India’s dairy sector is entering a phase of tighter supply and margin recalibration after navigating sharp cycles of disruption, surplus, and recovery over the past three years, according to insights from an expert session hosted by Systematix Institutional Equities.The post-COVID period of 2022-23 proved challenging for the industry, marked by an unreasonable fall in milk prices that failed to cover farmers’ production costs.According to the Systematix report, this led to reduced cattle induction and a sharp drop in milk output.From mid-2023, however, renewed farmer engagement by leading cooperatives and private players, including sustainable fodder programs, helped restore confidence and revive supply.These efforts resulted in a sharp rebound during the October 2024-March 2025 flush season, when milk production surged by nearly 25 per cent, creating a temporary surplus.Dairy companies responded by expanding value-added product mixes, strengthening cold-chain infrastructure, and increasing advertising and promotions to absorb excess supply, it noted.Large players also intensified backend investments and last-mile distribution to manage inventories.The surplus, however, was short-lived.In 2025, early and unseasonal rains disrupted the usual summer demand-supply pattern, while geopolitical disturbances, including the India-Pakistan conflict, affected key northern milk belts, including Punjab, Haryana, and Jammu and Kashmir.At the same time, robust festive demand further eroded inventories, leaving the industry with a limited surplus heading into late 2025, according to the expert session.As a result, milk procurement costs have firmed up across regions, even as product prices have largely remained stable following the recent GST cut.Some regional price hikes of Rs 1-1.5 per litre were reported in states such as Bihar and Andhra Pradesh.Industry participants expect procurement cost corrections around April 2026, coinciding with the Ramzan period.Demand has been supported by reduced prices and increased grammage post-GST cut, particularly in small stock-keeping units, though this has pressured margins due to channel disruption and supply-chain costs.According to Systematix, companies are now evaluating selective price hikes or rolling back higher volumes to restore profitability.A notable structural trend is the accelerating shift toward value-added products such as curd, paneer, ghee, and ice cream. Ice cream demand, once concentrated in peak summer months, is now spreading across a wider seasonal window. Dairy products are increasingly purchased on impulse, as consumers shift from carbonated beverages to milk-based alternatives.Distribution dynamics are also evolving rapidly. Quick-commerce and e-commerce platforms are gaining prominence, while general trade is losing share, it observed. Modern trade, despite offering visibility, continues to deliver lower margins, forcing dairy players to make careful decisions.

Deepti Sharma became the first Indian — across both men’s and women’s cricket — to reach the 150-wicket mark in T20 Internationals. (PTI Photo)

NEW DELHI: India’s premier all-rounder Deepti Sharma produced a record-laden performance during the third T20 International against Sri Lanka, overtaking Australian great Ellyse Perry to become the third-highest wicket-taker in women’s international cricket.Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!Deepti returned figures of 3 for 18 at Thiruvananthapuram, a spell that took her overall tally to 333 international wickets, moving her past Perry, who finished her career with 331 wickets from 271 matches. Only England’s Katherine Sciver-Brunt (335 wickets in 275 matches) and Indian legend Jhulan Goswami (355 wickets in 291 matches) now sit above Deepti on the all-time list.

