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
December 10,2024

Mangaluru City Corporation Mayor Manoj Kumar issued a stern directive to GAIL Gas Limited, instructing them to immediately restore roads damaged during their ongoing gas pipeline project.

The issue, which has left motorists and residents frustrated, dominated discussions at a special meeting chaired by the mayor on Monday. Corporators unanimously criticized the delay in road restoration, with Opposition Leader Anil Kumar warning that the project should be halted if the roads remain neglected.

Corporator Naveen D’Souza pointed out that permissions granted for the pipeline project were limited to two years, yet the roadwork disruption has dragged on for over five years. He demanded criminal charges and penalties against responsible officials for the prolonged inconvenience.

Adding to the outcry, Corporator Sangeetha Nayak called for MCC engineers to inspect the affected areas, while Corporator Varun Chowta flagged a severe lack of coordination between MCC, GAIL, and Jalasiri 24x7 officials.

The mayor directed GAIL Gas Limited to submit a report within two days addressing the complaints raised. He also insisted on a detailed update on the project’s implementation to be presented at the next review meeting, aiming for a resolution to the ongoing chaos.

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News Network
December 7,2024

Udupi, Dec 7: A tragic incident involving the death of a 38-year-old hotel worker in Manipal has been confirmed as a case of suicide, dispelling initial reports of murder. Udupi Superintendent of Police (SP) Dr. Arun Kumar clarified the matter after an investigation, including CCTV footage review, revealed the victim, Sridhara, took his own life in a shocking and rare manner.

Incident Overview
The lifeless body of Sridhara, a resident of Kasarakoda and hotel employee in Manipal, was discovered early Friday near Ananta Kalyana Nagara. Initially, it was believed he had been murdered, his throat reportedly slit with a beer bottle. However, a detailed inspection of the scene and CCTV evidence from a nearby shop confirmed that Sridhara inflicted the fatal injury on himself.

Footage revealed the chilling sequence: Sridhara was seen walking purposefully to the spot before suddenly using a beer bottle to slit his throat, collapsing moments later. The act left his throat almost entirely severed, and the beer bottle, along with an empty bag, was found near his body.

Suspected Drug Influence
Authorities suspect Sridhara may have been under the influence of narcotics at the time. A post-mortem examination was conducted at KMC Manipal to uncover any potential contributing factors.

Public Concern and Investigation Status
Although the investigation has ruled out foul play, local residents have urged authorities to probe further to ensure no external involvement was overlooked. The police, while confident in their findings, have withheld the CCTV footage from public release due to the sensitive nature of the case and ongoing inquiries.

“This was a tragic and rare method of suicide, confirmed through thorough investigation and verified CCTV evidence,” SP Dr. Arun Kumar stated, urging the public to avoid speculation.

The incident has left the community in shock, sparking discussions around mental health awareness and the impact of substance abuse. Authorities continue to investigate further to close the case conclusively.

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News Network
December 10,2024

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The Israeli military has occupied several villages south of Damascus, with its tanks now being stationed around 20 kilometers from the outskirts of the Syrian capital, a new report says.

Lebanon's al-Mayadeen television network reported on Tuesday that the Israeli tanks have moved past the southwestern Syrian city of Quneitra and reached 3 kilometers away from the town of Qatana, near Damascus. 

Israel started the push to expand its occupation of Syria on Sunday, after foreign-backed militants, led by Hay'at Tahrir al-Sham (HTS), announced the fall of Syrian President Bashar al-Assad’s government following a rapid two-week offensive that led to the capture of Damascus.

Israeli forces seized the buffer zone that separates the occupied Golan Heights from the rest of Syria in violation of a 1974 disengagement agreement between the Tel Aviv regime and Syria.

They also captured the strategic Mount Hermon in Golan, which provides high ground for the entire area.

Israeli prime minister Benjamin Netanyahu said that the Syrian Golan Heights will remain part of the occupied territories “for eternity.”

Israel's exploitation of the current chaotic situation to deploy its occupation forces to Syria has drawn condemnations from regional countries.

“We condemn the fact that Israel has entered Syrian territory and taken control of the buffer zone,” Jordanian Foreign Minister Ayman Safadi said.

Similarly, Saudi Arabia’s Foreign Ministry said, "The seizure of the buffer zone in the Golan Heights … confirms Israel’s continued violation of the rules of international law, and its determination to sabotage Syria’s chances of restoring its security, stability and territorial integrity.”

Meanwhile, Israeli media reported that the regime has carried out nearly 300 air raids on Syria over the past two days.

They added that if the aerial assaults continue at their current pace, the Syrian Air Force will be all but destroyed in a matter of days.

New Israeli strikes hit the Syrian city Salamiyah, in the eastern countryside of Hama Province, as well as military installations north of Raqqah, and the Shayrat air base in Homs' countryside.

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