The Hindu Business Line : Banks, stock markets to remain open in Mumbai despite rains

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Banks, stock markets to remain open in Mumbai despite rains

Our Bureau

Mumbai , July 31

THE rain-hit city of Mumbai is still out of gear. Train, bus and air services, restored partially from Friday, were disrupted again following heavy rains since last night.

The State Government has ordered closure of educational institutions in Mumbai, Thane and Raigad on Monday as a precautionary measure.

However, banks and stock markets will remain open, the State Chief Minister, Mr Vilasrao Deshmukh, told reporters on Sunday. He said he did not expect any problem in keeping the financial markets open.

The Chief Minister said the weather agency has forecast ``heavy'' to ``very heavy'' rainfall of at least 70 mm and 120 mm and above for the western coastal areas, including Mumbai city in the next 24 hours.

The unrelenting rains, according to analysts, will delay re-opening of the closed industrial units, which include those of Reliance, Bombay Dyeing and Century Textiles. Production losses could be heavy as it may take at least another week to restart their operations. Companies having warehouses in affected areas have also been hit badly.

Meanwhile, the death toll due to floods in the State rose to 891 including 418 in Mumbai.

The State Government has formed a committee of Ministers and senior bureaucrats to monitor the situation and the relief and rehabilitation in the affected areas of the State, he said.

He said power and water supply are being restored in all the affected areas. In Mumbai, where Reliance Energy Ltd provides power, has been asked to restore supply by Monday, he said.

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