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Sectors in Focus

Major Corporate Developments This Week

1. Wipro Limited - The Board of Directors of the Company will be considering a proposal to buyback equity shares of the Company on 16th April 2026.
2. HDFC Life Insurance Company Limited - Company to consider preferential share issue and Q4 results at April 16 board meeting.
3. Ashiana Housing Limited - Company has acquired 28.55 acres of land in Pune for ₹1,800 Cr for a Senior Living project.
4. BSE Limited - Company receives SEBI approval to launch derivative contracts on BSE focused IT index, focused IT index measures performance of 14 IT sector companies.
5. IRB Infrastructure Developers Limited - Company's gross toll collection for March increased by 21% (YoY).
6. Container Corporation of India Limited - Q4 Business Update: Throughput at 14.28 Lk TEU vs 13.47 Lk TEU, up 6% YoY
7. Godrej Properties Limited - Q4 Collections Up 14% YoY & Up 86% QoQ At ₹7,947 Cr
8. NHPC Limited - Company says investment approval for Kamala hydroelectric project (1720 mw), investment of Rs 260.7B
9. Reliance Industries Limited - Company Caps Fuel Sales At $11 Per Pump Amid Growing Shortages: Bloomberg.
10. Eicher Motors Limited - Royal Enfield launches electric motorcycle Flying Flea C6 at ₹2.79 Lk
11. Tata Consultancy Services Limited - Q4 cons net profit Rs 137b vs 106.6b (QoQ); est 137.28b, Q4 revenue Rs 707b vs 671b (QoQ); est 694b, Q4 EBIT Rs 178b vs 169b (QoQ); est 176b, Q4 EBIT margin 25.3% vs 25.17% (QoQ); est 25.4%
12. JSW Steel Limited - Q4 Business Update: Crude Steel output falls 1% QoQ and 3% YoY
13. Ashoka Buildcon Limited - Company has successfully redeemed Non-Convertible Debentures (NCDs) worth Rs. 100 crore.
14. KEC International Limited - Company has received a tax demand notice of Rs. 46 crore from the Income Tax Department.
15. SpiceJet Limited - Company suffers A ₹70 Cr Hit, UK Court Directs Payment To Engine Lessor.
16. Aurobindo Pharma Limited - The company's arm, CuraTeQ Biologics, has achieved positive results for its Omalizumab biosimilar (BP11) in Phase 3 clinical trials, which involved 608 patients across 80 sites; regulatory filings with the US FDA and EMA are planned.
17. Deep Industries Limited - Received a letter of award (LoA) from Oil and Natural Gas Corporation for hiring services related to natural gas compression and related services.
18. Fino Payments Bank Limited - The bank said it saw strong momentum in loan referrals with 96% growth over Q3FY26, disbursements reaching Rs 600 crore through partner institutions.
19. CreditAccess Grameen Limited - Q4 (YoY) Gross loan portfolio grows 14% to Rs 29,590 crore; Disbursements soar 28% to Rs 8,313 crore.
20. PDS Limited - The company has secured a sourcing mandate from a leading US value retailer under its Sourcing-as-a-Service model worth ₹450 crore.
21. Jubilant FoodWorks Limited - Q4FY26 update – Consolidated revenue grew by 19.1% y-o-y to Rs. 2,506 crore; Domino’s India recorded LFL growth of 0.2%.
22. Steel Authority of India Limited - Contributed to the commissioning of INS Taragiri using ~4,000 tonnes of special grade steel.
23. Wipro Limited - Company bags 8-year deal from Olam Group, contract value expected to exceed $1 bn.
24. Apollo Hospitals Enterprise Limited - Company approves establishment of multi-speciality hospital at Dwarka, New Delhi.
25. Bajaj Auto Limited - Company reported that March auto sales rose 20% year-on-year to 4.5 lakh units.
26. J Kumar Infraprojects Limited - Company receives letter of acceptance for construction of international exhibition-cum-convention centre in Lucknow worth Rs 1,184 crores.
27. Escorts Kubota Limited - Company to increase prices of tractors effective April 15, 2026.
28. Hindustan Copper Limited - Company achieves provisional sales of 27,367 tonnes; sales up 12% YoY.
29. Larsen & Toubro Finance Limited - Company reports retail disbursements of ~ Rs 24,080 crores for Q4 FY26, up 62% YOY.
30. Vedanta Limited - Company announces highest ever annual aluminium and alumina production; Q4 silver production up 11% QoQ; power sales increased 43% YOY.
31. Prestige Estates Projects Limited - Company launches mega 5,120-unit township in Hyderabad with GDV of Rs 9,500 crore.
32. Punjab & Sind Bank - Q4 business update total business at Rs 2.63 lakh crore vs Rs 2.29 lakh crore, up 14.98% YOY.
33. Steel Authority of India Limited - FY26 sales at 20.14 mt, up 11.5% YOY.
34. Emami Limited - Company locks Rs 200 crore buyout of axiom ayurveda; secures 100% stake in 'Alofrut'.
35. G R Infraprojects Limited - Company bags Rs 1,897 crore railway EPC contract in Madhya Pradesh.
36. IDFC First Bank Limited - Loans & advances grew 20% YOY; customer deposits increased 17.2% YOY.
37. Kotak Mahindra Bank Limited - Net advances increased 16.2% YOY; total deposits rose 14.7% YOY.
38. Adani Ports and Special Economic Zone Limited - Company sets 1bn tons cargo target by 2030.
39. Tata Steel Limited - Company received demand notice Rs 1755.10 crore from district mining office alleging excess extraction of coal; company plans to pursue legal remedies.

