, the devotees thronged the 'ghats' of the holy lake, 13 kms from here, early in the morning and took a bath on the occasion of 'Kartik Ekadashi'. They then went round various nearby temples, including the one of its kind Brahma Temple, the sources said.

Four Kashmiris were arrested in Pushkar after intelligence agencies said Islamic fundamentalists were planning a terrorist strike during the world-famous fair which is visited by many foreigners.

"They are being interrogated but nothing tangible has come out till now," Additional DGP (Intelligence) Arun Duggar told PTI in Jaipur.

While three of them arrived in Pushkar yesterday from Kashmir valley, another came from Goa, he said.

Ajmer Superintendent of Police Saurabh Srivastava said the residential status of the arrested persons is being ascertained.

Meanwhile, security has been tightened and 3000 policemen and commandos deployed in Pushkar where a large number of roadside shops have sprung up selling various goods, including leather items, bed sheets, jewellery decorative pieces, etc.

Despite the US and British governments warning their citizens not to visit the fair in view of threat perception, officials said more than 1,000 foreign tourists have reached the fair and were seen enjoying camel rides and Rajasthani folk music.


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Hindujas to face trial in Bofors pay-off case
New Delhi,Friday, November 15, 2002: The Europe-based three Hinduja brothers and Swedish arms manufacturer A B Bofors pleaded "not guilty" to the charges of criminal conspiracy, cheating and corruption framed against them today by a Delhi court and claimed trial in the Howitzer gun deal case.

After formally framing the charges against the Hinduja brothers -- Srichand, Gopichand and Prakashchand -- and the Bofors company, Special Judge Prem Kumar fixed December 4 for commencement of trial.

Hindujas' counsel U A Rana pleaded "not guilty" to the charges on their behalf while for Bofors its representative Ajit Kishore claimed trial. Kishore, a retired official of the Railways, represents the company as accused during the court proceedings.

On the basis of his 176-page order passed yesterday, the judge framed common charges of criminal conspiracy (Section 120B) and cheating (Section 420) under IPC and sections 5(1)(d) and 5(2) of Prevention of Corruption Act, 1947 against the accused.

Besides, the court framed additional charges against the Hindujas for offences under Section 161 read with Section 165A (abetting a public servant to take bribe) and Section 34 (common intention) of IPC, to which they pleaded "not guilty."

Additional charges were also framed against Bofors company under Section 161 read with Section 165A (abetting a public servant to take bribe) and Section 464 (making a false document) and Section 465 (forgery) of IPC. The company also pleaded "not guilty" to the affitional charges.


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Gujarat elections will have no impact on Centre: Advani
Ranchi,Friday, November 15, 2002: Deputy Prime Minister L K Advani today said the outcome of coming assembly elections in Gujarat would not have any bearing on the Centre.

"State elections do not have an impact on the Central government," he told a press conference here.

Elections in a state were important essentially because every state in the country was spread over a large area and Gujarat was not a small area, Advani said.

"It is a large state. It is an important state and has its own significance," he said.

Asked to comment on VHP's decision to take out its yatra in Gujarat defying the Election Commission ban, Advani said the state government would take an appropriate decision.

The DPM said since he was in government he would not comment on the matter. "It is for the VHP to comment and may be for my party to do so. I do not comment on the Election Commission decision being a member of the government."

Asked if he had talked to the VHP in this connection, Advani said he had neither spoken to any VHP leader nor would like to do so.


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Iraq asks Indian inspectors to join UN team
New Delhi,Friday, November 15, 2002: Faced with U N inspection for weapons of mass destruction, Iraq today appealed to India to prevail upon the U S and other key members of the international community to protect its sovereignty and demanded that Indian inspectors should join the world body's team to lend credibility to the process.

"India, which is a major player in the international community, has established good relations with the U S and has traditional linkages with Iraq. India should play its role to ensure that the U S and other countries adhere to the U N charter and the international law," Iraqi ambassador here Salah Al-Mukhtar told reporters.

