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[Grapevine] For 12 Dec, 2002



Title: The Mumbai Grapevine
The Mumbai Grapevine Connecting Mumbaikars with Mumbai
(Published by Mumbai-Central.com)
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Headlines
News:
63 per cent turnout in Gujarat polls
Polling ends peacefully in Gujarat; tension in Jambusar
Unprecedented viciousness marred poll campaign : Advani
Abu Salem will not be given death penalty says Govt
India denies Afghan govt refusing permission to open consulate
33 "missing" Indians nabbed, sent back to India
Mumbai's Wilson College looks to spruce up its image
Last rites of Nani Palkhivala performed
No privatisation of BSNL, MTNL: Govt
Shourie declines comment on barring Indian cos from HPCL bids
India cannot strengthen SAARC alone: Singh
Strong recovery in manufacturing lifts IIP to 6.2 pc in Oct
Rally in Infosys Tech lifts sensex by 21 pts
New Zealand seamers rip through Indian batting
Venkat, Jayaprakash to stand at World Cup


Markets:
Sensex: 3324.48, +21.21




Forex, Metals and Weather below

News
63 per cent turnout in Gujarat polls
An estimated 63 per cent of voters in Gujarat on Thursday came out to exercise their franchise in a fiercely fought elections featuring a straight contest, between ruling BJP and Congress in an election advanced after unprecedented communal violence that broke out post-Godhra train carnage.

Barring violence in Bharuch district's Jambusar town where curfew was imposed and stray incidents of attempted booth-capturing at three places, the single-day polling in 181 of the 182 constituencies was peaceful. Election in Surat city (West) was countermanded following the death of BJP candidate.


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Polling ends peacefully in Gujarat; tension in Jambusar
Polling ended by and large peacefully in the state this evening though minor incidents causing communal tension was reported from Jambusar in Bharuch district, where teargas shells were burst to disperse a rioting mob.

State Home Secretary K Nityanandam said that details of trouble in Jambusar were yet to be received but the elections were held in by and large peaceful atmosphere. Repolling is also likely to take place at two polling booths in Anand city constituency. In Jetpur, the pipe bomb was detected at a college where the Electronic Voting Machines were to be stored after the polling. Bomb disposal squad immediately swung into action and defused the crude device. At Anand city, a group of persons stormed two polling booths and broke the seal of two EVMs, Nityanandam said adding that election authorities would soon take a decision regarding re-poll in the booths.
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Unprecedented viciousness marred poll campaign : Advani
Ahmedabad,Thursday, December 12, 2002: Deputy Prime Minister L K Advani today said that in the face of a campaign of "unprecedented viciousness" against BJP if it wins in Gujarat elections it would be comparable to the 1977 Lok Sabha polls when Jayaprakash Narayan and other opposition parties were under attack.

"I have never witnessed such a campaign during the last 20-22 years since BJP was formed or in 50 years of Jan Sangh... Despite this if the people give another mandate to BJP, it will be comparable to the one in 1977 when Jayaprakash Narayan and opposition parties were under attack", he told reporters.

The Deputy Prime Minister made the comments after casting his vote at Bhardiavas Municipal School in Shahpur constituency in the city. He said "another mandate for BJP would mean that people in a democracy understand what was wrong and what was right".


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Abu Salem will not be given death penalty says Govt
New Delhi,Thursday, December 12, 2002: Centre has given an assurance to the government of Portugal that mafia don Abu Salem, involved in Mumbai blasts and 70 other cases in the country, would not be given death penalty on his conviction after his deportation to India, Rajya Sabha was told today.

As per the Portuguese Constitution, no one can be extradited in respect of offences punishable by death penalty under the law of the State requesting extradition, Minister of State for External Affairs Digvijay Singh said in a written reply.

Hence, Section 34 C of the Indian Extradition Act, 1962, will be applicable which states that "notwithstanding anything contained in any other law for the timebeing in force, where a fugitive criminal, who has committed an extradition offence punishable with death in India, is surrendered or returned by a foreign State on the request of the Central government.

"And the laws of that foreign State do not provide for the death penalty for such an offence, such fugitive criminal shall be liable for punishment for life only for that offence," the minister said.


