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Sectors in Focus

Major Corporate Developments This Week

1. Devyani International: The Board of Directors of Devyani International Limited (DIL) and Sapphire Foods India Limited (SFIL) have approved a scheme of arrangement for the merger of SFIL with and into DIL, marking a strategic consolidation of the two companies. Upon completion, the transaction will result in DIL becoming one of the largest quick-service restaurant (QSR) operators with 3,002 stores in India, positioning the merged entity for the next phase of accelerated growth, scale, and profitability.
   1. Swap ratio for the deal is 177 equity shares of DIL for every 100 equity shares of SFIL.
   2. The proposed merger is subject to receipt of all the customary regulatory & statutory approvals. The process of obtaining these approvals is expected to take 12 to 15 months, following which the merger will become effective.
   3. The combined revenues of the both the entities will stand at Rs. 7,827 crore and EBIDTA margins of 17%.
2. TVS motors: The company sold 481,389 units in December 2025, marking a 50 percent increase compared to 321,687 units in December 2024. Total exports were 40% higher and EV grown at 77% YoY.
3. Force Motors: total sales jumped 49.7% to 3,048 units in December 2025, compared to 2,036 units in December 2024.
4. MOIL: All Ferro grades of manganese ore with Manganese content of Mn-44% and above have been increased by 3% over prices prevailing since December 1, 2025.
5. Time Technoplast: Company has received approval from the Petroleum and Explosives Safety Organization (PESO) and M/s. TUV Rheinland (India), for the manufacture and supply of high-pressure type-3 fully wrapped fibre reinforced composite cylinders of 2 litres capacity for compressed gases applications. The company has existing approvals in hand for Composite Oxygen and Breathing Air (Type-3) Cylinder for 6.8 Litres Capacity, as well as Composite Hydrogen Cylinders (Type-3: 6.8 Litres) and (Type-4: 150 Litres).
6. Auto sector sales update: The December sales represent a strong growth across the sector especially 2W and CV numbers came in very strong. Two-Wheelers (2W) - TVS Motor +50%, Hero MotoCorp +40% ,Eicher Motors +30%. Passenger Vehicles (PV)- Hyundai Motor India +6.6% , Tata Motors Passenger Vehicles +14.1%, Maruti Suzuki India +22.2%, Mahindra Auto (Domestic SUVs) +23%. Commercial Vehicles (CV)- Force Motors +49.7% , Tata Motors (CV) +25%, Ashok Leyland +27%, VE Commercial Vehicles +24.7% , Mahindra Trucks and Buses +43%, SML Mahindra +67%. Others / Ancillaries & Agri - Atul Auto +39.45% , Steel Strips Wheels (Net Turnover) +22.44%, VST Tillers Tractors +29.77%, Escorts Kubota +38.5%.
7. Aurobindo Pharma Limited : The company has acquired the branded non-oncology prescription business of Khandelwal Laboratories on a slump-sale basis for Rs. 3,250 million, effective Jan 1, 2026. The business reported Rs. 1,135 crore FY25 revenue and will strengthen Aurobindo’s domestic pain management and anti-infective portfolio.
8. K2 Infragen: Company Secures Order Valued At 262 Crores
9. Olectra Greentech: Company declares commercial operations at Hyderabad EV plant with 2,500 buses annual capacity
10. EMS Ltd: Company entered two partnership agreements to expand its business. It formed 'EMS NIPL JV' (74% stake) with Neercare India for sewage treatment plants, focusing on a Kolkata project. A second partnership, 'EMS Concrete' (75% stake), was formed with Mr. Gajendra Parihar for Ready Mix Concrete business.
11. IREDA: the company reported loans sanctions to Rs. 10,100 crore, up by 29% y-o-y. While disbursement of loans increased to Rs. 24,903 crore, up by 44% y-o-y. As of December 31, 2025, IREDA's outstanding loan stood at Rs. 87,975 crore, up by 28% y-o-y.
12. Time Technoplast: Company Gets Contract worth About Rs 510 million.
13. Great Eastern Shipping: Company to Buy Secondhand Tanker of 51,565 DWT, South Korean Vessel to Join Fleet in Q4 Fy26, Company to Buy Secondhand Gas and Dry Bulk Carriers.
14. Bharat Forge: Company signs small arms contract with Ministry Of Defence worth ₹1,662 Cr.
15. Power Grid Corp: Company Successful Bidder for 2,000 Mwh Battery Energy Storage Project
16. Lupin: Company has entered into a strategic exclusive licensing, supply, and distribution agreement with Gan & Lee Pharmaceuticals, a China-based company, for Bofanglutide
17. BEL: Company receives orders worth Rs 5.69 billion
18. Rail Vikas Nigam Limited: Company has been declared the L1 by East Coast Railway for setting up a Wagon POH Workshop with project cost is Rs 201.23 Cr.
19. Waaree Energies: Company commissions 3.05 GW Solar Inverter Manufacturing Capacity in Gujarat.
20. Hindalco: Novelis Inc., has entered into a subscription agreement with AV Minerals. Under this agreement, AV Minerals will purchase 50,00,000 common shares of Novelis for $750 million, at a price of $150 per share.

