BJP GETS A HOLI GIFT AS JYOTIRADITYA SCINDIA CHANGES COLOURSThe Congress Tuesday lost one of its most prominent national leaders, andappeared set to lose its government in Madhya Pradesh, too, with four-timeMP and former Union minister Jyotiraditya Scindia walking out of the partyalong with at least 22 MLAs.Scindia posted his resignation letter on Twitter minutes after meeting PrimeMinister Narendra Modi along with Union Home Minister Amit Shah Tuesdaymorning.Left deeply embarrassed by the developments, the Congress mounted adesperate bid to save face by claiming - after Scindia posted online hisresignation letter dated March 9 to party chief Sonia Gandhi - that it hadexpelled the 49-year-old, once known to have been close to the Gandhifamily, "with immediate effect" for "anti-party activities".But, with the state Budget session starting March 16, the Congress-ledgovernment in MP has now been reduced to a minority.On Monday, the strength of the state assembly stood at 228 - apart from 114Congress legislators, the state government had the support of fourIndependents, two BSP MLAs and one SP MLA; the BJP had 107 members.However, the resignations Tuesday of 22 Congress MLAs have reduced theparty's strength to 92, and the government's support to 99. It also bringsdown the majority needed in the assembly to form a government to 104, wellwithin the reach of the BJP.In his resignation letter, Scindia described his exit as "a path that hasbeen drawing itself out over the last year". Indicating his disillusionmentwith the Congress, he wrote: "While my aim and purpose remain the same as ithas always been from the very beginning, to serve the people of my state andcountry, I believe I am unable to do this anymore within this party."Among the first to welcome Scindia's decision was his aunt Yashodhara RajeScindia, a senior BJP leader and former MP minister. Describing the move as"homecoming", she said: "The way he has been welcomed by Prime MinisterNarendra Modi and (Union Home Minister) Amit Shah shows their respecttowards Rajmata (Vijaya Raje Scindia).In the end, everybody needsself-respect."Scindia is the son of the late Madhavrao Scindia, who was a prominentCongress leader, and grandson of the late Rajamata Vijayraje Scindia, whowas one of the leading faces of the BJP from its initial days. Tuesdaymarked the 75th birth anniversary of Madhavrao Scindia.

UP GOVT MAY CHALLENGE HC DECISION TO REMOVE HOARDINGS ON ANTI-CAA PROTESTERSDefying the Allahabad High Court order to remove the anti-CAA protestors'hoardings "forthwith", the Yogi Adityanath government is contemplating tochallenge the order in the Supreme Court after Holi.Speaking to a news channel, media adviser to the chief minister Shalabh ManiTripathi said: "We are examining the Allahabad High Court order. It is beingexamined to see on what basis was the order passed to remove the posters.Our experts are looking into it; The CM will take a decision accordingly."Admitting that the court was above all, Tripathi said the government islooking into options. "It is equally true that none of the people whodamaged the public property would be spared," he said.In its 14-page order, the division bench of Chief Justice Govind Mathur andJustice Ramesh Sinha observed that the action amounted to "unwarrantedinterference in privacy of people" and hence was violative of Article 21 ofthe Constitution. The court has directed the Lucknow District Magistrate andPolice Commissioner to immediately remove the hoardings and submit acompliance report with the Registrar General of the High Court by March 16.ITALY IMPOSES A NATIONWIDE LOCKDOWNOn Monday evening, Italy imposed nationwide travel restrictions and a ban onpublic gatherings, becoming the first European country to do so to stem thespread of the novel coronavirus.With the death toll in Italy climbing to 463, Prime Minister Giuseppe Contehas promised a "massive shock therapy" to help deal with the immediateeconomic impact of the crisis."The future of Italy is in our hands. We all do our part, giving upsomething for the good of the community. At stake is the health of our lovedones, our parents, our children, our grandparents," Conte said in a tweet.So far, 9,172 people have been infected by the virus in Italy, with 1,598fresh cases reported on Tuesday.Italy has enacted measures to clamp down movement and close public spaces.Quarantine measures that were already implemented in the northern Lombardyregion, the country's richest, as well as in parts of neighbouringprovinces, have now been expanded to the whole