TechnoFunda Investing Quote from Legends -

Warren Buffett’s quote, "Time is the friend of the wonderful business, the enemy of the mediocre," highlights the power of compounding and business quality over the long term. A wonderful business, one with strong fundamentals, competitive advantages, and consistent growth, becomes even more valuable as time passes, rewarding patient investors with expanding profits and wealth. On the other hand, a mediocre business struggles to grow or maintain its position, and over time, its weaknesses get exposed, often leading to stagnation or decline. In investing, time magnifies the gap between good and bad businesses.

The Compounding Life Newsletter - by Vivek Mashrani

The TechnoFunda Circle

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TechnoFunda 101 - Power Capsules

Learn technical as well as fundamental concept in a simple way

Stage 2 Analysis: The Only Zone Where Serious Money Is Made

Most stock analysis in India starts with a screener. You filter for P/E below 20. ROCE above 15. Debt-to-equity below 0.5. You build a DCF. You arrive at a "fair value." You wait.

You wait.

And wait.

Three years later, the fundamentals are intact, the business is compounding, and the stock is exactly where you left it. You missed 14 other stocks that doubled in the same period.

The problem wasn't your fundamental analysis. It was the absence of a single question: Is this stock in Stage 2?

The Stage Framework — 4 Acts of Every Stock's Life

Stan Weinstein, in Secrets for Profiting in Bull and Bear Markets (1988), made an observation that has survived every market cycle since: all stocks move through four repeating stages. His insight — later refined and deployed systematically by Mark Minervini — is that you only need to be in a stock during one of them.

"I never buy a stock that is not in Stage 2. The stage is more important than the story."

— Stan Weinstein

Here is what each stage looks like:

The 30-week moving average (roughly the 150-day MA) is the backbone of this analysis. In Stage 2, price consistently stays above a rising 30W MA — which itself is the market's own confirmation that the stock is in a sustained uptrend, not a temporary bounce.

Stage 2 Anatomy — What You Are Actually Looking For

A stock in Stage 2 is not just "going up." It has a specific structure. Minervini codified this into what he calls the Volatility Contraction Pattern (VCP) entry — but the Stage 2 classification itself is defined by a cluster of conditions.

THE STAGE 2 CHECKLIST

[1] Price is above the 30-week (150-day) moving average

[2] The 30-week MA is itself rising — not flat, not declining

[3] ADX (Average Directional Index) is above 20-25 — confirming trend strength, not a range

[4] Relative Strength vs index (Nifty / sector) is positive — the stock is outperforming its benchmark

[5] Volume on up-days > Volume on down-days over the recent 10-week period

[6] Price is making higher highs AND higher lows — not just a single spike

Why does all of this matter? Because Stage 2 is when institutional money is actively accumulating. Mutual funds, FIIs, insurance companies — they cannot buy in a day. They buy over weeks and months. The signature of that accumulation is precisely what Stage 2 looks like: price above rising MA, expanding volume on up-moves, shrinking volume on pullbacks. When you buy in Stage 2, you are buying alongside the institutions, not against them.

The 4 Stage Traps That Cost Retail Investors Most

[1] The "Cheap" Trap — Buying Stage 4

A stock that has fallen 60% from its high looks cheap. The P/E is low. The fundamentals haven't changed. The analyst upgrades it. You buy. And it falls another 40%.

Stage 4 stocks can always get cheaper. A declining stock with a falling 30W MA has zero institutional demand floor. The "cheap" entry is a trap because cheap becomes cheaper.

[2] The "Great Business" Trap — Stuck in Stage 1

You've done the work. Great business, great promoter, ROCE > 20, clean balance sheet. You buy. The stock goes nowhere for 18 months while mediocre businesses in Stage 2 double.

A great business in Stage 1 (basing) will eventually enter Stage 2. But the opportunity cost of waiting is enormous. Stage analysis tells you to keep watching — and buy when the market agrees with your thesis.

[3] The "Recovery" Trap — Buying Stage 4 → Stage 1 Transition

A stock crashes from Stage 2 into Stage 4. It stabilises. The bad news stops. You buy the "recovery." The stock meanders in Stage 1 for another 18 months.

A stock exiting Stage 4 into Stage 1 is not yet in Stage 2. Wait for the MA to turn up, ADX to rebuild, and RS to improve. Patience here is not a virtue — it's an edge.

[4] The "Late Stage 2" Mistake — Chasing Extended Moves

The stock is clearly in Stage 2. It has gone up 80%. You buy because "the trend is your friend." But Stage 2 is beginning to show extended price-to-MA gap (stock trading 30-40% above 30W MA) and weekly volume is declining on up-moves.