Asked if Baghdad was satisfied with New Delhi's role, he said "yes, we are satisfied. We hope India will a play a more active role than what it is currently doing".

Replying to questions, Al-Mukhtar said Indian weapons inspectors should join the U N team to "prevent" the world body from coming under U S and British "pressure" to "defy" the international law.

Dismissing as "totally fabricated" the charge that Baghdad might possess nuclear and other weapons of mass destruction, the envoy accused the U S of threatening to launch a war against Iraq with the "root cause" being controlling the oil fields which have huge reserves, probably more than Saudi Arabia's.

Observing that India has always supported Iraq's sovereignty and territorial integrity, he said Baghdad would also want New Delhi to help defuse any crisis that might arise during the inspection exercise.


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Organiser of 'suicide training' camp held under arms Act
THANE: The Titwala police on Friday arrested Col Jayantrao Chitale (Retd) and ‘Commandant’ Sanjeev Atre of the Maharashtra Military Foundation under section 37 of the Mumbai Police Act for stocking swords and spears which were categorised as illegal weapons. Both of them were later released on bail. The foundation, which claims to train youths to join the armed forces, recently announced that it was creating a suicide squad on the lines of the one proposed by Shiv Sena chief Bal Thackeray.

Shortly before his arrest, Col Chitale addressing a press conference at Badlapur, said that the swords used in the training were blunt.”You can’t cut a candle with them, let alone injuring anybody’’ he said. Questioning the police action, Col Chitale asked, “Such spears are found on all four sides of the bungalow belonging to the state industries minister Patangrao Kadam in Pune. Does this mean that he has violated the Act too?’’

Col Chitale claimed that such training camps were the need of the hour as the extremists were in a very aggressive mood. “Is it really necessary to take permission for such activities meant to safeguard the freedom of the country?’’ he asked, comparing the participants in his ‘commando training camp’ to freedom fighters who had not sought permission from the British government.

The foundation, he claimed, had been invited by the Pune police to provide volunteers for Ganesh Utsav, Ambedkar Jayanti and Ramzan. “If the government feels that we are violating the law by running the camp we will stop it,’’ he added. Mr Chitale, claimed that the training camp had nothing to do with any political party.

The land where the camp is held spread over 15 acres was given by the government 20 years ago at a concessional rate, Mr Chitale said. Meanwhile, many youths have already arrived to participate in the second batch scheduled to begin from November 18.


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Indian concerns should be borne in mind, Lankan opposition
Colombo,Friday, November 15, 2002: Sri Lanka's main opposition party People's Alliance today warned the United National Party government that it should take note of India's concerns while pursuing peace negotiations with Tamil rebels.

"We must also bear in mind the concerns of our neighbours, the countries with which we are linked by timeless bonds of history and common interest. Their concern for the future of Sri Lanka in relation to their own interests deserve our respect and highest consideration," the PA said in a seven-page statement here.

Asked why India was not being identified by name, former Foreign Minister and Alliance MP Lakshman Kadirgamar said all South Asian neighbours of Sri Lanka ought to be concerned about the direction of the peace process.

"Obviously India will be more concerned than the rest," he added.

The party outlined its opposition to the direction of the ongoing peace process, contending that it was going the way the rebel group wanted and was hurtling towards a separatist solution to the ethnic question in the island nation.

PA spokesman Sarath Amunugama said there were reports that India had declined Norwegian invitation to participate in this month's aid-raising conference in Oslo.

Despite attempts by the Norwegian Foreign Minister, India had given an emphatic refusal. "We can draw the correct inferences regarding India's perception in the matter from this," he said.

"We are sympathetic to India's position," he said, as it indicated that New Delhi would be unhappy to see the Sri Lankan government accommodating the LTTE in a position of parity with itself at the Oslo conference.


