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[Grapevine] For 16 Jun, 2003



Title: The Mumbai Grapevine
 
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Headlines
News:
BJP-led NDA will be voted back to power in 2004 polls: Advani
UP BJP chief appeals Muslims to give up cliam on Ayodhya
Judgements on terror be made on real actions and deeds: Russia
Advani and Blair discus Indo-Pak issues and Iraq
Monsoon arrives in Mumbai
Dual citizenship Bill will become law by end of this year
Nachan booked for Mumbai Central blast
Ministerial group to meet by Jun 21 to fix MUL share price
Indian plan to make ACU a strong forum of central banks
Bangalore IT.com 2003 launched with Germany, US, UK on board
Govt ready to consider proposal for Indo-Pak hockey series
Abhinav Bindra bags bronze at Munich, secures Olympic Quota
Dhanraj appeals corporates to support Indian hockey
C'wealth winners to get their entire cash award but in parts
BCCI clears Harbhajan's trip to US for finger operation
Israel to close Mumbai consulate


Markets:
Sensex: 3336.64, -17.50




Forex, Metals and Weather below

News
BJP-led NDA will be voted back to power in 2004 polls: Advani
London,Monday, June 16, 2003: Asserting that BJP-led NDA would be voted back to power in the next year's general elections because of "good governance", Deputy Prime Minister L K Advani said Atal Bihari Vajpayee would remain the Prime Minister.

"Between 1988 and 1998, in 11 years there were as many as seven Prime Ministers. But from 1998 to 2003, there was only one Prime Minister," Advani said at a reception hosted in his honour here by the Indian High Commissioner Ronen Sen.

"In 2004, Vajpayeeji will again become the Prime Minister. This is possible because of the good governance, containment of inflation, economic stability and a burgeoning foreign exchange," he said seeking to put a lid on the leadership controversy in the BJP.

"May God give Vajpayee's leadership many more years to come," the Deputy Prime Minsiter said.


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UP BJP chief appeals Muslims to give up cliam on Ayodhya
Allahabad,Monday, June 16, 2003: Uttar Pradesh BJP President Vinay Katiyar today urged the Muslim community to forsake its claim on the disputed site in Ayodhya and hand over the land to the Hindus for construction of a Ram temple in the larger interests of communal amity.

"If the muslims can help renovate Hanumangarhi temple at Ayodhya, then they should not have any problem in handing over the disputed land there for construction of a Ram temple", he told reporters here.

Such a formula for resolving the Ayodhya issue had been agreed upon a few year ago but certain poltical forces scuttled the move, Katiyar claimed without naming the political and added efforts were on once again to break the deadlock on the issue.

Since the construction of the Ram temple at Ayodhya was a matter of sentiment for the majorty community, muslims should accept their plea by forsaking their claim over the Babri mosque site, katiyar, who was here in convection with his 'jag jagran yatra', said.

He said it was his personal view as well as his party's thinking that a Ram temple should be constructed at Ayodhya while ensuring communal amity.


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Judgements on terror be made on real actions and deeds: Russia
New Delhi,Monday, June 16, 2003: Sharing India's concerns on cross-border terrorism from Pakistan, Russia today made it clear that it would go by "real actions and deeds" and not make assessments based on statements emanating from Islamabad.

"All judgements regarding questions of terrorism and other matters have to be made not upon just statements but upon real actions and deeds," visiting Russian Foreign Minister Igor Ivanov said at a joint press conference with his Indian counterpart Yashwant Sinha.

He was asked about Pakistan President Pervez Musharraf's recent remarks in which he has not ruled out another Kargil type intrusion, raising suspicions of his sincerity to honour commitments made to the international community on ending cross-border terrorism.

Observing that Pakistan was "well aware" of Russia's position, he said this had been reiterated during the visit of Musharraf to Moscow as also during his talks with Pakistani leaders in Islamabad on Sunday.

