GECs
Major media stocks dip even as some others rise
MUMBAI: Media and entertainment stocks such as Zee Telefilms and Balaji Telefilms continued to dip in this week although there were some exceptions – notably SABe TV (on NSE), Cinevistas, Creative Eye and ETC Networks – which were on the ascendant.
On 11 April, Zee Telefilms opened the day at Rs 66.35 (Rs 73.2 on 4 April) on the Bombay Stock Exchange (BSE), fell by 0.83 per cent to finish at Rs 65.80 (as compared to Rs 72.25 on 4 April). The volume of shares trades was around 1.05 million shares. The scrip had dipped to a 52-week low of Rs 60.15 after hovering around the Rs 100 mark in the first week of 2003.
On the National Stock Exchange (NSE), the Zee Telefilm scrip started the day (11 April) at Rs 66 (as compared to Rs 72.45); fell 1.43 per cent and ended the day at Rs 65.50 (as compared to Rs 71.50 on 4 April). The volume of shares traded was around 1.7 million.
The Balaji Telefilms scrip fell by 6.05 per cent to end the day (11 April) at Rs 59.75 (as compared to Rs 65.85 on 4 April) on the BSE. On the NSE, it fell by 6.64 per cent to end the day at Rs 59.10 (as compared to Rs 66.15 on 4 April).
Higher volumes of Balaji shares – 1,01,649 – were witnessed on the NSE. The share had dipped to a 52-week low of Rs 52 on the BSE. It started the year 2003 at the Rs 80-mark.
Sri Adhikari Brothers Television Network (SABTNL) fell 0.92 per cent to end the day (11 April) at Rs 48.2 (as compared to Rs 52.65 on 4 April). On the NSE, the scrip rose to Rs 49 (as compared to Rs 52.25 on 4 April) – up 0.82 per cent.
Cinevistaas grew by 3.86 per cent to end the day (11 April) at Rs 22.85 (as compared to Rs 23.15 on 4 April) on the BSE. The scrip had touched a 52-week low of Rs 17.70. On the NSE, it was static at Rs 22.25. Towards the beginning of the year, it was hovering around the Rs 40-mark.
Creative Eye grew by 3.72 per cent to finish the day (11 April) at Rs 9.75 (as compared to Rs 10.50 on 4 April) on the BSE. The stock had started the year with the price at the Rs 14-mark.
The ETC Networks scrip rose by 1.14 per cent to end the day (11 April) at Rs 39.80 (as compared to Rs 43.30 on 4 April). The scrip was ruling at the Rs 70-mark in the first week of the year 2003.
The cricket world is over but the sentiments continue to be bad. Its time for Zee to deliver a hit and also for Balaji to deliver a fresh hit.
GECs
Sahara One reports financial results, notes director exit and business realignment
Muted revenues, steady expenses and strategic adjustments shape company’s current phase
MUMBAI: In a tale where the sands seem to be slipping faster than they can be gathered, Sahara One Media and Entertainment Limited has reported another quarter of wafer-thin income and widening losses, even as a boardroom exit adds to the unease.
The company informed the Bombay Stock Exchange that its board, in a meeting held on April 4, approved its unaudited financial results for the quarter ended September 30, 2025. The numbers paint a stark picture. Total income for the quarter stood at just Rs 0.13 lakh, unchanged sequentially and sharply down from Rs 0.26 lakh a year earlier.
Losses, meanwhile, deepened. The company posted a net loss of Rs 24.16 lakh for the quarter, compared to Rs 18.81 lakh in the June quarter and Rs 39.69 lakh in the same period last year. For the six months ended September 2025, the cumulative loss stood at Rs 39.69 lakh, while the full-year loss for FY25 was reported at Rs 60.72 lakh.
Expenses continued to outweigh income by a wide margin. Total expenses for the quarter came in at Rs 24.30 lakh, led by employee benefit costs of Rs 6.51 lakh and other expenses of Rs 17.78 lakh. Earnings per share remained in the red at Rs (0.11) for the quarter.
The balance sheet reflects a company with significant assets on paper but limited operational momentum. Total assets stood at Rs 23,065.57 lakh as of September 30, 2025, broadly unchanged from March 2025. Equity share capital remained steady at Rs 2,152.50 lakh, while total equity was reported at Rs 18,004.85 lakh.
Cash and cash equivalents saw a modest uptick to Rs 6.75 lakh from Rs 4.68 lakh earlier, supported by a positive operating cash flow of Rs 180.01 lakh for the period.
Yet, beneath these numbers lies a more complex narrative. The company’s auditors flagged their inability to obtain sufficient evidence to form a conclusion on the financial statements, citing lack of access to records. They also raised concerns over the company’s ability to continue as a going concern, pointing to insufficient funds, delayed recoveries, and stalled content investments.
Adding to the governance overhang, the company disclosed that Rana Zia has resigned as whole-time director, effective October 16, 2025, citing other professional commitments. The resignation, noted and accepted by the board, also brings an end to her role across company committees.
Regulatory pressures continue to loom large. The Securities and Exchange Board of India has already initiated penal actions for non-compliance with listing norms, with trading in the company’s shares remaining suspended. There is also a risk of promoter demat accounts being frozen.
Legacy legal issues remain unresolved. A substantial deposit of Rs 694,027.88 thousand linked to the long-running OFCD dispute involving Sahara group entities is still under the purview of the Supreme Court of India. Restrictions on asset disposal continue to weigh on the company’s financial flexibility.
Operationally, challenges persist across multiple fronts. Advances worth Rs 1,92,916 thousand given for film content remain stuck, with delays in project completion and uncertain recoverability. The company’s YouTube channel, despite being operational, has generated no revenue for over three years due to compliance lapses. In a further twist, management has indicated that revenues may have been fraudulently diverted through unauthorised changes to its AdSense account, with a police complaint in the works.
There are also missed revenue opportunities. Television content rights continue to be used by a related party despite the expiry of the licence agreement, with fresh negotiations still underway.
For now, Sahara One Media and Entertainment Limited appears caught between legacy disputes and present-day operational hurdles. As losses linger and governance questions mount, the road to recovery looks less like a sprint and more like a slow trudge through shifting sands.