The performance also saw Deepti create history in the shortest format. She became the first Indian — across both men’s and women’s cricket — to reach the 150-wicket mark in T20 Internationals. In the process, she drew level with Australia’s Megan Schutt as the leading wicket-taker in women’s T20Is, with 151 wickets in 131 matches at an impressive average of 18.73. Her best figures in the format remain 4 for 10.In one-day internationals, Deepti continues to climb the charts as well. She is currently the eighth-highest wicket-taker in women’s ODIs and India’s second-most successful bowler in the format after Jhulan Goswami, with 162 wickets from 121 matches at an average of 27.32. Her ODI record includes a career-best 6 for 20, along with three four-wicket hauls and four five-fors. In Test cricket, she has claimed 20 wickets in five matches at an average of 18.10, with both a four-for and a five-for to her name.Adding another milestone to an already glittering list, Deepti became the first cricketer in the history of the game — men or women — to score 1,000 runs and take 150 wickets in T20 Internationals. Alongside her 151 wickets, she has amassed 1,100 runs in 131 matches at an average of 23.40 and a strike rate of 104.26, including two half-centuries.In the match itself, India won the toss and opted to bowl. Sri Lanka managed 112 for 7 in their 20 overs, with Imesha Dulani (27), Hasini Perera (25) and Kavisha Dilhari (20) being the only batters to cross the 20-run mark. Renuka Singh starred with the ball, picking up 4 for 21.India’s chase was wrapped up in emphatic fashion, led by a blistering unbeaten 79 off 42 balls from Shafali Verma. Captain Harmanpreet Kaur added 21 as India cruised to an eight-wicket win in just 13.2 overs. Shafali registered her second consecutive half-century and continued her fine run in 2025, scoring 333 runs in eight T20Is at an average of 55.50 and a strike rate exceeding 173.

MS Dhoni made a rare public appearance when he attended Bollywood superstar Salman Khan’s 60th birthday celebrations in Panvel (Image credit: Agencies)

NEW DELHI: Former India captain Mahendra Singh Dhoni, who largely keeps a low profile away from the cricket field, made a rare public appearance when he attended Bollywood superstar Salman Khan’s 60th birthday celebrations in Panvel, Maharashtra. Khan marked the milestone with a midnight party at his farmhouse, which was attended by close family members, friends and colleagues from the film industry. Dhoni’s presence at the event quickly became a talking point, underlining his enduring popularity even years after retiring from international cricket.Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!As Dhoni left the venue and settled into his car, fans gathered outside broke into loud chants of “Mahi bhai! Mahi bhai!”, a reminder that his aura remains untouched by time or absence from the international stage.

While Dhoni now limits his cricketing appearances to the Indian Premier League, his fan following continues to be unmatched, cutting across generations and sporting loyalties.Dhoni will once again be seen in Chennai Super Kings colours in the IPL 2026 season, having been retained by the franchise he has led with remarkable success over the years. Under his captaincy, CSK have built a reputation for stability, backing experience while seamlessly integrating young talent. Notably, Vijay played eight IPL seasons for CSK, all under Dhoni’s leadership, a testament to the former skipper’s ability to foster long-term player development.The influence of Dhoni is already evident on CSK’s latest recruits. Kartik Sharma, one of the franchise’s newest entrants, admitted he was overwhelmed by the intense bidding war that unfolded for him at the recently concluded IPL auction and said he was “extremely excited” at the prospect of sharing a dressing room with the veteran.Watch the video hereKartik, along with Prashant Veer, became the joint-highest-priced uncapped players in IPL history after CSK paid a staggering Rs 14.20 crore each for the duo, who had entered the auction with a base price of Rs 30 lakh. The investment highlighted CSK’s clear intent to nurture emerging Indian talent alongside established names.Speaking to JioStar, Kartik described the emotional rollercoaster of auction night. “First of all, a special thank you to all my family members and friends. Without their support, I don’t think I would have reached this stage. My entire family is very happy, everyone is celebrating and dancing,” he said. Kartik added that playing with Dhoni was a dream come true, revealing that he broke down in tears as the bids kept climbing.Recognised for his aggressive middle-order batting and reliable wicketkeeping, Kartik has scored 334 runs in 12 T20 matches at a strike rate of 164, hitting 28 sixes and featuring among the top six-hitters in the Ranji Trophy. He has also impressed in the Syed Mushtaq Ali Trophy and earned praise after training with CSK last season, particularly for his ability to handle both spin and pace — qualities that could flourish under Dhoni’s guidance.

