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Fundamentals are turning in favour of India. Higher growth and corporate earnings are achievable in the quarters ahead, says Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited. (AI image)

Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Wednesday. While Nifty50 was above 25,850, BSE Sensex was up over 100 points. At 9:17 AM, Nifty50 was trading at 25,865.25, up 26 points or 0.099%. BSE Sensex was at 84,804.28, up 138 points.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “As the year slowly draws to a close the market structure is becoming challenging. Heavy selling in the broader market is justified since valuations have been elevated and kept high only on the strength of liquidity. This is unsustainable. But the weakness in the overall market and sustained selling by FIIs are a bit disappointing. A major concern is the excessive delay in the finalisation of the US-India trade deal. A remark by President Trump yesterday that action should be taken on India for dumping rice in the US hurt sentiments further.”“Fundamentals are turning in favour of India. Higher growth and corporate earnings are achievable in the quarters ahead. The fiscal and monetary stimulus provided this year have started producing results. The excessively low inflation rate, which impacted nominal GDP growth, also will start rising in the coming quarters. This is significant since corporate earnings growth will be influenced more by nominal GDP growth rather than by real GDP growth. The fact that valuations in the large cap segment have become fair is another positive. These positive factors will start weighing on the market soon. Investors have to keep faith and wait patiently for the fundamentals to play out.”The S&P 500 declined on Tuesday as investors anticipated hawkish Federal Reserve messaging despite potential rate cuts. JPMorgan contributed significantly to the benchmark index’s decline following the bank’s announcement of substantial 2026 expenses.Asian markets showed modest gains following Wall Street’s subdued session, with investors awaiting the Federal Reserve’s final interest rate decision of the year.Foreign portfolio investors recorded net sales of Rs 3,760 crore on Tuesday, whilst domestic institutional investors showed net purchases of Rs 6,225 crore.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

ICC broadcast rights in jeopardy as JioStar exits. (Image: Agencies)

The development around JioStar’s ultimatum to the International Cricket Council (ICC) that it cannot service the remaining two years of the media rights contract due to “deep financial losses” conveys many things, but certainly not them exiting the deal. Like conjoined twins, the federation and the broadcaster have no choice but to follow the unique and challenging reality of their existence — they can neither afford to live with each other nor live without each other.

On one hand, cricket has only one major broadcaster in Jio Star, and on the other, cricket is JioStar’s only recourse if they need to keep their subscription game going. So, nobody’s going anywhere.

Unsustainable prices

In 2023, when Disney India bought the ICC media rights at $3.04 billion, there were a total of 179 matches for the taking over the four-year cycle. Technically speaking, Disney India bid Rs 138.7 crore per game. The cost of a single IPL game at today’s global broadcast rights value is Rs 114 crore, which JioStar has been finding it difficult to sustain. Here, we’re talking about a tournament played at India prime time, involving top Indian and global cricketers, and is perched right up there among the global sports properties. Then, how exactly at Rs 138 crore per game will the broadcaster ever be able to sustain the value of ICC cricket rights? For the record, of the 179 matches, India will play only 28 games plus knockouts, if they qualify. In 2024, when Jio was taking over Disney India, did they not know the repercussions of the deal? They did, and that is the only reason why Disney exited the India market at a discounted value. Today, having acquired those rights at a discount, Jio expects the ICC to further renegotiate, only because they know there’s no other broadcaster in the fray.

All eggs in one basket

Today, if JioStar decides to stay away from cricket rights, cricket federations – read ICC, IPL, BCCI – simply do not have a Plan B. In fact, their Plan B will be to renegotiate and come back to Plan A, which is to stick with JioStar at a discounted price. It is precisely this lack of choice that leaves the members of the ICC with no other option but to be at the mercy of the current broadcaster. The ICC has two major events coming up in 2026 and 2027 — the men’s T20 World Cup, followed by the men’s 50-over World Cup. It is to be waited and seen if the ICC members will sit across the table with JioStar ahead of these events to guarantee them a better pricing in the next rights cycle to allow the cricketing caravan to keep moving. That is clearly the only end game to this whole exercise.

What next?

