News Broadcasting
Will CAS impact Zee TV? An SSB analysis
MUMBAI : Salomon Smith Barney (SSB) has not revised its earnings estimate nor the 12 month price target for the Zee Telefilms scrip following the clearance of CAS in the Rajya Sabha.
In a report entitled CAS is a reality but let’s await implementation, SSB says that Zee Telefilms will continue to trade at 16x times its EPS 12 months forward and has cautioned “that implementation issues around CAS and subscriber take-up present uncertain variables that prevent sound fundamental analysis. A wait and watch approach on this would be more appropriate for now.”
The report says that the implementation of CAS will no doubt have a significant impact on SSB’s earnings estimates for Zee Telefilms. The roll out schedule notified by the government (six months as per legislation) and compliance with the same will decide the impact on FY04E (limited in SSB’s view) and FY05E earnings.
The report points out that for SSB FY05 revenue estimates of domestic subscription revenue (Rs 2.4bn 25 per cent growth CAGR) to be maintained, the subscriber declarations from the regional cable operators need to improve substantially while at least 20-30 per cent of the metro subscribers (Mumbai, Delhi, Kolkata) need to be seeded with set-top boxes.
The per channel tariff (that is cost of subscription of stand-alone Zee TV) and the mix of subscriber declarations from metros and non metros will also be other important factors relevant to model subscription revenues from the metros.
Funding of set-top boxes and investments in cable head-ends and subscriber addressability systems for Zees MSO subsidiary Siticable will also need to be factored in. Lastly, the impact of CAS on advertising revenues will also need to be watched. Advertisers could shift spends to FTA channels if their connectivity post CAS implementation is significantly better than that of the pay channels.
SSB therefore says it would await further clarity (implementation specifics, schedule etc) before revising its earnings estimates for Zee.
The SSB report adds that “the inherent leverage in the broadcasting business is substantial. A channel driver program backed by all round sustained programming initiatives could change the dynamics for both advertising and subscription revenues.”
It believes that “the new management led by the promoter has a long experience in this business and could engineer a turnaround more rapidly than we expect.” While its new programming initiatives have been positively received, they have not resulted in a substantial rise in ratings.
On the downside, SSB says, the potential listing of Sony and Star Plus could put Zees valuation premium vs. the broader market (Sensex) at risk. Additionally, the company has been lax on corporate governance issues, the woes of which have also adversely affected the stock in the past.
News Broadcasting
Rising Bharat Summit 2026 spotlights India’s global ascent
PM Modi keynotes two-day event with ministers, diplomats and icons in New Delhi.
MUMBAI: India didn’t just host a summit, it threw a coming-out party for a nation ready to own the global stage. The News18 Rising Bharat Summit 2026, held on 27–28 February in New Delhi, emerged as a high-octane platform for ideas, vision and strategic dialogue, uniting national leadership, global policymakers, industry titans, defence strategists and cultural icons under the theme “Strength Within”.
Prime minister Narendra Modi set the tone with a keynote that framed India’s resurgence as a reclaiming of lost potential built over generations. “In previous industrial revolutions, India and the Global South were merely followers,” he said. “But in the era of Artificial Intelligence, India is a partner in decisions and shaping them.” He highlighted the country’s thriving AI startup ecosystem and the recent AI Impact Summit attended by over 100 nations.
Union minister Piyush Goyal (Commerce & Industry) stressed India’s readiness to scale exports and deepen manufacturing, while Ashwini Vaishnaw (Railways, I&B, Electronics & IT) positioned technology and infrastructure as twin engines of growth, especially in AI and digital trust. Jyotiraditya Scindia (Communications & North East Development) revealed India’s ambition to lead in 6G through the Bharat 6G Alliance and partnerships with over 30 countries.
Global voices added depth: former Singapore Foreign Minister George Yeo called India’s development “self-sustaining” and strategically vital; ex-UK Chief of Defence Staff General Sir Nick Carter asserted India deserves a seat at the great powers’ table; and former US Commerce Secretary Carlos M. Gutierrez joined ambassadors from Norway, Germany and Sweden in discussions on geopolitical realignment, sustainability and defence preparedness.
Other speakers included veteran investor Ramesh Damani, World Gold Council CEO David Tait, Vianai Systems founder Dr Vishal Sikka, DeepTech Bharat Foundation co-founder Shashi Shekhar Vempati, defence experts Rajesh Kumar Singh, Sunil Ambekar, Patrick McGee, Tom Cooper and Adrian Fontanellaz, plus cultural and sporting icons Kangana Ranaut, Saina Nehwal, PR Sreejesh, Mohammed Shami, Yuzvendra Chahal, Mithali Raj, Anil Kapoor and Yami Gautam.
The summit was supported by Jio Financial Services (Presenting Partner), Phonepe and DS Group (Co-Presenting Partners), Pernod Ricard India and Kia Seltos (Powered By & Driven By), state governments of Uttar Pradesh, Chhattisgarh and Uttarakhand (State Partners), and associate partners including NSE, M3M Foundation and Reliance Industries.
Broadcast live across News18 Network, CNBC-TV18 and CNBC Awaaz, the event reinforced India’s image as a confident democracy and emerging global power proving that when strength comes from within, the world can’t help but watch.