One of the world’s most celebrated pianists will perform one of the repertoire’s most majestic works in Mumbai on Jan 16. As with Lang Lang’s last performance in the city 16 years ago, the concert sold out within hours of the box office opening. Back then, the anticipation was for a wunderkind feted for his showmanship as well as his rags-to-riches backstory. But this time, it is for a mature artist who has earned his spurs the hard way — through critical acclaim.On Jan 16 at the NCPA, the globetrotting Lang Lang, who has steadfastly retained his Chinese citizenship, will perform Beethoven’s Fifth Piano Concerto, ‘Emperor’, with Zubin Mehta conducting the Bel-grade Philharmonic Orchestra. Adding to the illustrious lineup, acclaimed violinist Pinchas Zukerman will perform Mozart’s Fifth Violin Concerto the previous evening. This will be Lang Lang’s second visit and Zukerman’s third to the city (indeed, the country). The violinist, who is also a highly respected violist, was last here 10 years ago.“We will perform in India for the first time in our over100-year history,” a representative of the orchestra said. “We share a special bond with Mehta as it was with us that he had his first professional opportunity in 1958 (almost immediately after he won the Liverpool International Conducting Competition that set him on his career path).”It is difficult to imagine now, but back then the conductor was a figure of mythic aura. Always a man — indeed, a white man — he wielded enormous power: Toscanini, Furtwaengler, Karajan… Mehta was the first non-white conductor to rival their fame and stature. Today, the profession is open to all, including women. What Mehta did for conducting, Lang Lang did for the piano, becoming the first nonwhite classical pianist to achieve global superstardom. The intellectually rigorous world of classical piano, like chess, was once dominated by somewhat ascetic and reclusive Russian men — Richter, Gilels, Berman — with the great Sokolov as a living example — though has since expanded to embrace musicians in all their diversity. But few pack in as big a punch as Lang Lang. He began playing piano at three, gained fame as a teen, bridges Eastern and Western culture, collaborates with luxury brands, designs limited-edition watches and performs for audiences ranging from children to world leaders.The convergence of artists who broke old confines is not the only special aspect of the Jan 15-16 concerts, which also mark milestones. “As Zubin enters his 90th year, it feels especially meaningful for us to begin these celebrations in Mumbai, where his journey began,” says Mehroo Jeejeebhoy, founder-trustee of the Mehli Mehta Music Foundation (MMMF), which is presenting the concerts, capping its 30th-anniversary year. MMMF has presented Indian audiences with some of the world’s great orchestras, including the Vienna Philharmonic, as well as a long line of Western classical legends — all of whom have always waived their hefty fees. “Also, a small but important piece of history is being written, as the Belgrade Philharmonic makes its debut in India.”The orchestra, once the preeminent ensemble of a united Yugoslavia, has lived through tumultuous times: the fracturing of the country after the fall of Communism, fratricidal war and the 1999 NATO bombing of Belgrade, one of the world’s oldest continuously inhabited cities (the air strikes were courageously condemned on moral grounds by then-Prime Minister Atal Bihari Vajpayee). Like the besieged Leningrad Philharmonic during World War II, the Belgrade Philharmonic became a symbol of cultural resistance during those dark days. It is thus fitting that the two other main works of the Mumbai concerts will be performed by the resilient Belgraders: Beethoven’s monumental Third Symphony and his electrifying Seventh Symphony. While the Third was inspired by the ideals of the French Revolution, the Seventh, pulsating with rhythmic energy, can be understood as an affirmation of life, of collective vitality. As Jeejeebhoy says, presenting Lang Lang, Zukerman, Mehta and the Belgrade Philharmonic “is our way of marking the beginning of a very special year”.