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India wants WTO to allow flexibilities to developing countries
Sydney,Friday, November 15, 2002: Asserting that food security and rural development would form part of its negotiations on agriculture, India today said WTO should allow for flexibilities to developing countries to safeguard their interests in agriculture and non-agriculture sectors. Spelling out India's priorities in the area of market access in the WTO negotiations, Commerce and Industry Minister Arun Shourie said, "flexibilities that developing countries require in the areas of agriculture and non-agriculture products and services should not be circumscribed".

He further empahsised that market access should not be calibrated in a manner that it creates economic upheaval and consequently social and political unrest, specially in the developing countries.

Participating in a session on market access at the informal WTO Trade ministers meet here he said even in the non-agricultural sector the need for safeguarding certain sensitive sectors of the Indian economy that would be particularly vulnerable in a situation of liberalisation such as the small scale industrial units, would be of paramount importance.

Circumstances of the developing countries would have to be reckoned in the negotiations, Shourie said pointing out that about two-thirds of India's population depended on farming for their livelyhood and small scale units provided employment at low capital cost to 18 million workers.

In particular, Shourie drew attention to the fact that fluctuations in international prices of agricultural commodities could erode rural incomes, and said non-tariff measures should not prevent access of India's agricultural product to the markets of developed countries.


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Shipping Minister for sale of SCI stake at right time, price
New Delhi,Friday, November 15, 2002: Privatisation of Shipping Corporation of India may spill over to the next financial year with Shipping Minister V P Goyal today saying that government should sell its stake at the right time and the right price. Stating that SCI equity price had come down from the peak of Rs 111 a share to Rs 58 now, Goyal said equity should be sold at the best time and price.

"There is no point of review on SCI. The only thing is that the climate has undergone a change, the perceptible image has undergone little negative change," he said.

He, however, parried a question on whether SCI disinvestment would be concluded in the current financial year or spill over to the next year saying it was for the cabinet to decide.

Asked how long the process of disinvestment could take, Goyal said "you cannot fix a time frame. You have to get the best value and overcome perception problems. I cannot say in three months or four months, even DoD cannot tell you in which month it would be sold off".

"If you hurry to sell then we may not get the right price", he said but pointed out it was not for him, but for DOD to determine when was the right time and price.

Government, which holds around 80 per cent stake in SCI, is in the process of disinvesting 51 per cent stake to a strategic partner along with managment control while three per cent would be offered to employees.

Three companies are in the fray for government equity including Great Eastern Shipping, Essar and Sterlite.


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India seeks faster movement on implementation issues
Sydney,Friday, November 15, 2002: India today said WTO must ensure faster progress on implementation issues of interest to developing countries to arrive at a positive outcome within specified time-frame and prepare a roadmap for the remaining issues ahead of next year's WTO ministerial at Cancun. Participating in a session on implementation, special and differential treatment at the Informal WTO Trade Ministers meeting here, Commerce and Industry Minister Arun Shourie said achieving significant progress within a tight timeframe in these important areas was necessary for the credibility of the multilateral trading system.

Pointing out that there was a feeling in many developing countries that progress in their areas of interest was slow compared to areas like market access, Shourie said this gap should be bridged and all implementation provisions of the WTO agreement be made precise, effective and operational as decided at Doha.

Faster progress on implementation and Special and Differential Treatment Issues must be ensured so that positive results on issues of priority to India and other developing countries are achieved by the December deadline and also to prepare a raodmap for settling remaining implementation issues immediately thereafter - before the next ministerial conference at Cancun, he said.

On Special and Differential Treatment, India has submitted three papers individually or jointly with others covering as many as 11 S&D proposals relating to Sanitary and Phytosanitary measures, technical barriers to trade, import licensing, subsidies and countervailing measures and dispute settlement understanding.