The ruckus is not lost on the IPL franchises. In fact, ever since the mega merger between Jio and Disney happened, they had seen this coming. When a brand valuation and consultancy firm like Brand Finance comes out with a report that says IPL’s 2025 brand value is down by 20% — from $12b to $9.6b — one can pin it down to the broadcast rights, IPL’s biggest revenue source. In 2022, multiple bidders had fought tooth and nail to grab IPL rights, and it brought in a cash influx of Rs 48,300 cr. In 2026-27, only two broad casters will be in the fray (and one of them only for TV). What kind of a hike can the industry expect? The IPL rights stood at a billion in 2008, got sold for $2.6b in 2017 and got resold for $6.5b in 2022.

While franchises are wondering what next, the industry is speculating a five to 10% hike, no more. That’s the long and short of the media rights story.

Miami voters have elected Democrat Eileen Higgins as the city’s first female mayor and the first Democrat to hold the office in nearly three decades. In Tuesday’s runoff, Higgins, a former county commissioner, defeated Republican Emilio González, a former city manager backed by former President Donald Trump and Florida Governor Ron DeSantis.“Together, we turned the page on years of chaos and corruption and opened the door to a new era for our city, one defined by ethical, accountable leadership that delivers real results for the people,” Higgins said in a statement after the voivtory, promising to lead a government “that finally earns the public’s trust,” as cited by NYT. Although Miami’s elections are officially nonpartisan, both major parties played an active role in the campaign. US President Donald Trump endorsed González, while the Democratic National Committee backed Higgins. In the days leading up to the vote, several prominent national Democrats traveled to Miami to campaign alongside her, an unusual show of support for a low-turnout, off-year local election. Higgins secured victory the victory after topping the first round of voting on November 4, where she received 35 per cent of the vote compared to González’s 19 per cent.

Who is Eileen Higgins?

Higgins will make history as Miami’s first female mayor and its first non-Hispanic mayor since the 1990s, breaking a three-decade dominance of Cuban American Republicans in city politics.Higgins, a trained mechanical engineer and former Peace Corps director in Belize, previously represented what she described as a Republican-leaning district on the county commission. She also holds a Master of Business Administration from Cornell University’s Johnson Graduate School of Management.On the campaign trail, she pledged to focus on addressing residents’ everyday concerns if elected, as cited by Politico. Higgins had served as a well-known county commissioner for eight years, representing a district that included Miami’s downtown. In the November 4 election, she also secured the top spot across all five of the city’s commission districts.She received a social media endorsement from former transportation secretary Pete Buttigieg, who is a former mayor and was a 2020 presidential candidate.She also led in all five of the city’s commission districts and will succeed outgoing Mayor Francis Suarez, who had briefly sought the Republican presidential nomination, as cited by the NYT. Miami, home to roughly half a million residents, is Florida’s second-largest city after Jacksonville. While the city, like the state, has trended Republican in recent election cycles, Higgins’ Democratic victory stands out as particularly notable.

US President Donald Trump addressed America’s affordability concerns at a campaign rally in Mount Pocono, Pennsylvania, on Tuesday, saying that the prices have come down “tremendously.” He moved to reassure Americans frustrated by high living costs and dismissed Democrat’s criticism over inflation as a “hoax”. The event was a shift from his usual arguments about affordability, away from White House briefings and social media posts, into a more energetic campaign setting. Trump asserted that consumer prices are falling sharply. “Prices are coming down tremendously from the highest prices in the history of our country.” His remarks followed earlier claims made at the White House a day earlier, when he insisted, “We’re bringing prices way down,” and argued that Democrats had created the affordability crisis while he was “fixing it”.