KALYAN: Ahead of the upcoming municipal corporation elections in Maharashtra, deputy chief minister Eknath Shinde on Friday said that the polls will be contested under the Mahayuti alliance, asserting that speculation and political statements from outside should be ignored.“Whatever is being said elsewhere should be ignored. The Mahayuti formula has been finalised and is in its final stage. Chief minister Devendra Fadnavis himself is taking the lead. I have held several meetings with Ravindra Chavan. Some parties may get more or fewer seats, but we will fight together and win. Our agenda is clear — to bring real change in the lives of people in Mumbai and Kalyan-Dombivli,” Shinde said while addressing a large public rally in Dombivli. He also held back-to-back rallies in Kalyan after Dombivli as part of preparations for the KDMC polls.Targeting the Maha Vikas Aghadi (MVA), Shinde questioned the opposition’s role during recent municipal council elections. “Where were you when workers were on the ground? You abandoned them repeatedly, while Mahayuti leaders were campaigning everywhere. We fought, we won, and we honoured our workers. A Shiv Sena worker is never left alone,” he said.Shinde also accused Thackeray brothers of exploiting Marathi identity and Mumbai’s name for power. “Mumbai is not a hen that lays golden eggs. It is the financial capital of the country and the pride of Maharashtra. People know who comes together only for power. Whether it is Mumbai, Kalyan or Dombivli, the saffron flag will continue to fly,” he asserted.Reiterating Shiv Sena’s ideological position, Shinde said Marathi pride, Hindutva and development remain inseparable. “Dombivli is not just a city; it is a centre of culture, ideology and Hindutva. Shiv Sena will never compromise on Hindutva for power,” he said.Shinde also outlined key development projects undertaken by the Mahayuti government in the region, including metro rail connectivity, ring road construction, double-decker flyovers and cement concrete roads. He announced that an international-standard vertical sports stadium at the Sawlaram Sports Complex is under construction and expected to be operational within 18 months.He further spoke about a 200-bed cancer hospital, redevelopment of Shastrinagar Hospital, and cluster redevelopment schemes to provide permanent housing to eligible residents.Addressing the gathering, Lok Sabha MP Shrikant Shinde stressed that Kalyan-Dombivli has historically stood firmly with the alliance. “Our workers have been working within the alliance for many years. Some people try to create confusion or throw obstacles within the alliance, but Dombivli is a stronghold of the alliance and a constituency that believes in Hindutva. That is why we have always remained committed to the alliance,” he said.Shrikant Shinde said neither he nor Eknath Shinde ji had ever spoken about breaking the alliance. “Whenever we have spoken, we have said only one thing — that the mayor in Kalyan-Dombivli will be from the alliance. Today, our MLAs, MPs and corporators are united. No one should attempt to weaken the Mahayuti, especially when so much development work has been carried out here,” he added.Taking dig at the Thackeray brothers, Shrikant Shinde questioned their claims of representing Marathi interests. “They speak about the Marathi identity and say they have united for the Marathi people. My question is — what have you actually done for the Marathi people? During your tenure, the Marathi population was pushed out of Mumbai because they could not afford homes,” he said.He alleged that Marathi families were forced to move to areas such as Kalyan, Ambernath and Karjat, while thousands continued to live in transit camps in Mumbai for 14 to 15 years without permanent housing. “If anyone has provided homes to the Marathi people, it is Eknath Shinde. Show even one project where you delivered housing for them,” he challenged.Shrikant Shinde also highlighted infrastructure improvements in the region, including flyovers, closure of railway crossings, metro expansion, ring road projects and 100% cement concrete roads in MIDC areas, saying the scale and pace of development were unprecedented.The rally concluded with calls to strengthen Shiv Sena and the Mahayuti alliance ahead of the civic elections, with leaders expressing confidence that the alliance would retain its dominance in Kalyan-Dombivli.

