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Sectors in Focus

Major Corporate Developments This Week

1. Reliance Industries: S&P Global Ratings has raised RIL's long-term issuer credit rating to 'A-' from 'BBB+' on the back of improved cash flow stability and the growing importance of its less cyclical consumer-facing businesses.
2. Zen Technologies: The defence player has secured defence orders worth Rs 120 crore from India’s Ministry of Defence for supplying a suite of training simulators and equipment, strengthening its position in the military training systems segment. The contract includes the delivery of the company’s comprehensive training node (CTN).
3. Diamond Power Infrastructure: The company has received an order worth Rs 748 crore, from Adani Green Energy for solar cable supply. It is expected to be completed between January 2026 and December 2026.
4. Deepak Nitrite: Chemical manufacturer Deepak Nitrite announced that its wholly-owned unit Deepak Chem Tech has begun operations at its new nitric acid plant located in Nandesari, in Gujarat’s Vadodara district. The plant became operational on December 4, 2025, after a total investment of roughly Rs 515 crore.
5. ITC Hotels: British American Tobacco (BAT) is looking to sell its stake in ITC Hotels. The tobacco group plans to sell between 7 per cent and its entire 15.3 per cent stake in ITC Hotels.
6. Kaynes Technology shares fell 6% after Kotak Institutional Equities highlighted discrepancies in inter-company transaction disclosures between the parent and its subsidiaries. The brokerage noted significant unrecorded transactions and receivables, alongside concerns about accounting for goodwill and intangibles.
7. Hindustan Unilever: Hindustan Unilever (HUL) will separate its ice-cream business into a new company, Kwality Wall’s India Ltd (KWIL), and the record date is December 5, 2025. Anyone who holds HUL shares on this date will get one KWIL share for every one HUL share they own. December 4, 2025, was the deadline to buy HUL shares if investors wanted to be eligible for the demerger.
8. HCL Technologies announced a partnership with Strategy& to accelerate large-scale data analytics through AI-driven solutions. The collaboration aims to expand the deployment of Strategy Mosaic, an AI-powered universal semantic layer, for global enterprise clients.
9. Brookfield India Real Estate Trust launched a ₹3,500-crore QIP. The indicative price is ₹320 per unit, a 3.4% discount to last traded price. The issue represents 17.1% of pre-issue units. Funds will be used for the Ecoworld acquisition and debt repayment.
10. Seamec in pact with HAL offshore to offer charter hire of multi support vessel ‘SEAMEC AGASTYA’. Contract worth Around US $ 43.07 million
11. Indian Energy Exchange: The electricity bourse reported monthly electricity traded volume of 11,409 MU in November 2025, excluding TRAS (tertiary reserve ancillary services), an increase of 17.7 per cent YoY. The exchange also recorded trading of 4.74 lakh renewable energy certificates (RECs) during the month.
12. ONGC: The state-run energy player and Petronet LNG have signed a 15-year term sheet for ethane unloading, storage and handling services, set to begin between October–December 2028. ONGC will reserve 600 KTPA capacity at PLL’s upcoming ethane facilities in Dahej. PLL will receive, store and redeliver imported ethane under the pact.
13. Godawari Power and Ispat: The Steel and pellet maker has received the consent to operate for its expanded iron ore pelletisation plant, increasing capacity from 2.7 million tonnes per annum to 4.7 MTPA. The approval for the additional 2 MTPA pellet plant was granted by the Chhattisgarh Environment Conservation Board.
14. JK Cement: The company has commissioned a 3.3 million tonnes per annum (MnTPA) clinker Line–2 at its Panna plant in Bihar. With this commissioning, the clinker capacity at the Panna plant has increased from 3.30 MnTPA to 6.60 MnTPA
15. Mukka Proteins: The company's joint venture has received a ₹474.89 crore work order from Bengaluru Solid Waste Management Limited for the treatment and disposal of legacy leachate at the Mittaganahalli and Kannur landfill sites. The contract is domestic, will run for up to 4 years, and involves no related-party transactions.
16. Biocon: The board will examine a proposal for investment in Biocon Biologics Ltd (BBL) through the purchase or acquisition of securities from existing shareholders of BBL. The consideration may involve cash and/or non-cash components. The company is also expected to cover a broader capital-raising plan. The board will evaluate raising funds through the issuance of commercial paper via private placement and/or equity shares or other eligible securities.
17. Bharat Dynamics: Secured additional orders worth Rs 2461.62 Crore from the Indian Army. These significant orders primarily include Anti-Tank Guided Missiles (ATGMs) and Surface-to-Air Missiles (SAMs) for emergency procurement. The ATGM orders are to be executed over 42 months, while SAMs are within 12 months.
18. Hero Motocorp: Posted strong auto numbers for November month with volumes rising 31% yoy to 6,04,490 units far ahead of street estimates. Domestic sales grew 12.4% to 5.70 lakh units, while exports recorded a sharp 69.7% jump to 33,970 units.
19. Raymond Realty : The company has launched Invictus by GS, BKC, a ~2-acre ultra-luxury project in Mumbai’s BKC, featuring 6 premium towers with limited 3 & 4 BHK homes and 30+ amenities. The project has an estimated ₹2,000 crore revenue potential and marks Raymond’s strategic expansion into the high-end segment. This launch also strengthens Raymond Realty’s strategic shift toward the luxury segment and forms a key part of its ₹14,000 crore JDA portfolio, supporting its target to derive 50% of future growth from high-value projects.
20. Afcons Infrastructure : The company has secured ₹884 crore worth of EPC civil infrastructure orders in November under its Marine and Industrial business unit.
21. NRB Bearings: Company has formed JV with Italy’s Unitec (Mondial Group) to manufacture high-precision cylindrical roller bearings in Hyderabad. NRB will hold 75%, Unitec up to 25%, with a 20% production buyback by Unitec. The JV gives NRB access to global OEMs and expands it into premium industrial bearings, reducing auto dependence and enhancing export opportunities.
22. MOIL: Company has increased prices of Ferro grades manganese ore with Mn -44% and above content, other Ferro grades below Mn-44%, and all Chemical grades by 3% effective from December 1, 2025. The price revision affects various manganese ore products while SMGR grades, Fines grades, and EMD basic price of Rs. 1,95,000/- PMT remain unchanged from November 2025 levels.
23. KEI Industries: Company starts trial production at Sanand facility. Commercial production to start by 10th Dec 2025.
24. Amber Enterprises: Completed acquisition of a majority stake in Pune-based Shogini Technoarts Pvt. Ltd. for Rs 506 crore. Shogini manufactures various types of printed circuit boards including single sided, double sided, multilayered, metal and flexible PCBs catering to a wide range of applications such as automotive, defense, medical electronics, industrial electronics, power electronics, process control, telecommunication, computer peripheral, LED lighting etc.

