Mumbai: According to quick estimates by economy analysts at various chambers of commerce in the country, last week's torrential rains and floods in several parts of Maharastra, particularly Mumbai and its adjoining industrial belts of Bhiwandi and Kalyan, have caused financial losses in excess of Rs4350 crore ($1 billion) and expected to rise when accurate data is made available.

According to the Federation of Indian Chambers of Commerce and Industry (FICCI), "The collective financial loss is estimated at anywhere up to $1 billion. Mumbai alone lost business income of about Rs450 crores ($103 million) and the death toll rose to 891 since floods hit the city," as heavy rains once again lashed the city today.

FICCI said a clearer picture would emerge later this week and insurers were bracing to receive a large number of claims. Insurance companies indicated claims were likely to be made in four areas. Motor insurance claims were expected to top the list. Claims were also expected from shops and establishments.

"With no let up in the monsoon`s fury, rail, road and air links have been totally snapped following the collapse of these services because of rains," said Mahendra K. Sanghi, president of Associated Chambers of Commerce and Industry.

He said manufacturing activity in Bombay and Pune have come to a standstill.

"The death toll may rise while the disaster could cost $1 billion," said senior government officials engaged in rehabilitation works.

The rains in Bombay and other parts of western Maharashtra affected Indian blue chips such as Reliance Industries and Bombay Dyeing. Reliance had to shut its plants at Patalganga western Maharashtra. Bhiwandi's power-loom sector were among the worst affected as most units were uninsured.

FICCI expressed the hope that restoration work would be mounted on a war footing so trade between the affected region and other parts of the country could be restored and losses minimised.

All major commodity markets, including bullion, oils, metals, sugar and grains remained closed due to the rains. The foreign exchange market was also closed.

Mumbai's call centr BPOs, which employ areound 140,000 people managed to continue operations through most of the period as the staff had stayed back at their work places. The torrential rain could have adversely affected the country's business continuity but for the alternative data back-up centres set up by financial organisations in other parts of the country, particularly Bangalore.

"The database centres in other parts of country protected over Rs10,000 crore ($2.3 billion) of business, said Srinivas Pothapragada, a senior official with a Bangalore-based data centre.

Several companies like ICICI OneSource, which have multi-centre operations, migrated theior processes out of Mumbai to other centres like Bangalore.

Fresh rains have thrown the city`s suburban railway service out of gear once again, while air traffic has once again been cancelled due to poor visibility. "Heavy rains in catchment areas saw water levels rise in dams close to overflowing," Ajit Pawar Maharashtra's water resources minister said.

The state government has extended the public holiday for educational institutions after warnings of heavy rainfall. Attendance in banks and offices was affected as people stayed home.

Bombay had registered a record high of 949 millimeters of rainfall on July 26 that forced the closing of the stock market, banks, offices, schools and other institutions for virtually the entire week.