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

News Network
March 22, 2024

IPL.jpg

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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 20,2024

Irantragedy.jpg

State media in Iran have confirmed the death of President Ebrahim Raisi and companions after the helicopter he was travelling in crashed in poor weather in an eastern province.

With Raisi were Iran’s Foreign Minister Hossein Amirabdollahian, East Azarbaijan Gov. Malek Rahmati, East Azarbaijan Imam of Friday Prayer Mohammad Ali Ale-Hashem, and a few other leaders and bodyguards. 

The reports came after rescuers from the Iranian Red Crescent said they had found the wreckage of the helicopter, which was also carrying the country’s foreign minister and other officials, and that there was “no sign of life”.

Rescue teams fought through dense fog, blizzards and mountainous terrain to reach the wreckage in East Azerbaijan province early on Monday, but state television gave no immediate cause for the crash. 

“President Raisi’s helicopter was completely burned in the crash … unfortunately, all passengers are feared dead,” the Reuters news agency reported, citing an unnamed Iranian official.

Raisi, 63, was elected president on his second attempt in 2021, and since taking office, has overseen a tightening of morality laws, a bloody crackdown on antigovernment protests triggered by the death in custody of 22-year-old woman Mahsa Amini, and taken a tougher approach to nuclear talks with world powers.

Last month, he ordered an unprecedented drone-and-missile attack on Israel, following an alleged Israeli strike on Iran’s consulate in Damascus which killed 13 people including a top commander and his deputy.

Supreme Leader Ayatollah Ali Khamenei, who holds ultimate power in Iran, had earlier sought to reassure Iranians, some of whom turned out to pray for Raisi’s wellbeing, saying there would be no disruption to state affairs.

‘We found it’

Raisi was travelling home to Tehran when state television said his helicopter made a “hard landing” near Jolfa, a city on the border with Azerbaijan, some 600km (375 miles) northwest of the Iranian capital. Later, state media put the crash location farther east near the village of Uzi, but details remained contradictory.

Iran’s Foreign Minister Hossein Amirabdollahian was also on the flight, as well as the governor of Iran’s East Azerbaijan province and other officials and bodyguards, according to the state-run IRNA news agency.

Earlier on Monday, Turkish authorities released what they described as drone footage showing what appeared to be a fire in the wilderness that they “suspected to be [the] wreckage of [a] helicopter”. The coordinates listed in the footage put the fire some 20km (12 miles) south of the Azerbaijan-Iranian border on the side of a steep mountain.

Footage released by the IRNA showed what the agency described as the crash site, across a steep valley in a green mountain range. Soldiers speaking in the local Azeri language said: “There it is, we found it.”

Shortly after, state TV in an on-screen scrolling text, said: “There is no sign of life from people on board.” It did not elaborate, but the semiofficial Tasnim news agency showed rescuers using a small drone to fly over the site, with them speaking among themselves saying the same thing. The footage showed the tail of the helicopter and burnt debris all around it.

Under the Iranian Constitution, if a president is confirmed dead, Iran’s vice first president takes over and a new presidential election would be called within 50 days.

First Vice President Mohammad Mokhber already had begun receiving calls from officials and foreign governments in Raisi’s absence, state media reported.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 17,2024

modiliar.jpg

New Delhi: In fresh claim, Prime Minister Narendra Modi on Friday said that his government sent an envoy to Israel urging them to stop the airstrike in Gaza during Ramadan. He said that he urged Israel to maintain peace rather than engage in combat during the holy month.

In an interview with Aaj Tak, PM Modi said that his envoy told Israel they should not bomb Gaza, at least during the auspicious month of Ramadan.

"During the month of Ramadan, I sent my special envoy to Israel to meet and explain to Prime Minister (Benjamin Netanyahu) that he should not carry out bombings in Gaza during Ramadan. They made every effort to follow it, but in the end, there was a fight for 2-3 days," he said.

The Prime Minister said that he does not publicise such things even though people in India keep "cornering him on the Muslims issue".

PM Modi said that some other countries also tried to speak to Israel to halt the bombings and may have also achieved results.

"They may have got the results too. I also tried," he said.

During the interview, PM Modi also said that he made standalone visits to both Israel and Palestine, unlike earlier governments which used to display token secularism.

"There was a fashion earlier that if one has to go to Israel, a visit to Palestine is a must. Do secularism and come back. But I refused to do it," he said.

The Prime Minister also recounted an episode when he needed to travel to Palestine via Jordan.

"When the President of Jordan, who is a direct descendent of Prophet Muhammad, came to know that I am going to Palestine over (the airspace of Jordan), he told me 'Modi ji, you cannot go like this. You are my guest and will use my helicopter'," Modi claimed.

Describing the unique amalgamation of circumstances, he continued, "I went to his home for dinner, but the helicopter was of Jordan, the destination was Palestine, and I was escorted by Israeli flight attendants. All three are different but for Modi, all came together in the sky."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 6,2024

rafaheast.jpg

The Israeli regime is forcibly evacuating Palestinians from the eastern part of Rafah in the southern Gaza Strip amid the prospect of its widely-discouraged ground invasion.

“The estimate is around 100,000 people,” an Israeli military spokesman told journalists on Monday when asked how many people were being evacuated.

International organizations, including the United Nations, have repeatedly warned the regime against invading the city, citing its hosting around 1.5 million Palestinian refugees.

UN Secretary-General Antonio Guterres said a ground assault on Rafah would “put the final nail in the coffin” for humanitarian aid operations in the Gaza Strip.

The UN Office for the Coordination of Humanitarian Affairs also said, “Any ground operation would mean more suffering and death,” with an official saying “It could be a slaughter of civilians.”

Multiple aid agencies, including the Norwegian Refugee Council, have likewise warned against a Rafah offensive.

The NRC said such an invasion “would profoundly exacerbate the already catastrophic levels of need and the humanitarian emergency for millions of civilians with nowhere left to go.”

The official alleged Hamas had killed three Israeli forces on Sunday, attacking them from Rafah.

The evacuation order came a sat least 22 people lost their lives in the regime’s airstrikes killed in Rafah earlier on Monday.

Rafah’s evacuation “is part of our plans to dismantle Hamas,” the Israeli spokesman added, referring to the Palestinian resistance movement that has been defending Gaza in the face of the war.

The Palestinians have fled there from the ravages of a war that the regime began waging against Gaza on October 7, following a retaliatory operation by the coastal sliver’s resistance groups.

At least 34,683 Palestinians, mostly women and children, have been killed and 78,018 others injured so far during the brutal military onslaught.

On Friday, Hossam Badran, a member of Hamas’ Political Bureau, said Israeli prime minister Benjamin Netanyahu’s insistence on carrying out a ground invasion of Rafah was a key stumbling block in negotiations aimed at a truce agreement.

The Israeli premier has said the regime would go ahead with invading the city “with or without” a truce.

Hamas has, however, asserted that the regime has failed to defeat the resistance during the war.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.