TechnoFunda Investing Quote from Legends -

Martin Whitman's quote suggesting that making forecasts about future general market levels falls more into the realm of abnormal psychology than finance reflects his critical stance on market predictions. Whitman emphasizes the unpredictability and often irrational behavior of markets, which makes forecasting a speculative and psychologically driven exercise rather than a scientifically sound financial practice. He implies that focusing on market predictions is fraught with uncertainty and is not a reliable basis for investment strategies, thereby underscoring the irrational nature of trying to predict market movements.

The Compounding Life Newsletter - by Vivek Mashrani

The TechnoFunda Circle

📚 Book I'm Reading This Week The Most Important Thing "The Most Important Thing: Uncommon Sense for The Thoughtful Investor" by Howard Marks is a guide for investors seeking to enhance their approach. Marks underscores the need for "second-level thinking," advocating for adaptive and perceptive strategies. He challenges the efficient market hypothesis, emphasizing the importance of a unique viewpoint. The book covers key concepts like value, risk management, contrarianism, and the impact of market cycles. Marks highlights the role of luck, defensive investing, and adding value to investments. Ultimately, the book urges investors to understand value, approach investments analytically, and make decisions based on solid facts. List of All Books I have Shared →

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Learn technical as well as fundamental concept in a simple way

How to Use Efficiency Ratios to Assess a Company’s Financial Health?

What is the Efficiency Ratio?

The Efficiency Ratio offers a good comparison between different companies in the same sector. There is a high correlation between efficiency ratios and profitability ratios. When companies efficiently allocate their resources, they become profitable.

Let’s understand how to use efficiency ratio, what are efficiency ratio formula and how it can help assess a company’s financial health.

Inventory Turnover Ratio: The Inventory Turnover Ratio measures how quickly a business sells and replenishes its stock during a specific period. A high ratio indicates fast sales, while a low ratio signals sluggish sales and excess inventory, posing challenges for the business.

Formula: Inventory Turnover Ratio = Average Inventory/Cost of Goods Sold

Example: Suppose a company has a Cost of Goods Sold (COGS) of $50 million and an average inventory of $5 million. The Inventory Turnover Ratio would be 50 million​/5 million. This implies the company turns over its inventory ten times a year.

Asset Turnover Ratio: The Asset Turnover Ratio gauges a company's ability to generate sales from its assets, comparing net sales to average total assets. Higher ratios indicate efficient asset utilization, while lower ratios suggest inefficiency, possibly linked to management or production issues.

Formula: Asset Turnover Ratio= Average Total Assets/Net Sales

Accounts Payable Turnover Ratio: Also known as Payables or Creditor's Turnover Ratio, it measures how often a company pays its creditors over an accounting period. A declining ratio may signify slower payments and a deteriorating financial condition.

Formula: Accounts Payables Turnover Ratio = Average Accounts Payables/Net Credit Purchases​

Accounts Receivable Turnover Ratio: This ratio indicates how frequently a business collects its average accounts receivable in a year. A high turnover suggests a prudent credit policy, an effective collections department, and high-quality customers, while a low turnover may signal issues like bad debt or a lax credit policy.

Formula: Accounts Receivables Turnover Ratio = Average Accounts Receivables/Net Credit Sales​

Monitoring these efficiency ratios helps in making informed investment decisions.

Happy investing!

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Keep Compounding...

Vivek Mashrani, CFA Founder, TechnoFunda Investing

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