Financial capital in deep sea
Wednesday, 5. July 2006, 08:06:39
It was déjà vu for Mumbai, less than a year after the eminently forgettable nightmare of the July 26, 2005 deluge that left several dead and more than Rs 2,000 crore worth of business washed away. This time, back-of-the-envelope estimates made by industry put the losses in business transactions at anywhere between Rs 500 crore and Rs 1,000 crore because of the downpour.
Torrential rain lashed the country’s financial capital on Tuesday -- the fourth day in a row since Saturday—severely affecting rail, road and air services and disrupting work in the corporate and financial sectors. As Mumbai woke up to sheets of rain pouring down, fears of a repeat of the disaster of last year caused panic and confusion in the city.
The downpour severely impacted trading volumes at the stock markets, with the Bombay Stock Exchange (BSE) recording lower-than-usual turnovers. On Tuesday, the BSE barely managed to clock a turnover in excess of Rs 2,000 crore at Rs 2,058.54 crore. This is much lower than the average turnover, which is in the range of Rs 5,000-6,000 crore. Similarly, on the National Stock Exchange (NSE), the turnover was pegged at a paltry Rs 4,838.31 crore, much lower than the average Rs 9,000 crore. In fact, volumes had been rather thin on Monday, too.
Banking operations were also badly hit. Work at bank branches and ATM operations of all nationalised and private banks were affected. A spokesperson at ICICI Bank, the largest in the private sector, said operations of ATMs in the water-logged areas of the metro were hit. Work at the bank’s branches in some areas was affected due to power cuts.
Learning from the July 26 deluge, the bank branches have put disaster management practices in place. But, the executives of the head office located at the city’s financial hub, the Bandra Kurla Complex, were asked to leave early because of the water-logging in the nearby areas and on the Western Express Highway. An RBI spokesperson said trading was thin in government securities. However, the apex bank’s clearing house functioned normally.
While the stock exchanges functioned with thin volumes, trading at the Multi-Commodity Exchange (MCX), one of the two major commodity bourses which usually records a turnover of around Rs 7,000 crore, pulled down the shutters at 11.45 am.
Source : IIPM Editorial, 2006
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Torrential rain lashed the country’s financial capital on Tuesday -- the fourth day in a row since Saturday—severely affecting rail, road and air services and disrupting work in the corporate and financial sectors. As Mumbai woke up to sheets of rain pouring down, fears of a repeat of the disaster of last year caused panic and confusion in the city.
The downpour severely impacted trading volumes at the stock markets, with the Bombay Stock Exchange (BSE) recording lower-than-usual turnovers. On Tuesday, the BSE barely managed to clock a turnover in excess of Rs 2,000 crore at Rs 2,058.54 crore. This is much lower than the average turnover, which is in the range of Rs 5,000-6,000 crore. Similarly, on the National Stock Exchange (NSE), the turnover was pegged at a paltry Rs 4,838.31 crore, much lower than the average Rs 9,000 crore. In fact, volumes had been rather thin on Monday, too.
Banking operations were also badly hit. Work at bank branches and ATM operations of all nationalised and private banks were affected. A spokesperson at ICICI Bank, the largest in the private sector, said operations of ATMs in the water-logged areas of the metro were hit. Work at the bank’s branches in some areas was affected due to power cuts.
Learning from the July 26 deluge, the bank branches have put disaster management practices in place. But, the executives of the head office located at the city’s financial hub, the Bandra Kurla Complex, were asked to leave early because of the water-logging in the nearby areas and on the Western Express Highway. An RBI spokesperson said trading was thin in government securities. However, the apex bank’s clearing house functioned normally.
While the stock exchanges functioned with thin volumes, trading at the Multi-Commodity Exchange (MCX), one of the two major commodity bourses which usually records a turnover of around Rs 7,000 crore, pulled down the shutters at 11.45 am.
Source : IIPM Editorial, 2006
For More IIPM Info, Visit below...
History of IIPM ! IIPM Mission ! IIPM Curriculum ! IIPM Project Based Learning ! IIPM GOTA ! IIPM Dual Specialisation ! IIPM Faculty ! IIPM GOP !
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