He went on to add that "we know that the leadership of Pakistan has undertaken some steps against terrorists and their organisations. We hope this work will be continued".

Sinha said the two sides agreed that the menace of international terrorism has to be fought by the international community collectively.

The situation in the region was discussed and it was agreed that "it is imperative for Pakistan to seize the opportunity and stop cross-border terrorism and dismantle the infrastructure supporting terrorism so that progress can be achieved on the latest peace initiative of Prime Minister Atal Bihari Vajpayee", he said.


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Advani and Blair discus Indo-Pak issues and Iraq
London,Monday, June 16, 2003: India's "problems" with Pakistan and the contribution of Indian troops for peace-keeping purpose in Iraq figured prominently in the talks Deputy Prime Minister L K Advani had with British Premier Tony Blair here today.

"It has been a very good meeting with the Prime Minister. We have discussed several issues including Iraq and our problems with our neighbour Pakistan," Advani told reporters after the 50-minute parleys with Blair.

In a rare gesture reflecting growing Indo-British ties, Blair came out to warmly receive Advani at the door steps of the 10, Downing Street and again came out to see the Indian leader off after the discussions covering bilateral and international issues.

"It's good to see you here," Blair told Advani with a warm handshake and a broad smile in the bright sunshine as photographers clicked the two leaders exchanging pleasantries at the doorstep.

"I would like to express my satisfaction at the manner I was received by the Prime Minister," Advani said.

Asked whether the long-delayed 1 billion pounds worth Advanced Jet Trainer Hawk deal figured in the discussion, the Deputy Prime Minister said: "It didn't come up. It may come up later."

Advani arrived here yesterday on a four-day visit at the invitation of the British Deputy prime Minister John Prescott. He is scheduled to have meetings with Home Secretary David Blunkett, Prescott and Foreign Secretary Jack Straw during his stay here.


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Monsoon arrives in Mumbai
After a six-day delay the south-west Monsoon has set in this commercial capital and its suburban areas on Monday to bring cheers to Mumbaikars.

The normal date of advance of the annual rainfall in Mumbai is June 10. This year it has been delayed by six days because the south-west showers had hit the Kerala coast a bit late.

Regional Meteorological Centre's director Thakur Prasad confirmed that the south-west Monsoon has set in this commercial capital and its suburban city on Monday and by noon it crossed Dahanu.


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Dual citizenship Bill will become law by end of this year
London,Monday, June 16, 2003: The Dual Citizenship Bill currently before the Standing Committee of Parliament will become a law by the end of this year, Deputy Prime Minister L K Advani said here on Sunday night.

Replying to a largely-attended reception in his honour hosted by the Indian High Commissioner Ronen Sen at the Queen Elizabeth II Conference Centre here, Advani said he had the privilege to pilot the Bill in the Lok Sabha.

"It has been referred to the Standing Committee. After 2 to three months, it will come back to Parliament and before this year end the bill will become law," he said.

The reception was attended among others by Lord Swraj Paul, Ambassador for Overseas British Business, Lord Navnit Dholakia, President of the Liberal Democrats, Piara Singh Khabra, Lord King and film producer Shekhar Kapur.

Referring to his week-long visit to the US at the invitation of American Vice President Dick Cheney, Advani said during his visit to Washington, Los Angeles, Chicago and New York, he met a large number of NRIs and found that the NRIs were concerned about progress and developments in India.

He said there was vast potential for India's growth but what was lacking was a "proper work culture."

Prior to independence, he said politics was not a profession. "It was a mission. People like Pandit Jawaharlal Nehru and Lokmanya Tilak gave up lucrative practices to join the freedom movement.


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Nachan booked for Mumbai Central blast
In a fresh development in Mumbai Central bomb blast, police today arrested suspected SIMI activist Saquib Nachan under POTA for his alleged complicity in the explosion that injured 25 persons.

He was produced before a special court which remanded him to police custody till June 23.