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India denies Afghan govt refusing permission to open consulate
New Delhi,Thursday, December 12, 2002: India today denied that the Afghanistan Government had refused permission to open an Indian consulate in the eastern Afghan city of Jalalabad.

This was informed to Rajya Sabha in a written reply by Minister of State for External Affairs Digvijay Singh.

Jalalabad straddles the highway linking Afghan Capital Kabul to Pakistani frontier city of Peshawar through the famous Khyber Pass.

Replying another question, the minister said Islamabad had not reciprocated to New Delhi's tension defusing steps like redeployment of troops on the international border.

Singh said even though Pakistan took some action against some terrorist groups and arrested some low level cadres, there was no evidence of any firm action to dismantale terrorist infrastructure in Pakistan, which was supporting cross border terrorism.

As cross border infiltration and terrorist violence had not ended, the Minister said rest of diplomatic and other measures taken against Pakistan were still in place.

On number of Indian nationals detained in Pakistan, the Minister said 1292 Indian citizens including 360 fishermen and 54 missing defence personnel were believed to be in Pakistan's custody.


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33 "missing" Indians nabbed, sent back to India
Jerusalem,Thursday, December 12, 2002: Thirty three of the 39 Indians, who had suddenly "disappeared" in October while visiting Israel on an invitation from an irrigation firm, have been caught by immigration police and sent back to India, according to official sources. While six still remain "missing", these 33 persons, all of them from Andhra Pradesh, were caught and detained over a period of time from various cities in Israel during last one and half month before they were sent to India, some of them last evening, sources said.

The Indians, most of them from Nizamabad district in Andhra Pradesh, had come here in October on a 10-day visa as guests of the Netaffim Irrigation Equipment and Drip Systems Company.

Thirty nine members of the group, who had also participated in professional training workshops on irrigation sponsored by Netafim, were found "missing" from their hotel in the northern coastal city of Netanya, hours before they were supposed to leave for India in the last week of October.


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Mumbai's Wilson College looks to spruce up its image
One of the city's oldest colleges — Wilson College (established 1832), has decided to spruce up its image by 2004, in time for the bicentennary celebrations of its founder John Wilson. The college will tap its alumni for injecting much needed funds and vigour into the institution.

The alumnus association, which was revamped this February, has already started contributing in little ways towards the college. One such venture is an exhibition of postcards of Mumbai, that give an insight into the city's architecture and lifestyles over a century ago.

The four-day exhibition was inaugurated on Wednesday morning by two nonagenarian ex-students G L Rajadhyaksha and Manek Pavri. The exhibition was compiled by another former Wilsonian, Rajan Jayakar, vice president of the Asiatic Society of Bombay.


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Last rites of Nani Palkhivala performed
The last rites of eminent jurist Nani Palkhivalla, who passed away last evening, were performed in a simple and solemn function at Albless Bungli in south-Mumbai early this morning.

The Payadast rituals began at 7.40 am with the Dastoors or Parsi priest reciting prayers from the Gathas and chanting verses from the holy scriptures.

The mourners, who turned up in pristine white apparel, stood in silence as the body of the 82-year-old economist was carried by the khandiyas in a simple ceremony led by the Parsi high priests.

The mortal remains of the famous economist was subsequently carried up to the Tower of Silence, where it was consigned to birds as per the Parsi tradition.

Among those who attended the funeral included, industrialists Ratan Tata, Simone Tata, Adi Godrej, eminent lawyer P R Vakil and politician Bakul Patel.

According to family sources, the Uthamman ceremony, where the family would interact with well wishers and hold prayers together, would be held tomorrow. A concluding prayer service would be held on December 14 to mark the departure of the soul from its earthly abode.
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No privatisation of BSNL, MTNL: Govt
New Delhi,Thursday, December 12, 2002: Government today told the Rajya Sabha that Bharat Sanchar Nigam Limited and Mahanagar Telephone Nigam Limited would not be privatised in the near future. "In the near future, BSNL and MTNL would not be given to the private sector," Communication Minister Pramod Mahajan said during Question Hour.

In reply to the main question, he said BSNL and VSNL have signed an agreement over sharing of revenue in International Long Distance service on 18th November, 2002.

This agreement provides for sharing of revenue from international long distance tariffs based on distance and volume from August 1, 2002 to March 31, 2003.


