Financial Daily from THE HINDU group of publications
Thursday, Jul 28, 2005
Financial Daily from THE HINDU group of publications Thursday, Jul 28, 2005 |
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Maharashtra Industry & Economy - Natural Calamities Mumbai is shut Our Bureau
NO WATERWAY: Commuters stranded at the CST railway station in Mumbai on Wednesday after a record downpour in the city. — Paul Noronha
Mumbai, July 27 MUMBAI came to a shuddering halt as heavy rains (of 90 cm) over the last 24 hours stopped rail and bus traffic, silenced mobiles and land lines, tripped power lines and destroyed middle-class and slum dwellings. Financial and banking services were paralysed, and the only thing that ticked was the Sensex with the BSE doing brisk trade. The State Government declared a two-day holiday from Wednesday; both the NSE and the BSE will be shut on Thursday. No flights could either land or take off from Tuesday evening, with water gushing into the airport and submerging the runways. Some landing equipment were also damaged. Port operations at both Jawaharlal Nehru and Mumbai ports were affected. As local train services, which form the lifeline of Mumbai, were suspended from Tuesday afternoon; office goers were forced to stay back at their work places in the night. Most restaurants in South Mumbai, where major corporate and government offices and banks are located, ran out of food on Tuesday night, forcing some offices to cook food at their premises for the stranded employees. Major corporate houses such as Reliance and Essar had made elaborate arrangements for their employees to stay back in the night. Even till 7.00 p.m. on Wednesday, there were no firm indications of resumption of train services, even as employees were preparing for their second night out. Wholesale trading in essential commodities such as sugar, edible oils, cotton, besides metal and bullion, came to a standstill. "All wholesale trading at Navi Mumbai APMC, Nerul, Panvel and Masjid Bunder, Zaveri Bazar in South Mumbai and other semi-wholesale markets have come to a halt due to the incessant rain," a representative of the Navi Mumbai Merchants Chambers said. There was heavy damage of over Rs 1 crore in essential commodities such as wheat, sugar, edible oils and pulses, while being loaded in godowns at Navi Mumbai, APMC, at commodity terminals, he said. In the retail market, prices of all essential commodities, including vegetables and milk, have soared over 25 per cent since yesterday, a leading trader said. Reliance's Patalganga unit near Mumbai had to be shut down, as it was flooded with water.
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