MC Pro CricIndex holds on to gains compared to benchmark as cricket fever catches on

A report by economists at the Bank of Baroda estimated that the ICC Men's Cricket World Cup will boost India's economy by as much as $2.4 billion

The Moneycontrol Pro Cricindex, which tracks a basket of 11 stocks riding on higher investor interest during the cricket world cup is holding higher as compared to the Nifty50 index. On October 17, the MC Pro CricIndex extended its outperformance, ending higher than the rebased benchmark index.

Stocks on Cricindex
On October 17, here's how the constituents of the index fared, at closing.

Hotels are likely to get an additional boost from the sporting event, with teams as well as spectators staying in leading properties across the host cities. The stocks include Samhi Hotels and Royal Orchid Hotels.

The index also includes food and beverage stocks such as Devyani International , Sapphire Foods India, Zomato, Radico Khaitan, United Breweries and United Spirits as the demand for F&B is expected to increase.

Also Read: Zomato surges 72% this year, nears 52-week high on ICC World Cup booster

Fans are also likely to travel to match venues across India, causing an uptick in airline sales. Interglobe Aviation has been included in the index as well.

PVR Inox has also been included in the index as the multiplex operator is in talks with the ICC to screen India matches and finals in theatres. Nazara Technologies a leading diversified gaming and sports media platform has also been included in the index.

Also Read: Transformation of cricket from sport to business is complete

ONDC's bumper sales

Earlier last week, when India took on Pakistan in a World Cup 2023 match on October 14, the Open Network for Digital Commerce (ONDC) saw its order volumes increase to 65,400, which was more than double the average of around 30,000 orders per day in the last month, sources said.

ONDC saw Delhi placing 7,852 orders, Bengaluru 7,586, Mumbai 3,770, Pune 3,729, Hyderabad 3,231, Jaipur 2,013, Thane 1,763, and Gurugram 1,732. While the orders were placed from a total of 600 cities, 70 of them placed over 100 orders each.

Cricket Economy

A report by economists at the Bank of Baroda estimated that the ICC Men's Cricket World Cup will boost India's economy by as much as $2.4 billion.

Further, the economists said that they expect the total Indian viewership for the tournament, including both on television and streaming platforms, to be far larger than the 552 million seen in 2019.

Financial services company Jefferies has also predicted that the fares for selective hotels and flights can shoot up by an average of 150 percent and 80 percent, respectively on the ICC Cricket World Cup 2023 match days, according to a report by Jefferies.

Disclaimer – The stock list should not be construed as a stock/portfolio recommendation. Stock prices of companies will react positively/negatively to a host of factors other than the cricket world cup. Also, the impact of the event may/may not be reflected in the earnings of these companies.