Doorada Betta, which released in the same year, was in black and white too, but had a few sequences in Eastmancolor.
While the characters are from the original Vyasa Bharatha, the stories seem to have their basis in folklore and Harikathe.
The story starts with Narada muni talking to a blind Kritavarma who has lost everything.
One night the Lord appears in her dreams and tells her that she has to marry the first person she sees the next morning.
Satyavati prays to Ashtalakshmis devoutly and impresses them leading to them acquiring all wealth and propserity along with Kritavarma getting his sight back.
He also finds out about Lord Balaram's wife expressing her frustration as to of having only heard stories of him in a wrestling combat but never having seen him in action.
Coming back to Kritavarma, Narada finds out that he's totally intoxicated by Satyavati's beauty and has been negligent towards his duties as a King.
Having seen all this Narada decides to weave a story that brings everything together: giving Lord Shri Krishna the amazing story his wife asked him, getting Lord Balarama to fight with a person who is a match to his strength, teaching Kritavarma a lesson and making Duryodana touch someone's feet.
Narada somehow gets Kritavarma to promise him to give him anything and asks him that he would like to spend a night with Satyavati.
(Metaphorically, three and a half great people) Despite Kritavarma's best attempts to keep the horse safe, it keeps wandering off to places and reaches the kingdom ruled by Subuddhi, who was sufferring from leprosy.
Subuddhi seeks Bhima and tricks him into giving a word that he would protect him at any cost and asks him to swear on Lord Shri Krishna to solidifiy his vow.
He also advises him that Krishna and Balarama can't be defeated easily so he should seek alliance of the Pandavas but he can later betray them as they are pretty helpless by themselves.
Narada tells Duryodhana that he has to go and hold the legs of the horse to prevent it from running away.
Having been touched by three and a half diamonds (Krishna, Balarama, Bhima and Duryodhana), the horse transforms back into Satyavati.