Panaji: For the first time in several months, the All India Football Federation (AIFF) and clubs appear to be looking in the same direction, raising hopes that the top league could now kick off in early February.The AIFF has presented a 20-season plan for the top-tier Indian Super League (ISL) to be owned and operated by the federation – as per its new constitution — with participating clubs paying Rs 1 crore as participation fee and revenue shareholders contributing annually to the league’s operational budget proportionately as per their percentage of shares.As per the proposal shared with participating clubs in a virtual meeting on Friday, the participating clubs will be majority shareholders at 50%, contributing Rs 35 crore to the general revenue pool, while the commercial partner can take up 21% share for Rs 21 crore. The AIFF has a 10% stake for a contribution of Rs 7 crore while the other 10% share is earmarked for club allocation for ‘fixed revenue share’.The central operations budget for next season has been pegged at Rs 70 crore.“The AIFF’s proposal seems to have been well received by the clubs,” AIFF deputy secretary general M Satyanarayan told TOI after the meeting. “We hope this positivity translates into starting the league, which is of primary importance. The players and several other stakeholders are affected. We are hoping we can wrap things up within the next 10 days and then announce the date for the commencement of the league.”The AIFF has called for a meeting of all clubs on Dec 29 in Delhi where it expects to finalise the long-term proposal and also decide on the format for this season.While no date has been fixed, the AIFF is looking at Feb 7 as the start date for this year’s league, providing the clubs at least a month’s notice to get themselves in shape for the top tier competition. Most clubs have paused first team operations due to the uncertainty surrounding the league.“In principle, the framework that has been presented is correct, though we need to look at the finer points,” said a club official who attended the meeting and was “positively surprised” at the proposal. “The proposal is closer to what we have been saying. Why did it take AIFF so long to come to such a conclusion, rather than insist on a mandatory annual rights fee?”The clubs said they will need AIFF to answer a few queries, particularly relating to governance and rights of the commercial partner, without whom this model might not work.“At least for the first two or three years, it might not be easy to find a commercial partner who’s willing to put in Rs 21 crore annually, without control or even a major say over the league,” said another official. “For example, if the commercial partner wants weekend matches, played under lights, and AIFF decides to it during daytime, they can do nothing about it.”The AIFF said governance of the league would be overseen by a board that would be empowered by its general body with “certain operational autonomy over commercial matters of the league.”In some respects, the AIFF proposal is similar to the one presented by FSDL earlier this year, with 60% of the equity share being distributed equally among all ISL clubs, 26% to FSDL and the remaining 14% to the governing body. The federation, however, turned down the proposal since it wanted an assured sum annually to run its activities.THINKING LONG TERMThe top league will be owned and operated by the AIFF. It will have an open model incorporating promotion and relegation across tiers of the pyramidAIFF’s fixed revenue share will be 10% with yearly contribution of Rs 7 crore, which it will invest in youth leaguesClubs will collectively take 50% shares for Rs 35 crore, while the commercial partner gets 30% for Rs 21 crore annuallyRelegated team will have to give up their participation share to the promoted team. Two percent of the central pool has been earmarked for parachute payments, a maximum of 1% per club per season for two seasonsOperational expenses, salary cap and long-term protection of investment will be discussed next week

NEW DELHI: Amid ongoing speculation of an alliance ahead of the BMC polls, Maharashtra deputy chief minister Ajit Pawar on Friday met NCP (SP) leader Azam Pansare in Pimpri-Chinchwad.Talking to reporters after the meeting, Pansare said that the NCP (SP) “wishes” to have an alliance with Ajit Pawar’s faction.“Ajit Pawar came to meet me after a long time. We had a lot of discussions on general issues. We wish to have an alliance (between NCP SP and NCP). He told me that a decision will be taken soon,” Pansare said.This comes days after NCP (SP) MP Supriya Sule hinted at a possible alliance, saying that her party is in talks with Ajit Pawar and that senior party leaders have spoken to each other.“Of course, we are looking at all alliances. Ajit Pawar constantly says that he has not given up that ideology. Right now, the focus is on the corporation elections. A lot of our colleagues have spoken to each other,” Sule had said.“We are engaged in dialogue with them, but no decision or final offer has come,” she added.Earlier, Maharashtra minister Sanjay Shirsat also said that efforts were under way in Pune to bring both NCP groups together.“Both the NCPs are coming together by forming an alliance for the upcoming municipal corporation elections,” he said, adding that such local-level adjustments could be the beginning of a broader political understanding.The undivided NCP, founded by Sharad Pawar, split in 2023, with the Ajit Pawar-led faction not only joining the BJP–Sena alliance in the state government but also bagging the “real NCP” status through an Election Commission ruling.The NCP (SP) has since been contesting against the NCP in various polls and on social issues.As municipal corporation elections in Maharashtra are expected to be held next month, various parties have been working on different alliance combinations. With the BJP having established its dominance in both the Pune Municipal Corporation (PMC) and Pimpri Chinchwad Municipal Corporation (PCMC) areas, the Ajit Pawar-led NCP has been contemplating an alliance with the senior Pawar’s party in both these municipal corporations of Pune district.

