GECs
Zee bucks the trend as Sensex crashes
MUMBAI: The Sensex underwent a dramatic “corrective” drop of 157 points on 7 April but Zee Telefilms Ltd (ZTL), was among the few stocks that bucked the trend.
ZTL, which closed the previous day’s trade at Rs 246.60 on the BSE, had opened the day on a strong note. Zee’s acquiring the telecast rights for one day international matches to be played by India on neutral venues over the next five years yesterday seems to have made the market hungry and it was just waiting for the next day’s trading to open to pounce on the stock. The buying spree even saw the stock price touching its 52-week high of Rs 270 (Rs 291 at NSE) before falling prey to the negative sentiment that gripped the market, around afternoon.
The Bombay Stock Exchange (BSE) ended the session at 11,589.44, lower by 1.34 per cent than its previous closing mark, while the National Stock Exchange’s (NSE) 50 stock Nifty index settled at 3454.80, recording a 56.10 points or 1.6 per cent loss.
During the early day trade, the Sensex had surged past the 11,900 mark to a new lifetime high of 11,930.66. Just when it seemed that the12,000 mark was within reach, the Sensex took a beating amid rumours that the regulator had banned eleven foreign institutional investors from participating in the market. Consequently, ZTL also took a plunge from its day’s best Rs 270 to a rather poor score of Rs. 244.60.
Then, after SEBI came out with a denial of that report, the stock made a timely recovery along with a few blue chip stocks which also regained some lost ground. ZTL finally saw it closing for the day at Rs 250.10 at the BSE, up by 1.42 per cent or Rs 3.50 higher than its previous closing mark. At the NSE, it closed at Rs 250.45, up by 1.42 per cent or Rs 3.50 than the previous closing mark.
A total of 2 million ZTL shares were traded during the day, while the average number of shares traded per day during the last two weeks period is 1.5 million.
According to broking analysts indiantelevision.com spoke to, the positive performance ZTL has been displaying in the recent times shows that the stock is on its way to reach a value that is more in conformity with the levels that the Sensex has reached. “ZTL is yet to reach its real value and speaking about the overall performance of the stock in the recent times, we can assume that it is in the process of realising its actual price at the Sensex,” says an analyst.
“Acquiring the neutral venue International cricket rights might have helped the stock to buck the negative trend at the Sensex today. But, there are more significant factors that have been boosting the stock overall. The four-way demerger, the remarkable improvement on the programming front, the advertising rates consequently going up, all have been helping the stock to attract buyers,” he adds.
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.