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Shourie declines comment on barring Indian cos from HPCL bids
New Delhi,Thursday, December 12, 2002: Disinvestment Minister Arun Shourie today declined to comment on reports that Indian companies would be kept out of bidding in the disinvestment process relating to oil PSUs. "I will not comment on anything... Parliament session is on," he told reporters when asked about reports that government proposed to keep Indian companies, both in public and private sector out of the race for acquiring HPCL, which was listed for divestment through a strategic sale route.

When asked about the reported decision taken as part of compromise formula to break the deadlock over the disinvestment in the two oil PSUs, Disinvestment Secretary Pradeep Baijal said he was not aware of it.

In a bid to overcome the stalemate on the issue, an informal meeting of senior Cabinet ministers called by Prime Minister Atal Bihari Vajpayee on December five took a unanimous view.

Subsequently, Shourie had made a statement in Parliament on December nine to announce the government decision to divest in HPCL through sale of equity to a strategic partner and sell shares to public in case of BPCL.

Immediately after this, Petroleum Minister Ram Naik had gone on record that his ministry would consider proposals from PSUs like ONGC and GAIL to bid for HPCL and if necessary take permission from the Cabinet Committee on Disinvestment.


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India cannot strengthen SAARC alone: Singh
New Delhi,Thursday, December 12, 2002: India today said it alone could not strengthen the South Asian Association for Regional Cooperation and other member countries would have to fulfil their assurances to strengthen the group. "Strengthening of SAARC is our top priority but it is not possible to do it alone and we require other member countries' cooperation," Minister of State for External Affairs Digvijay Singh said during Question Hour in Rajya Sabha.

Without naming Pakistan, Singh said some member-nations are not fulfilling their assurances in economic and other fields to strengthen SAARC.

In reply to another query, the Minister said it was true that Prime Minister Atal Bihari Vajpayee had chosen to skip Diwali celebrations in the country and attended the Indo-ASEAN meeting in Kuala Lumpur to forge greater ties in the region.

He said the declaration brought out after the meeting called for cooperation in fighting terrorism besides strengthening economic ties.

The next Indo-ASEAN meeting will be held in Bali in Indonesia in October 2003, the Minister said.


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Strong recovery in manufacturing lifts IIP to 6.2 pc in Oct
New Delhi,Thursday, December 12, 2002: Led by strong recovery in the manufacturing sector, industrial production rose by 6.2 per cent in October as against a dismal 3.2 per cent registered in the same month last year. The manufacturing sector, accounting for more than three-fourth of the weightage in the Index of Industrial Production (IIP), registered a growth of 6.4 per cent in October, 2002 over 3.5 per cent in the corresponding month last year.

According to Quick Estimates of IIP released by Central Statistical Organisation (CSO), the cumulative industrial growth during April-October period stood at 5.5 per cent compared to 2.5 per cent in the same period in 2001.

The manufacturing sector registered a cumulative growth of 5.6 per cent in April-October period over 2.7 per cent growth in the same period last year.

According to the data, virtually all the sectors, except for consumer durables and consumer goods, contributed to the improved industrial performance in the month under consideration.

The electricity sector grew by 7.4 per cent in October, 2002 compared to negative performance of 0.2 per cent in October, 2001.

The mining sector also improved marginally to 3.8 per cent up from 3.7 per cent during the month of October, while the cumulative growth in the mining sector registered an impressive growth of 6.1 per cent as against 0.2 per cent over the comparable period of April-October.


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Rally in Infosys Tech lifts sensex by 21 pts
Mumbai,Thursday, December 12, 2002: A sharp rally in heavyweight counter Infosys Technologies lifted the sensex by another 21 points at close in an otherwise volatile activity on the Bombay Stock Exchange (BSE) today on fairly good speculative buying and fresh purchases by Foreign Institutional Investors. Attributing consistent demand in IT bellwether to cheaper share price in domestic markets than the ADR on the NASDAQ, brokers said foreign funds were continuous buyers in the counter for the past couple of days.

Speculators too were believed to have cornered good quantity of shares of the IT major, they added.

Reflecting the gains in Infosys Technologies, the BSE Benchmark 30-share Index which opened higher at 3316.84 and moved in a range of 3331.27 and 3299.48, later ended at 3324.48 as against yesterday's close of 3303.27, netting a gain of 21.21 points, extending its winning streak to third successive session.