This is Late Stage 2 — still technically advancing, but the risk-reward is asymmetric to the downside. The best Stage 2 entries come early in the stage, as price first breaks out of Stage 1 basing on expanding volume.

How TechnoFunda Uses Stage 2 Analysis

In the TechnoFunda Business Ranking Formula, Stage 2 sits inside the Technical Parameter block — which contributes 6 of the 21 parameters to a stock's composite score. But Stage 2 is not just one checkbox. It informs multiple sub-parameters simultaneously:

STAGE 2 IN THE BRF TECHNICAL BLOCK

• Trend Status: Is price > rising 30W MA? (Yes = full score on this parameter)
• ADX Reading: Is trend strong vs range-bound? (>25 = strength; <20 = Stage 1 or 4)
• Relative Strength: Outperforming Nifty 500 or sector index?
• Volume Character: Up-volume > down-volume over trailing 10 weeks?
• Overhead Supply: Near ATH (low supply) or deep off highs (heavy supply)?
• Stage Entry Timing: Early Stage 2 entry vs extended / Late Stage 2?

The crucial insight of the TechnoFunda blend is this: a stock can have perfect fundamental scores — excellent ROCE, low debt, expanding margins, strong promoter — and still be excluded from the active watchlist if it is in Stage 1 or Stage 4.

The fundamental work answers: Is this a good business? The stage analysis answers: Is now the time to be in it?

Both questions need a Yes before a stock makes it to active tracking.

Stage 2 in the Indian Market — What's Different

Indian markets have structural quirks that make Stage 2 analysis particularly powerful — and particularly necessary.

INDIA-SPECIFIC DYNAMICS

Thin float mid/small-caps: Stage 2 entry in early accumulation phase precedes price discovery that happens when FII/mutual fund mandates expand into mid-caps. This gap in timing creates alpha.

Overhead supply is heavier in India: Many Indian stocks have deep historical drawdowns (2018, 2020, 2022) creating large trapped seller populations. ATH-breakout stocks carry zero supply — a structural cleanliness advantage.

Long Stage 1 basing is common: India's microcap/smallcap universe often basses for 3-5 years. Stage 2 breakouts from long bases tend to be more powerful — the longer the base, the bigger the potential advance (Minervini's rule).

Bulk deal disclosures: BSE/NSE bulk and block deal data is publicly available. Cross-referencing institutional accumulation with Stage 2 technical structure is a powerful confirmation tool.

For illustration: stocks like CDSL in FY22, Dixon Technologies in FY21, Kaynes Technology post-IPO in FY23 — each entered multi-year Stage 2 advances that were visible to anyone running this framework. The fundamental quality was there; Stage 2 confirmed the timing. The stocks that frustrated fundamental-only investors during this period were often great businesses stuck in prolonged Stage 1 or recovering from Stage 4.

(Note: The above stocks are cited as historical case studies for educational illustration only. They are not current recommendations. Always perform your own analysis.?

Your Stage Checklist — Running It in Practice

Here is the repeatable process for applying Stage 2 analysis on any Indian stock:

Step 1

Plot the 30-week (150-day) MA on a weekly chart. Is price above it? Is the MA rising?

Step 2

Add ADX (14-period). Is the reading above 20? Above 25 is stronger. Below 20 = range, not trend.

Step 3

Check Relative Strength vs Nifty 500 (or sector index). Is the stock outperforming over the past 52 weeks?

Step 4

Scan the last 10 weekly candles. Are up-weeks accompanied by higher volume than down-weeks?

Step 5

Where is the stock relative to its all-time high? Closer to ATH = less overhead supply. 40-50% below ATH = heavy supply zone.

Step 6

If Steps 1-4 are Yes and Step 5 is favorable — the stock is in Stage 2. Now do the fundamental work to decide if the business quality justifies an allocation.

"You don't need to predict. You need to wait for the market to confirm. Stage 2 is that confirmation."

— TechnoFunda Framework

What to Track Going Forward

Stage analysis is not a one-time check. It is a weekly habit. Here is what the TechnoFunda process looks like on a recurring basis:

QUESTIONS / FEEDBACK

What concepts would you like us to cover in The TechnoFunda 101?

🚀 My Content For This Week 🎬 How to Navigate Stock Market Crash​ ​ 📋 Twitter: Vivek Mashrani, CFA @MashraniVivek 70% OF WARREN BUFFETT’S PORTFOLIO IS JUST 5 STOCKS 📊👇 According to the latest Berkshire Hathaway portfolio filings, nearly 70.9% of the entire equity portfolio is concentrated in just five companies. Here are the five companies dominating Buffett’s portfolio: 12:44 PM • Mar 6, 2026 4 Retweets 52 Likes Read 7 replies ​ 📷 Instagram: Mr. Sanjoy Bhattacharya’s message for retail investors​ 🔗 Linkedin: Mr. Madhu Kela on the current market situation​

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Keep Compounding...

Vivek Mashrani, CFA Founder, TechnoFunda Investing

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