Low confidence in Trump

The push comes at a difficult moment for Trump. Surveys in recent weeks show a drop in public confidence in his handling of the economy, even as the White House says it expects inflation to ease next year. And although he has promised to bring prices down quickly, only 33% of American adults approve of his economic management, according to a November survey by the Associated Press-NORC Center for Public Affairs Research. Following lacklustre Republican performances in last month’s off-cycle elections, administration officials have been trying to convince voters that the current cost pressures are unrelated to Trump’s policies. But price levels have remained stubborn, rising again after Trump introduced his “Liberation Day” tariffs in April. Businesses had warned that the sweeping import taxes could lead to higher consumer prices and reduced hiring, even as inflation had begun calming after hitting a 40-year peak in 2022. Trump has instead repeatedly blamed his Democratic predecessor, Joe Biden, for the problem. His appearance in Monroe County, a region that backed Biden in 2020 but swung to Trump in 2024, was closely watched for signs of how voters view his claims. The county, anchored by the tourism-driven Pocono Mountains and increasingly attractive to people priced out of New York City, is set to play a key role in next year’s fight for control of the US House. The rally was held indoors, a change from the larger venues Trump used last year. It also placed him squarely inside the district represented by Republican Rob Bresnahan, who won his 2024 House race by only about 1.5 percentage points and is now a key Democratic target. Scranton Mayor Paige Cognetti is among those vying to challenge him.

‘A plus plus plus’ economy ?

Trump has continued to boast about economic performance even as many Americans struggle with rising costs. On a Politico podcast, he rated the economy “A-plus”, later amplifying that to “A-plus-plus-plus-plus-plus”. He has pointed to relaxed auto fuel efficiency standards and agreements aimed at lowering list prices for prescription drugs as evidence that he is easing pressures on consumers. He has also argued that significant cuts to the Federal Reserve’s benchmark interest rate would lower mortgage and auto-loan costs, despite concerns from critics that such moves could worsen inflation. National indicators show a mixed picture: the stock market has climbed this year, and economic growth appeared solid in the third quarter. Yet many households say the cost of housing, groceries, electricity, education and other essentials continues to erode their incomes. The administration maintains that inflation will subside next year, partly due to investment in artificial intelligence and manufacturing.Trump has repeatedly argued that concerns about affordability are being exaggerated for political effect. Speaking in the Oval Office earlier, he said “affordability is the greatest con job” by Democrats, insisting that his own past actions show he is the one genuinely addressing the issue.

GOA: Within three hours of the inferno that tore through Birch by Romeo Lane in Goa’s Arpora — killing 25 people during a packed Saturday-night performance — owners Saurabh and Gaurav Luthra slipped out of the country through Delhi airport.By 5.30am Sunday, the brothers were airborne, headed to Phuket on IndiGo flight 6E-1073, Goa DGP Alok Kumar revealed on Monday, calling their swift exit “a clear attempt to evade investigation”.

Even as Saurabh posted a sombre message on social media expressing “profound grief” and “unwavering solidarity” with victims’ families, the Bureau of Immigration issued a LookOut Circular for both brothers. Goa Police, coordinating with Interpol, says it now wants them in custody “at the earliest”.Also read: The ‘burning’ Luthra empire

The hunt begins

Goa police on Tuesday issued a blue corner notice through Interpol, aiming to track, identify, and provisionally detain the brothers while extradition proceedings are considered.A Goa police team reached Delhi on Sunday armed with an arrest warrant, searched the Luthras’ residences and offices — but found nothing. Hours later, immigration authorities in Mumbai confirmed the truth: the brothers had bolted.Delhi Police’s crime branch detained senior Romeo Lane executive Bharat Kohli from north Delhi and handed him to Goa Police on transit remand. Another Delhi-based partner, Ajay Gupta, is now on the radar.Also read: Crowd grooves to Sholay’s ‘Mehbooba’ as flames erupt in backgroundMeanwhile, four arrested Birch staffers — chief general manager Rajiv Modak, gate manager Priyanshu Thakur, bar manager Rajveer Singhania and general manager Vivek Singh — were remanded to six days’ custody. Three suspended Goa government officials have also been summoned.

Investigators say electric firecrackers, set off during a belly-dance performance, shot into the club’s wooden ceiling, triggering the blaze that ripped through the first-floor structure packed with 150 guests.

