Citizenship Act stir: Buses torched in Delhi; CM urges L-G to restore peace

Amidprotests against the Citizenship (Amendment) Act (CAA), which turned violent on Sunday here, Chief Minister Arvind Kejriwal has said that he has spoken to Lieutenant Governor (L-G) Anil Baijal and urged him to take all possible steps to restore normalcy and peace in the city-state.
"Spoke to Hon'ble LG and urged him to take all steps to restore normalcy and peace. We are also doing everything possible at our end. Real miscreants who caused violence should be identified and punished," Kejriwal tweeted today.
Earlier the Delhi Chief Minister urged protestors to remain peaceful, stating that any kind of violence is unacceptable.
"No one should indulge in violence. Any kind of violence is unacceptable. Protests should remain peaceful," Kejriwal had tweeted after three DTC buses were set on fire in Bharat Nagar area of the national capital.
These DTC buses were set on fire near Bharat Nagar area after demonstrations turned violent. Protestors also vandalised a fire tender that was sent to douse the fire and also injured two firemen inside the vehicle.
Damage to other buses and vehicles was also caused by the protestors. Police have, meanwhile, taken control of the situation and fire tenders have been rushed to control the damage caused in different areas.
Police also detained protesters from outside the Jamia Millia Islamia's gate number one. Earlier today, protestors including students of Jamia Milia Islamia had carried out demonstrations in Kalindi Kunj area against the citizenship legislation.

India eyes alternative markets for exporting tea meant to be shipped to Pak

Amid the ongoing tensions between India and Pakistan, and India's withdrawal of the most favoured nation (MFN) status to Pakistan, tea exporters and producers are looking at alternative markets such as the Commonwealth of Independent States (CIS) nations and West Asian countries to sell their produce.
Exporters are of the view that while direct exports to Pakistan will be nearly nil this month, and in the coming few months, alternative markets can be explored for exporting tea, which was originally meant for Pakistan. According to Vivek Goenka, chairman, Indian Tea Association (ITA), the type of tea that goes to Pakistan can be routed and sold in Egypt, Russia, Kazakhstan, Ukraine and other east European nations.

“Russia and CIS buy a wide variety of tea, ranging from top-quality orthodox to budget teas. I think the tea exported to Pakistan can be routed and absorbed there”, he said.
Usually, Pakistan buys average quality tea from India, comprising mostly of dust and fanning, priced around $1.45 a kilo. Besides, tea is also routed to Pakistan via Dubai.
An exporter from south India said there are several instances when Indian exporters bill teas to an importer in Dubai. This consignment, after reaching Dubai, is then shipped to Pakistan. Exports to the UAE, over the years, have shot up from 16.2 million kg (mkg) in 2015 to 20.9 mkg in 2018. Interestingly, during the same period, direct exports to Pakistan fell from 19.5 mkg to 15.8 mkg.
Increasing the sales volume to UAE is also an option. "However, it has its challenges. Payment terms are often complicated and realisations take time. This is why exporters from India do not prefer selling tea this way", the exporter added. Exporters are unsure how Indo-Pak relations will play up in the near term, which might affect the payments from the sales.
Another exporter from Kolkata opined that even if tensions de-escalate, Pakistan losing the MFN status would affect trade. “On the other hand, we are noticing exports to countries such as China, Bangladesh and others are going up, which is an encouraging sign,” the exporter said.

Macro data to drive stock market this week; auto stocks to remain in focus

Amid volatility ahead of February derivatives expiry, release of key monthly macroeconomic numbers is likely to drive stock market movement this week, say analysts.
"With the earnings season now over, macros will take charge. Global as well domestic factors have a higher probability of driving the Indian bourses going ahead, but uncertainty will prevail given the political scenario in the country," said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.

Market participants are eagerly waiting for the announcement of election dates, he said, adding that the government's move to infuse Rs 48,239 crore in 12 PSU banks will keep the banking sector afloat; but on the whole, the markets will continue to remain tepid.
Gross domestic product (GDP) growth rate for the fourth quarter (Q4) is scheduled to come on Thursday.
Also, announcement of PMI data for the manufacturing sector is due for Friday.
"The market will look forward to GST Council meet output scheduled on Sunday. GDP numbers, along with fiscal deficit data are due on 28th Feb. Other important data such as infrastructure output and PMI numbers are also scheduled this week," said Mustafa Nadeem, CEO, Epic Research.
We may see a rise in the underlying volatility and must be vigilant to any directional move that can be seen. With that, we also have February futures and options (F&O) expiry on Thursday, said added.
Auto stocks would also remain in focus amid announcement of sales data later in the week.
During the past week, Sensex rose 62.53 points or 0.17 per cent to close at 35,871.48 on Friday.