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World Bank sanctions 250-million-dollar loan to India
Washington,Friday, November 15, 2002: The World Bank has approved a 250-million-dollar loan to India for improving technical- engineering education in the country. The amount is for the 'Technical/Engineering Quality Improvement Program' approved on Thursday, the Bank said in a release here.

It will support engineering colleges, universities and polytechnics to achieve academic excellence and boost the quality of emerging professionals, the Bank said.

The project will be implementd in Haryana, Himachal Pradesh, Kerala, Madhya Pradesh, Maharashtra and Uttar Pradesh under the coordination of the Department of Secondary and Higher Education, it added.

The credit, from the International Development Association (IDA), the World Bank's concessionary lending arm, has a 35-year maturity with a 10-year grace period and 0.75 per cent service charge.


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Funds buying lifts sensex to end above 3000-psychological mark
Mumbai,Friday, November 15, 2002: The benchmark spurted by 47.35 points, breaching the 3000-psychological barrier to end at 3033.91 at the Bombay Stock Exchange (BSE) today on hectic all-round purchases following news that Moody's Investors Service was set to upgrade India's foreign currency ratings. Domestic and foreign funds demand prompted a sharp stocks rally in the wake of the global rating agency placing India's foreign currency country ceiling for debt (Ba2 with a stable outlook) and bank deposits (Ba3) on review for a possible upgrade.

Led by technology sector that was the driving force behind the rally with key IT counters like Infosys Technology and Satyam Computers attracting keen demand, old economy shares surged up to a strong finish.

Depicting the trend, the BSE Benchmark 30-share Index opened firm at 2997.47 and gradually moved upwards to the intra-day high at 3037.61 before ending at 3033.91 as against yesterday's close of 2986.56, netting a sharp rise of 1.59 per cent.

The broad-based BSE-100 Index also rose by 20.64 points to close at 1502.38 from previous close of 1481.74.

Brokers also attributed the IT rally to a strong trend on New York stock market. The Dow Jones Industrial Average shot up by 143.64 points and the Nasdaq Composite Index flared up by 50.18 points yesterday.

Local funds led by Life Insurance Corporation (LIC) and Foreign Institutional Investors (FIIs) were reportedly heavy buyers in Satyam Computers, Infosys Technologies, Telco, Bajaj Auto, Dr Reddy's Lab and some others.


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Gayle, Sarwan lighten up Ahmedabad sky
Ahmedabad,Friday, November 15, 2002: Chris Gayle hit a swashbuckling century and led a blistering attack on the Indian bowling as West Indies piled up a mammoth 324 for four in the fourth one- day international against India here today. Gayle smashed 12 fours and five sixes to notch up 140 runs off just 127 balls after West Indies were invited to bat first by Indian skipper Sourav Ganguly.

Ramnaresh Sarwan came tantalisingly close to his first international hundred and was very unlucky to remain stranded on an unbeaten 99.

Gayle and Sarwan set the ground ablaze with some lusty hitting and were associated in a 148-run stand for the third wicket which came off just 153 balls.

Except off-spinner Harbhajan Singh, who returned an exceptional figure of one for 30 from ten overs, all the Indian bowlers took a severe punishment from the West Indian duo.

Javagal Srinath went for 71 runs from his nine overs while Ashish Nehra conceded 53 from his five.

In fact, West Indies had raced to 80 without loss in the first ten overs with Gayle already having completed his half-century off just 30 balls.

It was left to spinners Harbhajan Singh and Murali Kartik to bring some sanity into the proceedings and India fought back well in the middle overs before West Indian batsmen exploded again towards the end.


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Hooper to skip Bangladesh tour
New Delhi,Friday, November 15, 2002: West Indies captain Carl Hooper will not tour Bangladesh after the conclusion of the current one-day series in India due to a knee injury though he is expected to play in the remaining one-dayers against India. Hooper missed the third-one day international against India at Rajkot because of the injury sustained soon after his team landed in India last month.