country.People have been told to travel only for work, health emergencies or elsestay at home at least for the next three weeks. Under the clampdown, anyonewanting to travel will have to ask for permission by declaring their reasonsand carry the document with them. Italians wanting to leave the country willalso have to follow a similar procedure.Until April 3, schools and universities will remain closed. Outdoor events,sports, and large gatherings have been banned.OIL PRICES JUMP 8% ON STIMULUS HOPES, SPENDING CUTS BY US PRODUCERSOil prices jumped over 8% on Tuesday, bouncing from the biggest rout innearly 30 years a day earlier, as the possibility of economic stimulusencouraged buying and US producers slashed spending in a move that could cutoutput.While Indian Stock markets were closed yesterday on account of Holi,equities across the world gained back some of what was lost on Monday.US shale producers deepened spending cuts that could reduce production.Russian oil minister Alexander Novak said he did not rule out joint measureswith OPEC to stabilize the market, adding that the next OPEC+ meeting wasplanned for May-June.Saudi Arabia's energy minister, however, told Reuters he did not see a needto hold an OPEC+ meeting in May-June if there was no agreement on measuresto deal with the impact of the coronavirus on oil demand and prices. "I failto see the wisdom for holding meetings in May-June that would onlydemonstrate our failure in attending to what we should have done in a crisislike this and taking the necessary measures," Prince Abdulaziz bin Salmansaid."Price wars and pandemics are nothing new to the commodity markets, but bothoccurring simultaneously is something we have yet to witness in ourcareers," RBC analysts said in a note.Sentiment was also lifted after Chinese President Xi Jinping made his firstvisit to Wuhan since the coronavirus outbreak.GEHLOT SLAMS SCINDIA, SAYS SOONER SUCH PEOPLE LEAVE THE BETTERRajasthan CM Ashok Gehlot on Tuesday slammed Jyotiraditya Scindia forquitting the Congress saying he betrayed the party and the ideology and thesooner such people left the party the better.Gehlot, who is in a similar tug of war with Deputy CM Sachin Pilot inRajasthan as Scindia was with Madhya Pradesh CM Kamal Nath, said, "Scindiahas betrayed the trust of the people as well as the ideology. Such peopleprove that they can't thrive without power. Sooner they leave the better."Gehlot said joining hands with the BJP at a time of national crisis spokevolumes about a leader's self-indulgent political ambitions."Especially when the BJP is ruining the economy, democratic institutions,social fabric and the judiciary," Gehlot said.BJP ATTACKS PRIYANKA GANDHI OVER SALE OF PAINTING TO RANA KAPOORThe BJP on Tuesday attacked Congress general secretary Priyanka Gandhi Vadraalleging that she sold a painting to Yes Bank founder Rana Kapoor at anexorbitant price of Rs 2 crore.Addressing a press conference at the BJP office, party spokesperson SambitPatra said wherever there is corruption, there has to be the Congress party.The painting, an image of Rajiv Gandhi, which Priyanka Gandhi sold to RanaKapoor was gifted by MF Hussain in 1985 to the then PM on the centenary yearof the Congress.Patra questioned how does a painting gifted to Rajiv Gandhi as Congresschief become property of Priyanka Gandhi Vadra.Patra said the BJP demands the entire episode involving sale of painting byPriyanka should be investigated as "she got money from Kapoor's accountwhich had the money from criminal proceeds.JHARKHAND POLICE INITIATE PROBE INTO CONTROVERSIAL VIDEO BY NEWS CHANNELEDITORThe Jharkhand Police is probing a video doing the rounds on social mediawhere the editor of a Hindi news channel is seen exhorting people to"economically boycott rioters", official sources said on Tuesday.Taking to Twitter, Chief Minister Hemant Soren said the government has takencognisance of the event, and asserted that any attempt to disrupt communalharmony will not be tolerated.A CMO official said Soren asked police to initiate a probe after the videowent viral on Twitter.Suresh Chavhanke, the editor of Sudarshan News, had shared the video of anevent on the microblogging site where he is heard asking the saffron-cladattendees to take an oath to boycott "rioters" by refusing them jobs and notbuying things from them. Chavhanke, in his tweet, also said that the mayor,former ministers, businessmen and industrialists undertook the pledge at acity hotel. He requested netizens to take a similar oath and shared thevideo.Shortly after the video went