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[Grapevine] For 12 Jun, 2003



Title: The Mumbai Grapevine
The Mumbai Grapevine Connecting Mumbaikars with Mumbai
(Published by Mumbai-Central.com)
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Headlines
News:
Ramjanambhoomi leader hospitalised; condition 'stable'
Two burnt alive in Ranbaxy fire
Pre-monsoon rains cool Mumbai
Pakistan epicentre of international terrorism: Advani
Vajpayee to visit China from June 22 to 27
Indian criminal justice system on verge of collapse: Sorbajee
Secularism does not mean anti-religion: Advani
Industry grows by 4.9 per cent in April 2003-04 fiscal
Centre ups pressure on states to meet power addition target
Petro product sale falls 6.5 pc in April-May
Indo-Pak cricket back in cold storage
Gavaskar, Venkat give consent to ICPA membership
AICF needs to change marketing strategy: Anand


Markets:
Sensex: 3337.30, +22.70
Maruti IPO hits market




Forex, Metals and Weather below

News
Ramjanambhoomi leader hospitalised; condition 'stable'
Faizabad,Thursday, June 12, 2003: Ramjanambhoomi Nyas President Mahant Paramhans Ramchander Dass was today admitted to a hospital here after he suffered a massive heart attack and his condition was stated to be "critical".

"Dass is being kept in the Intensive Care Unit. His condition is critical. Doctors attending on him are discussing the possibility of shifting him to Lucknow," O P Pathak, Chief Medical Officer of Faizabad District Hospital, said here.

Dass, who is in his 90s and has been spearheading the Ramjanambhoomi movement, suffered the heart attack around 0730 hours at his Digambari Akhara in the temple town of Ayodhya, VHP Senior Vice President Acharya Giriraj Kishore told PTI in Delhi.

"His condition is very serious," Kishore said.

VHP supremo Ashok Singhal, who is in Lucknow, has rushed to Faizabad on hearing the news about Dass, Kishore said.

Dass had kept the nation on the tenterhooks during the 'Shiladan' programme at Ayodhya in March 2002 in support of the construction of the Ram temple at the dispute site.

Dass often said his sole aim is to see the Ram temple built during his life-time.

He was the target of a militant attack last year.

Mahant is being brought to Lucknow by a special government plane, sources told PTI here.

The special plane carrying a team of doctors has left for Faizabad from Lucknow, the sources said, adding the Mahant is likely to be admitted to the Sanjay Gandhi PGI.


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Two burnt alive in Ranbaxy fire
Mohali,Thursday, June 12, 2003: Two persons were charred to death and 25 others injured, two of them seriously, in a major fire at the factory of pharmaceutical major Ranbaxy here Wednesday night.

Rescue teams recovered two "skeletons" from the spot this morning, police said today.

Doctors said two of the injured were in critical condition.

A factory spokesman said a team comprising the Labour Commissioner, the Deputy Director, Additional Director and Joint Director of Industries were investigating the incident.

A series of explosions ripped through the production unit of the factory at 2235 hours Wednesday night setting off the fire. Nearly 150 people were on night shift in the factory premises when the mishap took place.

Twenty fire tenders from Ludhiana, Ropar, Chandigarh and nearby areas were pressed into service to control the blaze which was put out shortly after midnight.


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Pre-monsoon rains cool Mumbai
The metropolis has got a much needed respite from the sweltering heat with light to moderate showers for the second consecutive day today in the run-up to the onset of monsoon in earnest around June 15.

Sharp showers since Tuesday night here are a prelude to the definite advent of monsoon which brings in its wake heavy rains every year, at times paralysing normal life.

Colaba in south Mumbai recorded 12.6 mm of rainfall between 2000 hrs last night till 0830 hrs this morning, while Santa Cruz registered a rainfall of 1.4 mm during the same period, according to weather bureau sources here.

Moderate rains accompanied by lightning and thunderstorms are likely to occur in the metropolis in the next 24 hours, while maximum temperate will hover around 33 degrees celsius, the sources said.

The monsoon has already set over Goa and is expected to hit the metropolis and rest of Maharashtra around June 15, met experts informed.

Meanwhile, local trains were delayed by 10 to 15 minutes on the central railway due to rains.
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Pakistan epicentre of international terrorism: Advani
Los Angeles,Thursday, June 12, 2003: Declaring that the epicentre of international terrorism lay in Pakistan, Deputy Prime Minister L K Advani has said a strategic relationship between India and US is as an "important component" to fight Jihadi terrorism which is a threat to the security of the two countries.

