IPL Archives

Here are some of the major updates that could move the markets tomorrow:

India’s GDP grows 6.1% in Q4

India’s gross domestic product (GDP) grew at 6.1% in the last quarter of the previous financial year (Q4 FY23)— beating street estimates. In FY23, the economy grew at 13.1%, 6.2% and 4.5% in Q1, Q2 and Q3, respectively, on an annual basis. However, economists warned that the global slowdown and volatility in financial markets pose a risk to exports and the growth outlook in coming quarters.

Read more here.

Civil aviation ministry comes out with draft aircraft bill

The Ministry of Civil Aviation has come out with a draft bill for putting in place a simplified approach to regulations pertaining to the aviation sector. The Draft Aircraft Bill, 2023, has been prepared after reviewing the existing Aircraft Act of 1934. It aims for better provisions for regulation and control of the design, manufacture, possession, use, operation, sale, import and export of aircraft.

Read more here.

Vedanta Resources pays $400 million debt

Vedanta Resources Ltd (Vedanta), the parent company of Vedanta Ltd, has repaid loans worth $400 million, cutting gross debt to $6.4 billion. The company is targeting further debt reduction during the balance of FY24 and ultimately intends to lower gross debt towards zero.

Read more here.

Manappuram Finance launches digital money lending app

Manappuram Finance Ltd has launched Ma-Money, a new digital lending platform. The objective of introducing the app is to provide customers with all the financial products offered by the company under one umbrella. The app is primarily targeted at customers in tier 2 and tier 3 cities

Read more here.

PTC India signs two long-term agreements for 215 MW power purchase

PTC India has signed two agreements for the purchase of 215 megawatts (MW) of electricity on a long-term basis. While an agreement has been signed with Brookfield Renewables for purchase of 100 MW solar power, another pact is with V S Lignite for purchase of 115 MW thermal power. PTC India will market the power to various utilities and industrial consumers.

Read more here.

Centre to offload stake in Coal India via OFS on June 1: Report

According to a CNBC-TV18 report, the Central Government will sell a stake in Coal India Ltd (CIL) through an offer for sale (OFS) on the BSE and NSE on Thursday (June 1). The size of OFS is likely to be around Rs 4,000 crore. The floor price has been fixed at Rs 225 a share, at a discount of nearly 7% as compared to Wednesday’s closing price of Rs 241.2.

Read more here.

Dixon Tech to partner with Xiaomi India for manufacturing phones

Dixon Tech has partnered with Xiaomi India for manufacturing and exporting mobile phones from India. The company is also looking to enhance the component ecosystem in India through its wholly-owned subsidiaries. Earlier, Chinese electronics giant Xiaomi had partnered with homegrown Dixon Tech to locally manufacture Mi LED TVs.

Read more here.

IPL final watched by 12 crore viewers on JioCinema: Viacom18

Reliance’s Viacom18 said the Indian Premier League (IPL) 2023 became the most-watched digital event globally as 12 crore unique viewers tuned in to watch the final match between Chennai Super Kings (CSK) and Gujarat Titans on JioCinema. JioCinema set a new world record as the final match had a peak concurrency of 3.21 crore viewers. Moreover, it registered over 1700 crore video views through the 16th edition of IPL.

Read more here.

Prestige Estates expects 25% pre-sales growth in FY24

Prestige Estates recorded a 19% year-on-year (YoY) increase in total sales to Rs 3,888 crore in Q4, while collections rose 12% to Rs 2,763 crore. The company delivered 1.3 million sq. ft. of projects during the quarter. The real estate firm has exceeded its target of Rs 12,000 crore in pre-sales in FY23 and is expecting 20 to 25% growth in pre-sales in FY24.

Read more here.

The Chinese smartphone maker, Vivo, would not be sponsoring IPL 2020 which is going to be conducted from 19th September. Vivo acquired the IPL title sponsorship in 2018 for Rs 2,199 crore. According to this deal, the company is said to pay Rs 439 crore every year to BCCI.

A title sponsor is the most important sponsor for any team/tournament. It is the most expensive deal, thus, a major source of funds comes from a title sponsor. In return, a title sponsor enjoys most of the benefit to market itself. It is on the jerseys of every team. It features on the website extensively and also has access of players on various events.

This mega tournament would not be played in India this year due to the spread of COVID-19. It has been shifted to the United Arab Emirates (UAE). After the confirmation of the venue, Vivo announced that they won’t be sponsoring this year due to addition of cost.

Apart from higher expenditure, the source of revenue also posses a big question mark as no crowd will be allowed during the matchday. Increasing the cost of travel and stay, bio-security and logistics will increase the expenditure. Thus, piling more pressure on any sponsor.

“It’s important to tell our sponsors whether we would be able to commit to our deliverables. If we are not able to do so, then there will be a reduction in the sponsorship amount. This year, branding in the stadium is not available — teams are not playing at their home venues — and that’s just one example. Sponsorship revenue will come down,” said the chief executive of an IPL franchise.

Right now, BCCI is looking for a short-term replacement sponsor. The relationship between India and China is also under scrutiny. Though, the cricket experts do not believe that this was the major reason for Vivo to back out this year. The financial implications are real and can hurt any company in this COVID time. With time running out, the Indian cricket board is also under tremendous pressure to find a title sponsor.