TechnoFunda Investing Quote from Legends -

Jeremy Grantham's quote highlights a key psychological bias in human behavior—our tendency to react more quickly and intensely to fear than to rational analysis or historical patterns. In the context of investing, this means that even when data shows markets recover over time or certain strategies work consistently, investors are more likely to panic and make impulsive decisions during market downturns due to fear. Essentially, emotional triggers like fear often override logical thinking and historical perspective, leading to short-term, reactive behavior.

The Compounding Life Newsletter - by Vivek Mashrani

The TechnoFunda Circle

📚 Book I'm Reading This Week The Great Mental Models The Great Mental Models: General Thinking Concepts by Shane Parrish and the Farnam Street team is a practical guide to improving decision-making and critical thinking by mastering foundational mental models. The book introduces timeless concepts drawn from disciplines like physics, biology, and philosophy, such as first principles thinking, inversion, and second-order consequences. By internalizing these models, readers can develop a clearer, more structured way of approaching complex problems, making better choices in both personal and professional life. It's the first installment in a series designed to help readers build a latticework of mental models for clearer thinking and smarter living. List of All Books I have Shared →

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Learn technical as well as fundamental concept in a simple way

The Flywheel of Wealth

What is a Flywheel?

A flywheel is a powerful metaphor popularized by Amazon. It's a self-reinforcing loop where each element strengthens the others, driving continuous growth. Amazon’s famous flywheel focuses on lower prices, improved customer experience, and increased traffic, leading to more sellers, better selection, and thus further fueling growth.

Introducing the Flywheel of Wealth

Taking inspiration from Amazon’s concept, we have the "Flywheel of Wealth"—a continuous loop designed for personal financial growth, built around fundamental investing practices and behavioral insights.

Components of the Flywheel of Wealth:

1. Wealth at the Core: At the center lies your wealth creation goal, driving the entire process.

2. Action Taking: Fundamentals, Technical Analysis, and Psychology: Consistent action based on solid investment fundamentals, technical signals, and psychological discipline improves your investment efficiency.

3. Building and Fine-Tuning Investment Systems: Creating robust investment systems and continually refining them ensures systematic, disciplined investing.

4. Asset Allocation and Risk Management: Regularly adjusting your asset allocation and managing risk by adding winners and cutting losers optimizes returns and safeguards your capital.

5. Portfolio Construction and Reflection: Actively building your portfolio and reflecting on your actions through an investment journal leads to continuous learning and improved outcomes.

6. Capital Appreciation and Reinvestment: Generated portfolio returns are reinvested for enhanced capital appreciation, compounding your wealth exponentially.

7. Learning Mindset and Continuous Improvement: Embracing a lifelong learning mindset, regularly upgrading your investment skills, and using effective tools leads to further improved efficiency and effectiveness.

How it Works:

Each step in the Flywheel reinforces the next. As you improve your investing systems, your actions become more efficient, producing better returns. Improved returns allow for better risk management and more informed reflections, further enhancing your capital growth. This capital is reinvested, increasing your wealth and reinforcing your learning mindset. Over time, this continuous reinforcement creates exponential growth—much like a flywheel gathering momentum.

In essence:

• Consistent Actions → Better Systems → Optimized Risk and Allocation → Capital Growth → Reinvestment and Reflection → Continuous Learning and Improvement

Harnessing this flywheel framework can empower you to steadily build substantial wealth over time.

🚀 My Content For This Week 🎬 Metals and Mining | Technofunda Analysis​ ​ 📋 Twitter: Vivek Mashrani, CFA @MashraniVivek “You don't have to pee on an electric fence to learn not to do it” ― Charlie Munger You don't need to go through pain and losses. Here are 10 Hard-Hitting Lessons that Transformed my investing journey 🎯 11:27 AM • Dec 20, 2025 0 Retweets 4 Likes Read 1 replies ​ 📷 Instagram: Before You Apply for IPO Watch this​ 🔗 Linkedin: Strong Case for Equity Investing​

🎙️ My Weekly Podcast For You

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Keep Compounding...

Vivek Mashrani, CFA Founder, TechnoFunda Investing

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