The broad-based BSE-100 Index rose by 10.74 points to 1632.24 from previous close of 1621.50.

Among PSU stocks, Engineers India Ltd (EIL) hogged the limelight scoring impressive gains on news that the government would soon invite final price bids for EIL. CMC Ltd also were in keen demand and recorded hefty gains.

Some bank shares like ICICI Bank, Corporation Bank, HDFC Bank, Federal Bank, Bank of Baroda and some others registered good gains on buying by operators.

However, key stocks like SBI and MTNL showed marked losses on selling pressure.


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New Zealand seamers rip through Indian batting
Wellington,Thursday, December 12, 2002: New Zealand seamers ripped through the famed Indian batting line-up that collapsed like nine-pins on the opening day of the first Test with the visitors in deep trouble showing total lack of application on a seamer-friendly pitch.

Vice-captain Rahul Dravid was the sole Indian hero who bravely stood amidst the ruins with a defiant 76 as his other top-notch colleagues bungled to be skittled out for an embarrassing 161 in their first innings in just 58.5 overs.

The Indians began their campaign in the Test series on a dasastrous note after being put in to bat on a seaming Basin Reserve pitch in cold and windy conditions.

The hosts were comfortably placed at 53 for one before play was called off due to the bad light with 8.1 overs still to be bowled.

The Kiwis pace spearhead Shane Bond (3/66) and Scott Styris (3/28) were the main destructors as they capitalised on conditions favourable to them striking four crucial blows before lunch which saw India struggling at 51 for four.

Opener Mark Richardson was batting on 27 alongwith skipper Stephen Fleming on 11 with Lou Vincent (12) being the only casualty on an absorbing day of cricket.

The Indians, who have not won a Test in this part of the world for close to three decades, paid a heavy price for some indisciplined batting and never really recovered from the early jolts.


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Venkat, Jayaprakash to stand at World Cup
London,Thursday, December 12, 2002: India's S Venkataraghavan and A V Jayaprakash are among the 25 umpires chosen for the ICC Cricket World Cup in South Africa next February-March. All eight members of the Elite Panel of Umpires and five match referees including Gundappa Viswanath will be on duty throughout the tournament. They will be supported by an eleven-member team taken from ICC's International Panel of Umpires and one additional match referee, it was announced here.

The ICC umpires to stand at the World Cup are: S Venkataraghavan, Steve Bucknor, Daryl Harper, Rudi Koertzen, Dave Orchard, David Shepherd, Asoka de Silva and Russel Tiffin from the Elite Panel; Simon Taufel, Darrell Hair, Arani Jayaprakash, Neil Mallender, Peter Willey, Brent Bowden, Aleem Dar, Nadeem Ghouri, Brian Jerling, T H Wijewardena and Kevan Barbour from International Panel.

The ICC Match Referees: Gundappa Viswanath, Clive Lloyd, Ranjaugalle, Mike Procter and Wasim Raja.

Umpires chosen from other cricket boards are Ian Howell, Shahid Wadvalla (South Africa), Michael Henry (Canada), Chris Pickett (Holland), Rockie D'Mello (Kenya) and Jeff Luck (Namibia).


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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: 3324.48, +21.21

The sensex closed at 3324.48, up 21.21
Top


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Forex
 
1  U.S. $ = 48.1200 INR
1  Japanese Yen  = 0.3916 INR
1  British Pound  = 75.9526 INR
1  Canadian $ = 30.9852 INR
1  Singapore $ = 27.3456 INR
1  UAE Dirham = 13.1003 INR
1  Saudi Arabian Riyal = 13.1003 INR
1  Euro = 48.8177 INR
1  Qatar Rial = 13.2136 INR
 
Metals

 No data
Weather
Temperature : 84 F / 29 C  
HeatIndex : 85 F / 29 C 
Humidity : 48%
Dew Point : 63 F / 17 C 
Wind : NW at 8 mph / 12.9 km/h 
Wind Gust - 
Pressure : 29.94 in / 1014 hPa (Steady)
Conditions : Smoke
Visibility - 
Clouds : Scattered Clouds(SCT): 25000 ft / 7622 m 
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