Rise of an empire built on speed — and cracks

To the Luthras, their empire was a decade-long dream that began in Delhi’s Hudson Lane with Mama’s Buoi — a cosy student-favourite. But it was Romeo Lane that turned them into nightlife royalty. What began as a modest Civil Lines spot exploded into a roaring, post-Covid success in Vagator, Goa, drawing tourists with sea views, fire dancers, Bollywood nights and big-budget spectacle.Their brand became so coveted that malls from Indore and Nagpur to Agra and Dehradun queued up to house a Romeo Lane outlet. Developers offered to cover construction. Franchisees paid hefty fees and royalties. Expansion was relentless: 25+ outlets in India, one in Dubai, and nearly 25 more in the works.Also read: What makes nightclubs a recipe for disasterBehind the scenes, Saurabh was the flamboyant, aggressive face; Gaurav, the quieter engineer-turned-operator. Their paralysed father, Vijay Luthra, remained the family anchor.But rapid growth came with strain. Franchisees complained of being left unattended after signing expensive contracts. Several outlets allegedly suffered losses. Industry insiders say the empire ballooned faster than the brothers could control.

A tragedy that cracked the façade

Local panchayat authorities have now flagged major violations at Birch — a property the brothers touted as “India’s first island bar”. The outlet, functional since March 2024, reportedly lacked key safety clearances. Questions rage: Why were these not flagged earlier? Who allowed a kitchen in the basement? Why did enforcement wake up only after 25 people died?In Delhi, murmurs have grown louder. Some franchise partners say they may discard the Romeo Lane brand name entirely. Restaurateurs say the brothers owe the industry — and the families of the dead — an in-person explanation, not a social media statement.From a brand that once epitomised India’s booming nightlife, Romeo Lane now stands at a precipice — its future hostage to an escape in the night, a trail of unanswered questions, and a tragedy that India won’t forget soon.

Nagpur: There are almost 12 lakh (11.88 lakh) stray dogs in Maharashtra’s urban areas, with 90,757 in Mumbai alone. This information was shared in a written reply by deputy chief minister Eknath Shinde in the legislative assembly on Tuesday. He was quoting a report published by the Union ministry of health and environmental welfare on the deaths due to rabies from dog bites in Maharashtra.Attacks by stray dogs have emerged as a matter of concern across the country. Last month, following a Supreme Court order directing that stray dogs be removed from the premises of educational institutions, hospitals, sports complexes, bus stands and depots, and railway stations, the state UD department issued orders to tackle the menace of strays. In an order, the state govt said that strays must be captured, sterilised, vaccinated, and dewormed.Shinde’s reply followed a calling attention motion moved by MLAs Atul Bhatkhalkar, Chetan Tupe, Suresh Bhole, Jitendra Awhad, Yogesh Sagar, and Mangesh Chavan, among others. The reply indicated that there was a slight increase in rabies caused by dog bites; as against seven death cases recorded in 2022, 14 were recorded in 2023, and 14 in 2024.Experts have maintained that the only way to reduce rabies deaths is to vaccinate the dogs. While Mumbai has done well in this regard, other cities and towns lag. According to Shinde’s statement, 2,33,257 dogs were neutered in 29 municipal corporations and 50,844 in 395 municipal councils/nagar panchayats in 2024-25.“There are eight animal birth control centres (ABC) in Mumbai and 105 ABC centres in the 29 municipal corporations in the state,” the statement said. The urban development department has implemented the recommendations of Section 13 of the Commission for Protection of Child Rights (CPCR) Act, 2005, and the implementation of the Animal Birth Control Rules, 2023, framed by the Centre in all the municipal corporations/municipalities/nagar panchayats.As per these rules, an Animal Birth Control Monitoring Committee has been established at the local level through the urban local bodies. Also, the Animal Welfare Board of India has announced the Standard Operating Procedure (SOP) dated in Nov, and guidelines for setting up shelters for stray dogs as per the SOP have been given to all the urban local bodies, Shinde said in his reply.The order also states that all civic bodies should catch stray dogs and provide shelters for them. There must be designated places for feeding stray dogs. “Places for feeding stray dogs should be designated in the municipal corporation/municipality/nagar panchayat area, and it should be ensured that stray dogs are fed at the same place. Penal action should be taken against those who feed them in other open places,” the order states.