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
July 10,2024

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Mangaluru: BJP leader and Mangaluru City North MLA Bharath Shetty has been booked for his alleged comments against Leader of the Opposition in the Lok Sabha Rahul Gandhi, police said on Wednesday.

At a press conference here, Mangaluru City Police Commissioner Anupam Agarwal said that an FIR has been filed by the police in Kavoor police station over the complaint lodged by K Anil, a Congress corporator of the Mangaluru City Corporation.

In the complaint, the Congress corporator alleged that MLA Bharath Shetty had made a provocative statement taking the name of Rahul Gandhi.

Mr Agarwal said an investigation is on.

Meanwhile, Congress party workers and leaders on Wednesday continued their tirade against Mr Shetty over his remarks against their party leader.

At a gathering in Surathkal on Sunday, the BJP MLA, who represents Mangaluru City North had stated that Mr Gandhi should be "arrested inside Parliament and slapped". This statement had gone viral, and Congress leaders and workers expressed their displeasure over it in the media and on social media.

Addressing a press conference, Karnataka Pradesh Congress Committee (KPCC) Working President Manjunath Bhandary took a dig at the BJP MLA asking, "How will he enter Parliament? Will he carry a weapon to attack the Leader of the Opposition? Is Shetty a terrorist?" He further said, "I am certain that Bharath Shetty cannot even talk straight to a common worker of the Congress party, let alone confront Rahul Gandhi." 

Mr Bhandary attributed the main cause of BJP leaders' and legislators' outburst at Rahul Gandhi to Prime Minister Narendra Modi referring to the Congress leader as 'balak buddhi' (childish). This term must be expunged, he added.

He said that due to the behaviour of BJP MLAs in Dakshina Kannada district in recent days, "we are ashamed to elect MLAs from the coast". He accused the BJP of plotting riots because they "cannot accept the presence of the Congress government in the state".

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News Network
July 10,2024

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Mangaluru, July 10: In a dramatic turn of events, police opened fire on the notorious ‘Chaddi Gang’ known for their involvement in robbery, as they attempted to flee this morning. The incident unfolded on the outskirts of the city at Padu Panambur. During a site inspection, the robbers attacked the police, prompting the officers to open fire in self-defense.

The robbers have been identified as Raju Singhania (24), Mayur (30), Bali (22), and Vicky (21), all hailing from Madhya Pradesh. On Wednesday morning, during the inspection, the robbers attacked an Assistant Sub-Inspector (ASI) and another officer in a bid to escape. Police Commissioner Anupam Agarwal stated that the officers fired at the robbers' legs to prevent their escape.

Two police officers sustained injuries in the incident. The injured robbers and officers were promptly taken to the hospital for treatment. Senior police officials visited the site following the incident.

Capture in Sakleshpur

The infamous inter-state "Chaddi Gang" members were apprehended in a joint operation by Mangaluru, Hassan, and Sakleshpur police, thanks to precise information provided by KSRTC Mangaluru's 3rd division staff and private drivers. The gang was nabbed in Sakleshpur on Tuesday, July 9.

In the early hours of July 9, 2024, the gang committed a robbery and assault at a house on Kotekani Road, Derebailu village, targeting an elderly couple, Victor Mendonca and Patricia Mendonca, in Mangaluru. They fled the scene in the victims' car, making off with gold and diamond jewelry worth Rs 12 lakhs, a Samsung mobile phone, 10 branded watches valued at Rs 1 lakh, and Rs 3,000 in cash. They later boarded a KSRTC bus heading towards Mulky. CCTV footage revealed the accused traveling to Mangaluru.

Upon receiving this information, police approached KSRTC Mangaluru's 3rd division. They showed the video footage to a driver who recognized the bus and confirmed that four unknown individuals had boarded their bus at the Mulky bus stand and later alighted in Mangaluru. They subsequently traveled on the 5:30 AM Mangaluru-Bangalore KSRTC bus of the same division.

Using the information provided by KSRTC staff and private drivers, police traced the robbers to Sakleshpur. With the assistance of Hassan and Sakleshpur police, they successfully apprehended the gang members. The stolen gold, cash, and watches from Mangaluru were recovered from the accused and handed over to the Urwa police.

The police managed to trace and capture the accused within five hours of the theft at Kotekani.

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coastaldigest.com news network
July 11,2024

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Bengaluru: The Karnataka Lokayukta on Thursday, July 11, morning raided 56 locations across nine districts in connection with 11 disproportionate asset cases.

The raids are underway at two locations in Chitradurga and Davanagere, and one each in Kalaburagi, Mandya, Dharwad, Belagavi, Kolar, Mysuru, and Hassan. The officials have raided the properties of 11 government officials, including two retired government employees.

Properties related to Basavaraj Magi, Revenue Officer, BBMP (Kengeri Zone); Shivaraju S, retired executive officer from Mandya; M Ravindra, retired chief engineer at Minor Irrigation Department; Shekar Gowda, Project Director; DH Umesh, Executive Engineer; and MS Prabhakar, Assistant Executive Engineer.

Simultaneously, the Lokayukta officials are conducting raids at the properties of Vijianna, Tahsildar; Mahesh K, superintendent engineer; NM Jagadish, grade 1 secretary; and KG Jagadish, superintendent engineer.

A well-placed officer at the Lokayukta said that they had taken up DA cases even before the raids. They had done the background work to list all the properties linked to officials on whom raids are underway.

The raids are a joint operation of the Karnataka Lokayukta wing and the police wing of the anti-corruption watchdog. The Superintendents of Police (SP) with the Karnataka Lokayukta in the respective districts are supervising the ongoing raids, and over 100 officers are aiding them.

This is the third such massive raid Lokayukta has taken up this year.

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