"Although the injury has been providing Hooper with ongoing discomfort and cause for concern, it has been successfully managed so far on tour," West Indies team manager Ricky Skerritt said in a statement.

"Hooper has now decided to undergo the required corrective surgery at the end of November so that he will be fully recovered by the start of the pre-World Cup camp in January," the statement carried by the WICB's official website said.

"A specialist in Australia will carry out the procedure. I've assured Hooper of the full support of the West Indies Cricket Board and told him that we all look forward to his complete recovery and return to the team," Skerritt said.

West Indies are scheduled to play two Tests and three one-day internationals during their tour of Bangladesh in late November and December.

A new West Indian captain for the Bangladesh tour, which starts on November 26, will be named next week when the selectors meet to pick the squad.


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Ganapathy creates history with 12-under 60
New Delhi,Friday, November 15, 2002: Rahul Ganapathy created history carding the lowest ever score on the Indian PGA Tour with an incredible 12-under 60 in the third round of the Servo Masters Golf tournament at the par-72 Digboi Club Golf Links, Assam, today.

Rahul bettered the previous best effort of ten-under 60, shot by Vijay Kumar en route his victory in the OCM Open in 1996 at the par-70 course in Amritsar, according to information received here.

In recent times, Mukesh Kumar (TNGF Open 2001, Tiger Sports Marketing Open 2000) and Sanjay Kumar (Wills Northern Open 2000), have shot rounds of nine-under. Mukesh had carded an eight-under in the second round yesterday.

The 23-year old Mysore pro did not err even once today. Warming up with a par, Ganapathy changed gear immediately to card a hat-trick of birdies from the second hole onwards.

Sealing his front nine with back-to back birdies on the eighth and ninth, he then went on to scorch his return journey. He parred the 10th, made back-to-back birdies on the 11th and 12th, parred the 13th, made an eagle-two on the par-4 14th, and signed off with another hat-trick of birdies on the 15th, 16th and 17th.

"It was a dream round. Though luck plays a big role on the Digboi Club Golf Links, my game was right up there today," said Ganapathy who returned 23 putts for his round.

"When I was five-under after the ninth, I knew I had a realistic chance of breaking the course record of eight-under 64, which Mukesh set yesterday".


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India beat West Indies by 5 wickets
Rahul Dravid timed his eighth one-day hundred to a nicety as India chased the massive target of 325 successfully with 14 balls to spare, beating the West Indies by five wickets at Motera, Ahmedabad, on Friday.

But the surprise package of the day was Sanjay Bangar who had struggled to score even singles in the Tests. Bangar was a revelation, scoring 57 off 41 balls, with five boundaries and two sixes. Bangar more than made up for dropping the catch of Sarwan, a misfield that went for a boundary and going for 13 runs in the one over that he bowled. Dravid was undefeated on 109 off 124 balls.

This was the third highest run chase ever in the history of the game.

The series is now levelled at 2-2 with three matches left.
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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)
To get today's BSE index listing send an e-mail to get-bse@mumbai-central.com
(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: 3033.91, +47.35

The sensex closed at 3033.91, up 47.35
Top


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Forex
 
1  U.S. $ = 48.1300 INR
1  Japanese Yen  = 0.3982 INR
1  British Pound  = 75.8288 INR
1  Canadian $ = 30.4871 INR
1  Singapore $ = 27.2768 INR
1  UAE Dirham = 13.1019 INR
1  Saudi Arabian Riyal = 13.1019 INR
1  Euro = 48.2600 INR
1  Qatar Rial = 13.2153 INR
 
Metals

 No data
Weather
Temperature : 84 F / 29 C  
 HeatIndex : 89 F / 32 C 
Humidity : 66%
Dew Point : 72 F / 22 C 
Wind : NW at 3 mph / 4.8 km/h 
Wind Gust - 
Pressure : 29.88 in / 1012 hPa (Steady)
Conditions : Smoke
Visibility - 
Clouds : Clear(SKC): - 
  
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