Nachan is the first accused to be arrested in this case. Other wanted accused is Yusuf Shaikh alias Nasir alias Tahir Ansari. The blast occurred on December six last year at McDonald's stall on Mumbai Central suburban railway station.

In a related develoment, Nachan was also remanded in Vile Parle bomb blast case to judicial custody till June 30.

Nachan is prime accused in cases of bomb blasts at Vile Parle, Ghatkopar, Mumbai Central and Mulund.
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Ministerial group to meet by Jun 21 to fix MUL share price
New Delhi,Monday, June 16, 2003: Government is likely to decide on the selling price of shares in the joint venture car company Maruti Udyog (MUL) by June 21, two days after the bids for the public offer close.

The prices on the basis of bids received through the book building process for divestment of 25 per cent government equity will be finalised by the Group of Ministers on Disinvestment, sources associated with the MUL IPO process said.

The GOM is likely to meet the very next day of the closure of the public issue on June 19 to consider the recommendations made by the advisors for the issue in tandem with the Disinvestment Ministry to firm up the selling price for 72 mn IPO, where the government had a green shoe option to offload upto another 10 per cent of the issue.

The group, comprising Ministers of Finance, Heavy Industries, Power and Disinvestment, for finalisation of prices of PSU shares for disinvestment through public offering route, has been in existence even before the National Democratic Alliance led by PM A B Vajpayee came to power.

Once the price has been finalised on the basis of the bids of qualified institutional buyers, high networth investors and retail investors, the bids above it would be considered for allotment of shares, sources clarified.

This means that if an individual bidder quoted a price of say Rs 150 for the shares and the final offer is settled at Rs 130, then the investors would be offered shares at the latter price, they said. Therefore, majority of the retail investors were bidding at "cut-off point" instead of quoting any price, they said.


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Indian plan to make ACU a strong forum of central banks
Bangalore,Monday, June 16, 2003: India today proposed making the Asian Clearing Union a strong non-political forum of central banks, to discuss issues of economic co-operation among its members and called for expanding its membership.

Addressing ACU members here, Reserve Bank of India Governor Bimal Jalan said it was also necessary to make the ACU mechanism more efficient "in the first instance" and enhance the volume of trade routed through the arrangement.

The union could become a strong and non-political forum within the ACU mechanism on the one hand and other areas like exchange rate management and foreign exchange reserve management to evolve appropriate approaches to resolve technical issues on the other, Jalan said.

Being held in India after a seven-year gap, the 32nd annual meeting of ACU was attended by Governors of central banks from Pakistan, Bangladesh, Bhutan, India, Sri Lanka, Myanmar and Nepal, besides two senior level officials from Thailand. Iran was represented by its vice-governor Dr Mohammad Jafar Mojarrad.

Formed in 1975, ACU has proved to be a strong regional arrangement benefitting its members by optimising the use of their foreign exchange resources, clocking a turnover of USD seven billion in 2002, up from 51.4 million USD in the first year of the group's operations.

India plays a key role in ACU, topping the turnover table year after year, its share in the volume of transactions being 40 per cent.

Highlighting the need for expanding the ACU membership, Jalan said besides Maldives, the possibility of bringing in Thailand, China, Malaysia and Tajiskistan, Uzbekistan and others should be explored.

Jalan drew the attention of ACU members to the recommendation of a technical committee that administrative bottlenecks had to be removed to make the ACU mechanism popular, as they had been hampering the progress of use of the mechanism to some extent.


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Bangalore IT.com 2003 launched with Germany, US, UK on board
Bangalore,Monday, June 16, 2003: Bangalore IT.com 2003, an annual event being promoted as Asia's premier ICT meet, was launched today with nations like the US, the UK and Germany already on board.

"The presence of foreign countries is doubling in a big way", Karnataka Information Technology Secretary, Vivek Kulkarni told reporters here, ahead of the formal launch by Union IT Minister Arun Shourie this evening.

