IPL-2024 to kick-start 2-month spending boom in poll-bound India

News Network
March 22, 2024

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The start of the world’s most lucrative cricket tournament in India is presenting investors with another big opportunity to cash in on the sport, months after the world’s most populous nation hosted the Cricket World Cup.

The eight-week long Indian Premier League begins March 22 for its 17th season. Since its inception, the fast-paced cricket tournament has become a corporate juggernaut to rival the National Football League in the US and the English Premier League in value.

Just as October’s Cricket World Cup boosted consumption in India for months, fans are expected to flock to restaurants, pubs and food delivery platforms over the duration of the tournament. This year’s IPL also coincides with general elections that will last for six weeks starting April 19, a period when companies are expecting higher food and drink sales as people flock to rallies and other events.

“There’s going to be a lot of spending,” said Madan Sabnavis, chief economist at Bank of Baroda. “IPL, as well as the election, gives a three-month corridor with enhanced economic activity.”

Stocks in India such as McDonald’s franchise operator Westlife Foodworld Ltd. and peer Sapphire Foods India Ltd. gained ahead of the first match on Friday, as well as hotels and beverage makers. Packaged-food companies could also stand to benefit from the IPL craze, said Sachil Bobade, an analyst at investment firm Dolat Capital Market.

The IPL ecosystem was valued at $11 billion (Rs 91,721 crores) in 2023, including the value of media rights and sponsorships, according to Indian valuation consulting firm D&P Advisory.

The league is also attracting record sums of money from sponsors and broadcasters. Conglomerate Tata Group won the title sponsorship rights of the tournament in January for a record 25 billion rupees ($300 million). Billionaire Mukesh Ambani’s media venture secured the digital streaming rights in 2022 for five years for $2.7 billion, while Walt Disney Co. paid roughly the same for TV rights.

“There was a serious amount of bidding even this year,” said Vinit Karnik, head of entertainment, esports and sports at media agency GroupM South Asia. “I see growth in IPL in double digits year-on-year,” he adds.

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News Network
May 12,2024

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Mangaluru: A native of Kerala was arrested on charge of misbehaving with crew on an Air India Express flight while travelling from Dubai to Mangaluru International Airport. The man even threatened to jump from the aircraft, according to officials. 

Siddartha Das, the security coordinator for Air India Express, lodged a complaint against the passenger, identified as Muhammad BC from Kannur, Kerala, after which he was caught by the airport security once the flight landed at Mangaluru. He was later handed over to the police.

DCP (Law and Order) Sidharth Goyal said the incident occurred on Flight IX814 on May 8.

When the flight was above the sea, Muhammad reportedly said he wanted to get off the plane, posing a threat to all on board. The unruly flyer was detained by airport security once the flight landed at Mangaluru International Airport and he was handed over to Bajpe police station officials.

Sources added once the flight took off from Dubai, the accused went to the lavatory and thereafter started inquiring with the cabin crew about a person named Krishna who was not on the flight. Muhammad kept on pressing the bell for in-flight assistance, even though the cabin crew members were near at hand. He then picked up a life jacket, gave it to a crew member, and said he wanted to use it upon landing.

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News Network
May 10,2024

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A day after National Commission for Women said no woman from Hassan approached the national body to file complaints against Karnataka MP Prajwal Revanna, a new FIR accusing BJP leader Devaraje Gowda of abusing and assaulting a woman has come to light.

The FIR against Gowda was filed by a woman at the Holenarasipura town police station on April 1, after her husband had filed a complaint against the BJP leader on March 30. 

The purported victim's husband has alleged in his plaint that Gowda barged into their home, and threatened the couple while the BJP leader also abused the woman.

Gowda, notably, flagged Prajwal Revanna's case to the saffron party.

Reacting to the allegations levelled against him, the BJP politico posted a video on Facebook where he details how he met the woman and her husband in his office. He also claims that the allegations against him are a plot and false.

It must be noted here that a Special Investigation Team is currently probing the sexual assault cases against Prajwal Revanna who along with his driver Karthik is no longer in the country. A Blue Corner notice is also in place to apprehend the son of H D Revanna who himself is placed under judicial custody till May 14.

In a major twist to the entire case— the woman in the FIR alleged that Devaraje Gowda who apprised BJP of the sex videos involving Prajwal Revanna— has been harassing her for the past 10 months under the guise of helping her sell a property.

The woman also said that she came in contact with Gowda during the process involving the property that she wanted to sell. However, on the pretext of guiding her, the woman alleged that the whistleblower BJP leader physically assaulted and harassed her while Gowda also threatened the couple.

The woman has now sought police protection for herself and family. Further levelling allegations against Gowda in her plaint, she said that the politico had taken her to an isolated place where he assaulted her and threatened to kill the couple.

Former chief minister of Karnataka and Prajwal Revanna's uncle H D Kumaraswamy recently demanded a CBI probe in the Prajwal Revanna matter. However, Home Minister G Parameshwara turned down the demand for the investigation to be handed over to CBI.

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News Network
May 7,2024

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Udupi: Udupi became the second city on the Karnataka coast after Mangaluru to launch water rationing, a senior official said on Tuesday.

Commissioner of the Udupi City Municipal Corporation Rayappa said that the rationing system will come into force from Wednesday and will continue till the water in the reservoir reaches comfortable levels.

The dam built across the Swarna river at a place called Baje, which is the only source of water for Udupi city, recorded 3.25 meters of water as against the top level of 6.30 meters.

The decision of water rationing will be reviewed periodically until the reservoir regains its fullest levels, the official said.

The Mangaluru City Corporation resorted to water rationing on Saturday following declining water levels in the reservoir built across the Nethravati river at Thumbe. 

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