viral, Soren said appropriate action would betaken after investigation.AIRLINES CONTINUE TO LEVY HEFTY CHARGES FOR CANCELLATIONSWith the coronavirus outbreak affecting travel plans across the globe,airlines are levying hefty charges to cancel or reschedule domestic orinternational air tickets.While some airlines , including IndiGo and GoAir, have announced some reliefmeasures, fliers are far from satisfied. Other airlines, including SpiceJetand Air India, have not yet announced any official policy.Although Union Minister Hardeep Singh Puri has stated that Air India willwaive the cancellation charges, those who have approached the airline forcancellations are being levied charges with employees reportedly sayingthere has been no official directive as yet.The lack of clarity on the policy and the resistance of many airline towaive cancellation charges have added to the confusion.THERMAL PLANTS' JAN LOAD FACTOR AT 5-YR LOW AS SLOWDOWN HITS POWER DEMANDThe average plant load factor (PLF) of thermal power generation units is ona decline in the country. At 57.61 per cent, the PLF in January touched afive-year low.In 2019, the PLF witnessed double-digit slump in most months. The fallcorresponds to a decline in electricity demand, which recorded just a 0.28per cent growth in the year - the lowest since 2014.India Ratings and Research (Ind-Ra) has revised the power sector outlook tonegative for financial year 2020-21 (FY21) from stable. This is because ofmuted growth in demand and rising dues of distribution companies (discoms)as a result of limited improvement in their financial profile since thelaunch of the Financial Restructuring Plan and Ujwal DISCOM Assurance Yojana(UDAY).Weakening consumer sentiment in the light of declining GDP growth couldresult in subdued power demand for FY21, an Ind-Ra report said.The fall in PLF of thermal units over the years is also a result of theincreasing share of renewable energy sources in the overall energy mix. Theshare of renewables in the total energy mix during the April-December 2019period was 13 per cent.If electricity demand continues to fall, it might hurt renewables the most.Given its seasonal nature, it is easier to replace. Most states backed outof renewable energy in the previous year and have not paid them on time.Andhra Pradesh is fighting a legal battle with renewable power producersover payment. Tamil Nadu, a wind-rich state, has been delaying payment torenewable units for years now.MOHUN BAGAN BID ADIEU TO I-LEAGUE WITH RECORD-EQUALLING SECOND TITLE WINMohun Bagan, after winning 1-0 against Aizawl FC at the Kalyani Stadium onTuesday owing to a solitary Baba Diawara goal, won their second I-Leaguetitle with still four matches to play in the season.By adding another three points to their tally and securing a mathematicaltitle win after 16 matches, Mohun Bagan equalled Dempo SC's record (2009/10)of winning the I-League title at its earliest.The 2014/15 league winners, who are on their way out of I-League after theproposed merger with ATK went through, bid goodbye to the second-tierdomestic league by winning it after racking up 39 points from just 16matches. They had finished fifth last season when Chennai City had won theleague.The title in their pocket, Mohun Bagan will now enter their second legKolkata Derby match against arch rivals East Bengal on Sunday with apsychological advantage. They had beaten East Bengal 2-1 in the first leg onJanuary 19.INDICATORS(Indian markets were closed yesterday on account of Holi)Nasdaq 8,344 (+394) Dow 25,018 (+1,167), S&P 2,882 (+136)US$-Rs. 74.00 GBP-Rs. 96.19, Euro-Rs. 83.99, UAE Dhm-Rs.20.14, Can$-Rs.54.05, Aus$- Rs. 48.36GBP 0.76 /US$, Euro 0.88 /US$, Jap.Yen 104.39 /US$, Aus$ 1.52 /US$, Sing1.38 /US$, Bang Taka 83.25 /US$, Can$ 1.36 /US$, Mal Ring 4.23 /US$,Pak Re 156.69 /US$, Phil Peso 50.47 /US$, Russian Rouble 72.17 /US$, NZ$1.58 /US$, Thai Baht 31.39 /US$, Ukraine Hryvnia 24.95 /US$, Norway NOK 9.54/US$Bitcoin - USD 7,949Dollar Index 96.16 Brent Crude 38.59 BDI 616Gold world Spot Price USD/aoz 1,657 India (Rs. per gm 24k/22k) 4,380 /4,280, Silver (Rs. Per KG) 50,000THOUGHT FOR THE DAYIf you can't explain it simply, you don't understand it well enough. -Albert EinsteinOFF TRACKThe boss phoned his deputy and asked: "Is everything okay at the office?""Yes, it's all under control. It's been a very busy day, I haven't stoppedfor a minute," says the deputy."Can you do me a favor?" the boss asked."Of course, anything, what is it?""Hurry up and take your shot, I'm right behind you on the 7th hole," saysthe boss.