The five-day event starts on the sprawling palace grounds here from November one. The US, the UK, Germany, Hong Kong and Belgium had already confirmed participation, officials said.

Also already on board are companies such as Infosys, TCS, Canon, BSNL and Rolta, they said.

A total of 264 companies from 16 countries participated in the fifth edition last year, according to officials of the organisers, Karnataka Government and Software Technology Parks of India.

Small and Medium enterprises (SMEs) would be among the ones on focus this year, Kulkarni said, adding, small companies would be housed next to the IT nations pavilion so that they get a good opportunity to explore business tie-ups.

He said a day would be devoted for interaction between international, national and local regulators and industry players, where issues of mutual interest would be discussed. There would also be an outsourcing summit, where industry experts would share perspective of the international market, especially the US.


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Govt ready to consider proposal for Indo-Pak hockey series
New Delhi,Monday, June 16, 2003: India today said it had no reservation in playing hockey series against Pakistan but gave no indication about the possible resumption of cricketing ties.

"We are playing against Pakistan in different hockey tournaments. As far as bilateral series is concerned, we have not received any proposal from the Indian Hockey Federation in this regard," Sports Minister Vikram Verma told reporters here on the sidelines of a meeting with members of the Indian hockey team who had recently returned from a successful campaign in Australia.

"We will certainly consider if at all we get any proposal from the IHF," he said.

The last bilateral series between the arch-rivals was held four years back in 1999 when Pakistan toured India for a four-match series. India also reciprocated by playing five Test matches in Pakistan the same year.

Both the teams have, however, clashed in several multi-nation tournaments in the last four years with the latest being the double-leg hockey tournament in Australia where they played against each other twice.

With Pakistan planning to invite India for participation in a nine-nation hockey tournament to be held in Lahore in December, the Centre is likely to give the nod to the team to tour Pakistan.

"I am not aware of any such invitation. But we are playing against them in almost all other sports. So if we get any such request we will see what can be done," Verma said.

Verma refused to comment on cricket ties saying he just wanted to talk about hockey.


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Abhinav Bindra bags bronze at Munich, secures Olympic Quota
Chandigarh,Monday, June 16, 2003: Ace shooter Abhinav Bindra has secured a berth in the Athens Olympics by winning the bronze medal in the fiercely competitive World Cup in Munich in the men's 10m Rifle event.

Bindra shot a brilliant score of 596 on Sunday to enter the final amidst a strong field of 211 top shooters from around the world.

In the final, he shot an impressive 103.9 thus ending with a tally of 699.9, narrowly missing the silver, a press release said here today.

USA got gold while Russia finished second in the event.

Having seventh position going into the final, Bindra displayed exceptional skill to finish third, thus becoming the first Indian to secure a berth in the men's individual event for 2004 Athens Olympics.

"His dream has always been to win an Olympic gold and he has been working hard for that," Abhinav's father A S Bindra said.

India has already secured a berth in an individual in the women's category through Anjali Ved Pathak Bhagwat.


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Dhanraj appeals corporates to support Indian hockey
New Delhi,Monday, June 16, 2003: Indian hockey captain Dhanraj Pillay today made a fervent appeal to corporate houses to come forward to the aid of the cash-strapped national team as the side geared up preparations for next year's Olympics in Athens.

With Castrol withdrawing its sponsorship as a cost- cutting measure just before the team's departure to Australia last month to play a double-leg tournament, the side is without any sponsor.

"We do need a sponsor and the multinational companies should extend their assistance to the team immediately as we have many imporatant assignments coming ahead," Pillay said here today.

Coach Rajinder Singh echoed Pillay's sentiments but said it was upto the Indian Hockey Federation to do the talking regarding sponsors.

"My job is to look after the players' performance on the field. It is the IHF who takes decision on such matters. But hopefully thigs will sort out soon and we will have some sponsors," he said.