"The epicentre of international terrorism lies in India's immediate neighbourhood. It gives me no joy in pointing fingers, but the involvement of Pakistan can no longer be ignored," Advani said at the World Affairs Council here Wednesday.

Advani said that India and the United States have to work in active partnership to defeat the menace of terrorism fuelled by religious extremism.

"I would say that this is an important component in the strategic relationship between our two countries, because jihadi terrorism is a threat not only to the security of our two countries, but to peace and tranquility around the world," he said.

Pointing out that India had been a victim of terrorism for more than two decades, Advani said that the sponsors and instigators of this menace hailed from the same common pool that also provides (support to) the terrorists that have been active against the United States.

He said India was determined to see that the scourge of terrorism is decimated, and urged Pakistan to "heed the voices of sanity and give up its futile path of confrontation with India".


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Vajpayee to visit China from June 22 to 27
Beijing,Thursday, June 12, 2003: Prime Minister Atal Bihari Vajpayee would visit China from June 22 to 27 to hold in-depth talks with Chinese leaders on bilateral, regional and international issues of common concern, the Chinese foreign ministry announced here today.

Vajpayee would visit China at the invitation of his Chinese counterpart, Wen Jiabao, spokesman of the Chinese foreign ministry, Kong Quan said.

Announcing the visit at a regular ministry briefing, Kong said Vajpayee would be in China from June 22 to June 27 and will have high-level talks with the Chinese leadership on bilateral ties, regional and international issues of common interest.

Vajpayee would be the first Indian Prime Minister to visit China since former Prime Minister P V Narasimha Rao visited China in 1993. Vajpayee was here last in 1979 when he was foreign minister.

Diplomatic sources said a range of bilateral agreements that are expected to be signed during the visit.

Vajpayee would be one of the top foreign dignitary to visit China, the worst-hit nation by the outbreak of Severe Acute Respiratory Syndrome (SARS). However, the SARS situation in China has improved dramatically in the last 10 days with practically zero reporting of new cases.

Apart from Beijing, Vajpayee would travel to Shanghai, China's largest city as well as the gleaming industrial and commercial hub. He would also visit the buddhist city of Luoyang in central China's Henan province.


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Indian criminal justice system on verge of collapse: Sorbajee
London,Thursday, June 12, 2003: Criminal justice system in India is on the verge of collapse owing to inordinate delay in getting judicial verdict and many a potential litigant seem to take recourse to a parallel mafia dominated system of 'justice' that has sprung up in Metros like Mumbai, Soli J Sorabjee, Attorney General of India has said.

"Hamlet's lament about the laws delays still haunts us in India and the horrendous arrears of cases in courts is a disgraceful blot on our legal system, especially the criminal justice delivery system," the Attorney General said while delivering a talk on 'Fundamental Rights in the Indian Constitution: Rhetoric or Reality?' at the Nehru Centre here Wednesday night.

Prof Jeffrey Jowell, QC (Queen's Counsel), Professor of Public Law, University College of London, who presided, described Soli Sorabjee as one of the greatest lawyers.

Striking an alarm bell, Sorabjee said: "Criminal justice system is on the verge of collapse. Because justice is not dispensed speedily, people have come to believe that there is no such thing as justice in Courts.

"This perception has caused many a potential litigant who has been wronged to settle out of court on terms which are unfair to him or to secure justice by taking the law into his own hands or by recourse to a parallel mafia dominated system of 'justice' that has sprung up in Metropolitan centres like Mumbai.

"The gravity of this development cannot be underestimated. Justice delayed will not only be justice denied, it will be the Rule of Law destroyed," he said.


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Secularism does not mean anti-religion: Advani
Los Angeles,Thursday, June 12, 2003: Asserting that theocracy is alien to Indian culture, history and the concept of polity, Deputy Prime Minister L K Advani today said India will remain a secular state and that did not mean an irreligious one.

Addressing a reception hosted by the Indian immigrant community, Advani said at the time of partition when Pakistan chose to become a theocratic state, India too could have gone down the theocratic path and the world would have understood. However, that would have gone against Indian culture, tradition and Indian values, he told the audience of some 800 people, who gave him standing ovation.

"Theocracy is alien to Indian culture, history and our concept of polity.

Advani also rejected what he described as "pseudo secularism."

"Secularism doesn't mean being against religion. Religion is an ennobling concept," said Advani, who spoke primarily in Hindi, much to the delight of the audience.

