Ah, alright.
That was quite a stupid qeustion, i should've known better.
What exactly would that do and why if i may ask?
well if there is no +ve feed back to the input the
transistor just wont oscillate.
now at the frequency of resonance given by the value
of the coil in (H) and the Value of the capacitance at the
collector+stay (C) to any one of the supply rail.
where by F= 1/{2pi*sq root(L*C)}=frequency of oscillation.
the voltage wave form will
be large sin wave and depends on the Q of the circuit. (that's if there is not too much feed back)
you will notice that the emitter of the transistor is not decoupled, so the internal
capacitance of the transistor Cce+stray+c5 will cause some of the collector ac voltage to be fed back to the emitter, so consider under this condition that the transistor is working in common base, thus causing the circuit to oscillate at the resonance frequency.
the modulation applied to the base changes
the capacitance at the collector of the transistor
which then changes the frequency, which then gives the FM modulation, you will also get some AM modulation.