Though the IHF president K P S Gill has alrady made it clear that talks were on with corporate houses, IHF sources said that "negotiations are at an advance stage and we will come up with some concrete decision within a few days."

Gill denied that the development will have any negative bearing on the Indian team's preparation for the Athens Olympics next year.

"Our preparations will not be affected. We already have some funds lined up," he said.


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C'wealth winners to get their entire cash award but in parts
The athletes who did the country proud at the Manchester Commonwealth Games last year would finally get the cash rewards promised by the Government -- but only a fraction of it. For the remaining amount they would have to wait for another two months.

Sports Minister Vikram Verma today assured the medal winners that they would get the full amount as promised to them by the Government but due to lack of funds it would be handed over to them in two instalments.

Impressed by India's best-ever performance at the Commonwealth Games, where the country bagged 69 medals, the then Sports Minister Uma Bharti had announced an exponential increase in the cash rewards for medal winners -- a gold medal fetching Rs two million instead of Rs 500,000 a silver getting Rs 1.5 mn in place of Rs 300,000 and a bronze medal getting Rs one million instead of Rs 200,000.

However, the Government later realised that it did not have sufficient funds to keep its promise as the rewards added up to Rs 130 mn while the Finance Ministry had alloted only Rs nine crore for the Incentive Awards Scheme.

Varma said under the first instalment to be distributed before the end of this month, the medal winners would be rewarded under the original scheme -- Rs 500,000 for gold, Rs 300,000 for silver and Rs 200,000 for bronze.

The rest of the money would be give in the month of August.

"We will be hosting a function in August where the medal winners will be felicitated and they will be given their due amounts," Verma told reporters today.
Top

BCCI clears Harbhajan's trip to US for finger operation
The Cricket Board (BCCI) today cleared off-spinner Harbhajan Singh's trip to the US where he will undergo an operation on his right hand finger at Sinai Hospital in Baltimore by orthopaedic surgeon Dr Dror Paley.

The Board has given Harbhajan the green signal to go ahead with the operation and now it is upto him to decide how soon he wanted to get back to full fitness, a BCCI source said here today.

The offie, who is considered an asset for the national side especially after he demolished the Aussies on Indian soil a couple of years ago, underwent an MRI Scan and X-Rays at the Leelavati Hospital in Mumbai on Saturday under the supervision of board's doctor Dr Anant Joshi and finger surgeon Sudhir Warrier's.

Both doctors recommended that Harbhajan be sent to Sinai Hospital for the operation as the doctors over there had done a fine job on Sachin Tendulkar's injured finger recently.

Harbhajan had injured his finger during the New Zealand tour earlier this year and like Tendulkar, he too had played in the February-March World Cup in South Africa with an injured finger
Top

Israel to close Mumbai consulate
Jerusalem: Israel is considering to close its consulate in Mumbai due to economic recession, a Foreign ministry official said here today.

''It is in the list of 20 missions under consideration following announcement of government austerity measures and cuts in budgetary allocation of the ministry,'' the official said but did not specify a time frame.

Israel is facing its worst economic recession with dwindling foreign investment and a crippled tourism industry due to the outbreak of violence.
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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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Sensex: 3336.64, -17.50

The sensex closed at 3336.64, down 17.50
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Forex
 
1  U.S. $ = 46.6100 INR
1  Japanese Yen  = 0.3961 INR
1  British Pound  = 78.5751 INR
1  Canadian $ = 34.9584 INR
1  Singapore $ = 26.9749 INR
1  UAE Dirham = 12.6899 INR
1  Saudi Arabian Riyal = 12.4277 INR
1  Euro = 55.3447 INR
1  Qatar Rial = 12.8046 INR
 
Metals
 
Weather
Temperature : 79 F / 26 C  
Humidity : 83%
Dew Point : 73 F / 23 C 
Wind : SSW at 7 mph / 11.3 km/h 
Wind Gust - 
Pressure : N/A in / - 
Conditions : Haze 
Visibility - 
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