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Listed firms tighten purse strings on Day 1

Ambanis and Mallyas spend the most.

Debabrata Das

New Delhi, Jan. 8

Listed companies who own teams in the Indian Premier League chose to be cautious with their spending on the first day of the player auctions.

GMR-owned Delhi Daredevils and Deccan Chronicle Holdings Ltd’s Deccan Chargers were two of the lowest spenders on day one. Deccan Chargers spent $5.5 million (Rs 24.93 crore) while Delhi Daredevils spent $5.84 million (Rs 26.5 crore) in a relatively quiet day for the two at the auctions.

India Cements-backed Chennai Super Kings, who are also the reigning IPL champions, started off the day on a quiet note but a string of strategic purchases towards the end of the day took Chennai’s total spending up to $7.62 (Rs 34.57 crore).

Low spenders

“The low spenders of the day were the teams owned by companies who are answerable to their shareholders. It would not be right to expect them to be shelling out a large amount of money for one single player. Overall I think all these three teams made some good strategic buys,” said a Mumbai-based analyst.

The big spenders of the day included the likes of Kolkata Knight Riders, Royal Challengers Bangalore, Mumbai Indians, Kochi and Pune.

The UB Group which recently consolidated its sports ventures in a separate subsidiary were the biggest spenders of the day with Royal Challengers Bangalore spending $7.9 million (Rs 35.81 crore). Mumbai Indians’ owner and Mukesh Ambani’s wife, Ms Nita Ambani, flexed the financial muscle as Mumbai Indians spent more than $6 million in the first half of the auction itself. At the end of the day, Mumbai Indians had done $7.64 (Rs 34.6 crore) worth of shopping.

Kolkata Knight Riders, owned by Knight Riders Sports Pvt Ltd, made the two costliest buys of the day. Gautam Gambhir was bought by the team for $2.4 million (Rs 11.04 crore) while a further $2.1 million (Rs 9.52 crore) was spent for acquiring Yusuf Pathan.

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