"Secularism does not mean minority. It means sab ka bhala (everyone's welfare), sabki samanta (everybody is equal) sabka adar (respect for everybody) aur sabko avsar (equal opportunities for all)," he told the audience that lapped up every word of his speech which was peppered with humour.

Yesteryears dream girl Hema Malini was the surprise guest at the reception jointly hosted by 72 Indian organisations. Malini presented a bouquet to Advani, who complimented Hindi films and Indian actors, such as Hema Malini, for spreading Hindi among the younger generation of overseas Indians.


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Industry grows by 4.9 per cent in April 2003-04 fiscal
New Delhi,Thursday, June 12, 2003: Riding on a high growth in the manufacturing sector, industrial production continued its upward trend, rising by 4.9 per cent during April this year as against 4.1 per cent during the same period of 2002.

According to the Quick Estimates of Index for Industrial Production, the Mining sector also contributed to the industrial growth, up by 8.3 per cent during the period.

The sector registered a turnaround after growing at a megre 3.6 per cent during April, 2002.

The Mining sector grew at a rate of 5.7 per cent during the 2002-03 financial year.


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Centre ups pressure on states to meet power addition target
New Delhi,Thursday, June 12, 2003: Having added just seven per cent of the targeted power generation capacity in the 10th plan, the Centre has stepped up pressure on the central PSUs and the states saying that work must commence on all the projects if the target is to be achieved.

"We are in the second year of the 10th Five Year Plan. I request the state governments to try to achieve their target of adding 11,000 MW by 2007. The projects, which have not yet taken off, work must start within few months," Union Power Minister Anant Geete told the state power ministers here.

The Ministry of Power has convened a conference to take stock of the situation on the capacity addition front especially in the backdrop of having failed to achieve less than 50 per cent of the target in the Ninth Five Year Plan.

"I know the financial health of almost all state electricity boards and this is really a matter of concern. The Ministry of Power has taken various initiatives in the recent past to improve SEBs' financial position. I hope all states make use of schemes like Accelerated Power Development and Reform Programme (APDRP) aimed at reducing the Transmission and Distribution losses," the minister said.

The new Electricity Act 2003 has also come into force, which has provision for handling of distribution business by the Non-Government Organisations, Cooperative Societies and panchayats among others, Geete said, adding that this would bring in a positive change in the scenario.

On the availability of funds, Geete said the Rural Electrification Corporation (REC), which till recently was providing funds only for the purpose of rural areas, would start providing funds for the generation projects along with Power Finance Corporation (PFC).


Top

Petro product sale falls 6.5 pc in April-May
New Delhi,Thursday, June 12, 2003: Mirroring industrial slowdown and impact of drought on economic activity, the petroleum product sales dropped by 6.5 per cent to 14.3 million tonnes in first two months of the current fiscal as opposed to 15.3 million tonnes sold in April-May 2002.

Diesel sales slid 13.4 per cent to 5.8 million tonnes as compared to 6.7 million tonnes sold a year ago, industry sources said here.

Retail petrol demand fell 4.6 per cent to 1.24 million tonnes while naphtha sales was also down 16 per cent to 0.97 million tonnes.

The only silver lining was Liquefied Petroleum Gas (LPG) which posted a handsome 8.3 per cent growth to 1.3 million tonnes in April-May this year as against 1.2 million tonnes sales in the corresponding period the previous year.

Sources attributed the drop in sales to slow industrial growth and economic activity being affected in drought-hit parts of the country.

Kerosene sales dropped by over 3 per cent to 1.54 million tonnes in first two months of 2003-04 while bitumen demand improved from 0.55 million tonnes to 0.66 million tonnes this year.

Aviation Turbine Fuel (ATF) demand was almost unchanged at 0.38 million tonnes.


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Indo-Pak cricket back in cold storage
New Delhi,Thursday, June 12, 2003: The proposal for the resumption of cricket matches between India and Pakistan has now been put back in cold storage, a senior cricket board official said today.

"After those few days of excitement, there is a general despondency in the two camps as we seem to be heading nowhere," the official said on condition of anonymity.

The last two months saw a thaw in relations, which remained frozen for a long period, and a flurry of confidence building measures by both countries at political and economic levels leading to speculation about a resumption in bilateral cricketing ties.

The positive soundbites emanating from the leaders of the two countries were quickly picked up by the two cricket boards who met at neutral venues to chalk out tentative tour plans and issued encouraging statements.

"However, things are at a complete standstill at the moment. I would even say there is no prospect of a thaw in relations in the next few months," the official said.

