News Broadcasting
Investor alert: ‘Operation Farzi Bull Run’ by Zee Business unveils market manipulation
Mumbai: In recent times, the stock market has witnessed remarkable activity, with both institutional and retail investors interpreting the surge as a bullish trend. Zee Business’ extensive investigation on ‘Operation Farzi Bull Run’ has proved to be an eye-opener to investors and the general public about the perplexing/ complex surges in few loss-making & weak fundamental PSU (Public Sector Undertaking) stocks that gripped the Indian stock market.
Zee Business managing editor Anil Singhvi, through his extensive analysis, scrutinized the extraordinary activity in a few small PSU shares. This has culminated in several stocks with suspect bull runs, now being subjected to lower circuit restrictions. In fact, the mid-cap and small-cap sectors, in particular, have experienced significant growth over the last six months.
Most notably, selected PSU stocks have displayed an extraordinary upswing, with gains ranging from 100% to a staggering 300% in just three months. However, while these stocks have exhibited substantial price movements, their underlying fundamentals often remain questionable.
Some of the key highlights of ‘Operation Farzi Bull Run’ are as follows:
● Dubious Price Surges: ‘Operation Farzi Bull Run’ uncovered a systematic modus operandi, which emphasized on how select groups of investors have been manipulating the prices of government-owned shares that are already underperforming. These manipulations have led to unprecedented price hikes, leaving small, unsuspecting investors at risk.
● Low Public Shareholding and Market Manipulation: Anil Singhvi also highlighted that the government owns a significant 90% of shares in state-owned companies where these manipulative activities are prevalent. The remaining 1% to 10% of shares are actively traded on the stock market. Owing to the low price of these shares, influential market participants and investors can easily amass substantial quantities, thereby gaining the power to dictate prices. This power is often used to lure smaller investors with the promise of lucrative returns, trapping them in a dubious cycle.
● Uncovering the Deception: The ‘Operation Farzi Bull Run’ special report also highlighted the tricky trap into which regular investors fall into. It exposed the fraudulent tactics of the prominent investors behind this deception.
Upon investigation, there was a sharp correction of up to 10 per cent seen in these counters, which, until 10:30 am on Wednesday (October 18), were trading with gains of up to nine per cent. It further led to lower circuit in most of the stocks – i.e. a sharp decline was observed in Scooters India, MMTC, STC, Andrew Yule, KIOCL, FACT and HMT stocks.
Emphasizing on the far-fetched impact of ‘Operation Farzi Bull Run’, Singhvi said, “At Zee Business, we’re committed to ensuring financial markets are transparent and honest. We initiated ‘Operation Farzi Bull Run’ with the sole purpose of protecting investors. The stock market’s current dynamics are captivating, but appearances can be deceiving. It’s imperative for investors to exercise prudence and conduct thorough research.”
Zee Business and WION CBO Madhu Soman further added, “At Zee Business, our investigative programming is a reflection of our pledge to inform, protect, and empower investors. ‘Operation Farzi Bull Run’ serves as a prime example of the tangible, real-world impact we aim to achieve. In fostering transparency and trust, our work not only benefits our viewers but also strengthens the integrity of the financial landscape.”
‘Operation Farzi Bull Run’ is not just an investigation but has been able to raise an alarm for investors, regulators, and market participants to take action. It, in fact, underscores the significance of sound judgment and vigilance in a dynamic financial landscape.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