As 2025 draws to a close, former Indian cricketer and commentator Abhinav Mukund has revealed his ‘Best Test XI’ for the year. Mukund’s selection highlights the standout performers from major series like the Anderson-Tendulkar Trophy and the ongoing Ashes, while making the bold choice of South African skipper Temba Bavuma to lead the side.

Abhinav Mukund’s Test XI of 2025

Stylish top order

Mukund opted for a right-left opening combination, pairing India’s KL Rahul with England’s Ben Duckett. Rahul was the top Test run-scorer among openers and a Champions Trophy winner, while Duckett made significant contributions with big centuries in both Test and ODI formats. Rahul had a stellar year across formats, notably becoming the opener with the most runs in Test cricket in 2025, scoring 625 runs by October. He also played a pivotal role in India’s ICC Champions Trophy 2025 title win.

Duckett was a key player for England across all formats. He set a record for the highest individual score in the ICC Champions Trophy history with 165 runs against Australia in February 2025, a record later broken. In the Test series against India, he scored a brilliant 149 in the first Test win at Headingley.

At number three, Mukund named his captain, Bavuma. Bavuma had an exceptional year as both a batter and captain, most notably leading South Africa to a historic victory in the 2025 ICC World Test Championship final against Australia. As a batter, he maintained an outstanding Test average of 60.50 for the year and played crucial innings in South Africa’s first Test series win in India in 25 years.

Middle order dominance

The middle order features the year’s most consistent run-scorers. England’s Joe Root, India’s Shubman Gill and Australia’s Alex Carey. The Indian star concluded the year as the highest international run-scorer across all formats, while Root ended as the top ODI run-scorer and second-highest Test run-scorer of all time.

Gill amassed 1,764 runs across 35 international matches in 2025, with an average of 49.00 including seven hundreds and three half-centuries. He had an outstanding Test series against England, scoring 754 runs with four centuries, including a highest score of 269, to be named joint Player of the Series. Despite his red-ball and 50-over success, he was dropped from the T20I squad for the 2026 T20 World Cup due to poor T20I form.

Also READ: South Africa legend Hashim Amla reveals his all time best Test XI; no place for Virat Kohli and Joe Root

Root finished the year as the leading ODI run-scorer with 808 runs at an average of 57.71. In Test cricket, he surpassed Ricky Ponting to become the second-highest run-scorer of all time. Root scored 1,598 international runs at an average of 57.07 across all formats in 2025.

Carey enjoyed a “red-hot” year in Test cricket, finishing as Australia’s highest run-scorer in the format with an average over 51.61. He scored two Test centuries, including a maiden Ashes ton at his home ground in Adelaide. His work behind the stumps, particularly in the second Ashes Test at the Gabba, earned widespread acclaim, with some hailing him as the best wicketkeeper in the world.

Dynamic bowling attack

The bowling attack is spearheaded by Australia’s Mitchell Starc, who etched his name into the record books in 2025. Starc became the first bowler since 1993 to take over 50 wickets in a year with a strike rate under 30 (28.7).The spin department is led by the relentless Ravindra Jadeja, who acted as the side’s premier all-rounder, and South Africa’s Simon Harmer, whose 30 wickets in just four Tests made him an undeniable selection for Mukund. The pace battery is completed by India’s Mohammed Siraj and Jasprit Bumrah, who combined for nearly 80 wickets during the calendar year.

Abhinav Mukund’s best playing XI of Tests for 2025: KL Rahul, Ben Duckett, Temba Bavuma (c), Joe Root, Shubman Gill, Ravindra Jadeja, Alex Carey (wk), Simon Harmer, Mitchell Starc, Mohammed Siraj, Jasprit Bumrah

Also READ: Virat Kohli, Steve Smith or Joe Root? Dinesh Karthik picks the best Test batter