According to reports, the Pakistan and Indian Cricket Boards had decided to hold a token one-day international on a return basis in the two countries in September, followed by a full-fledged series in Pakistan in February 2004 after India had returned from Australia.


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Gavaskar, Venkat give consent to ICPA membership
The fledgling Indian Cricket Players' Association has got a shot in the arm with batting legend Sunil Gavaskar and spin wizard S Vankatraghavan accepting its offer to become honorary members.

Disclosing this, ICPA vice president Arun Lal told PTI here today that the organisation had sent letters to all former Indian skippers requesting them to take up honorary memberships.

"We sent them the letter and the forms before the World Cup in South Africa. Several of them are yet to receive the forms," Arun Lal said.

Visibly elated at Gavaskar's decision to join the organisation, which has been locked in a battle of attrition with the board since its formation last year, Lal said "the presence of Sunny will definitely strengthen us."

"He is one of the all-time great cricketers of our country and a respected figure. We can always turn to him for advice," he said.

Gavaskar, also the chairman of the BCCI technical committee, sent his acceptance letter along with the signed form to the ICPA's office in Delhi recently.

Venkatraghavan, who captained India in the first two editions of the World Cup in 1975 and 1979, has also sent a similar consent letter to ICPA, Lal added.
Top

AICF needs to change marketing strategy: Anand
Kolkata,Thursday, June 12, 2003: Regretting the lack of sponsorship in Indian chess, former world champion Viswanathan Anand today said that the All India Chess Federation needed to change its marketing strategy to stem the trend.

"AICF is a good and dynamic tournament organiser. But it has to improve on the marketing front and take a relook at its strategy in this regard," Anand told newspersons here.

Anand said while many of the talented youngsters in the country had personal sponsors, it was a fact that the game could have done with a 'few more serious tournaments', for which corporates needed to play a bigger role.

India's numero uno Grandmaster expressed happiness with the performance of the juniors in various age group world championships. "Be it the under-10 or under-12 or under 14, some Indians are always up in the top hierarchy. This is extremely heartening".

Naming Surya Sekhar Ganguly, Abhijit Kunte, P Harikrishna and Koneru Humpy as the most promising Indian youngsters, Anand, said he often held informal discussions with them on various nuances of the game.

"We always consult each other, mostly through e-mail. But I don't have any scheme to start an academy now. As a player I have a hectic schedule. So, it will be very diffcult to find time to run an academy," he said.
Top

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: 3337.30, +22.70

The sensex closed at 3337.30, up 22.70
Top

Maruti IPO hits market

The much-hyped mega public issue of auto leader Maruti Udyog was today oversubscribed within three hours of its opening.

The much-awaited initial public offering (IPO) from Maruti opened this morning with the government receiving offers for the sale of its equity via an IPO of Rs 830 crore.

Auto major Maruti's IPO will be the eighth largest public issue in India with a floor price of Rs 115 per equity share of Rs 5.

The IPO is being conducted through the book-building route. The offer opens on June 12 closes on June 19.

Dubbing the response as 'overwhelming and unprecedented', sources close to the disinvestment process said the allocation of shares to qualified institutional buyers, high net worth investors (those individual buyers who place orders in excess of 1000 shares) and retail investors would be decided later.

As of now the company will have to keep at least 25 per cent of shares for retail investors and a minimum of 15 per cent for high net worth investors, sources said adding that qualified institutional buyers were subjected to a ceiling of 60 per cent equity put on the block.

However, not everyone is enthusiastic about the IPO. Many fund managers are advising investors to be cautious before sinking in their money.

With a PE ratio of 14, it is much above its competitors - Telco has a PE ratio of 10 while Mahindra & Mahindra is at 9. Analysts believe the Maruti offering is overpriced.
Top

Forex
 
1  U.S. $ = 46.6300 INR
1  Japanese Yen  = 0.3964 INR
1  British Pound  = 77.9374 INR
1  Canadian $ = 34.5075 INR
1  Singapore $ = 26.8359 INR
1  UAE Dirham = 12.6953 INR
1  Saudi Arabian Riyal = 12.4333 INR
1  Euro = 54.7856 INR
1  Qatar Rial = 12.8115 INR
 
Metals

 
Weather
Temperature : 81 F / 27 C  
HeatIndex : 87 F / 31 C 
Humidity : 84%
Dew Point : 75 F / 24 C 
Wind : South at 5 mph / 8.0 km/h 
Wind Gust - 
Pressure : N/A in / - 
Conditions : Haze 
Visibility - 
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