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Sectors in Focus

Major Corporate Developments This Week

1. Larsen & Toubro has incorporated a new subsidiary, Vyoma AI, to accelerate its artificial intelligence and digital transformation initiatives, indicating a strong long-term strategic shift.
2. UltraTech Cement has crossed 200 MTPA capacity in India, becoming the largest cement company outside China, and continues to expand toward its 240 MTPA target.
3. Adani Enterprises is advancing multiple large-scale projects, including a ₹1 lakh crore Mumbai redevelopment, expansion of airport subsidiaries, and acquisition of Jaiprakash Associates assets, strengthening its long-term infrastructure play.
4. Godawari Power & Ispat is scaling up its presence in energy storage by increasing total investment to ₹350 crore for a 20 GWh battery energy storage system facility.
5. Bosch Ltd has approved the acquisition of Bosch Chassis Systems India, enhancing its positioning in safety systems and electric vehicle components.
6. JSW Steel has entered into a joint venture with POSCO to establish a 6 MTPA greenfield steel plant, improving scale and technological capabilities.
7. Hindustan Petroleum Corporation (HPCL) has revised the cost of its Rajasthan refinery project to ₹79,459 crore, underlining the scale of its downstream expansion.
8. Aurobindo Pharma is investing $150–175 million to expand its biologics manufacturing capacity through a partnership with Merck, strengthening its CDMO capabilities.
9. Aurionpro Solutions has launched Fintra, an AI-native trade finance platform, marking its transition toward high-margin software-led offerings.
10. RateGain Travel Technologies has been selected by Mongolian Airlines for its AI-driven pricing intelligence platform, highlighting global traction.
11. Apollo Micro Systems has received a lifetime arms manufacturing license, significantly strengthening its defence manufacturing capabilities.
12. Paras Defence and Space Technologies has signed a 10-year strategic agreement for air-to-air refuelling systems, improving long-term order visibility.
13. CG Power and Industrial Solutions is expanding into the semiconductor and AI ecosystem through its subsidiary partnership with EdgeCortix.
14. GAIL (India) is accelerating its energy transition strategy with investments in solar capacity and battery storage systems, alongside expanding its renewable portfolio.
15. KPI Green Energy has received an inter-state power trading license, enabling participation in national electricity markets.
16. RailTel Corporation of India has secured multiple large orders exceeding ₹600 crore, strengthening its order book and revenue visibility.
17. NBCC (India) has successfully monetized commercial real estate worth ₹5,779 crore, reinforcing its asset-light execution model.
18. Smartworks Coworking Spaces continues to benefit from structural demand in managed office spaces, with a portfolio exceeding 15 million square feet and strong client retention.
19. Shakti Pumps (India) is investing in a 2.2 GW solar manufacturing facility, expanding its footprint in renewable energy.
20. Finolex Cables is expanding its presence in the northeastern region of India, supported by increasing infrastructure and electrification demand.
21. Rolex Rings has approved a ₹180 crore share buyback, reflecting strong capital allocation discipline and shareholder return focus.
22. Cyient has announced a ₹720 crore share buyback, indicating confidence in its long-term business outlook despite near-term earnings pressure.
23. Bank of Baroda has received a three-year extension for its Managing Director and CEO, ensuring leadership continuity.
24. Bank of India has also seen its Managing Director and CEO’s tenure extended, supporting stability in operations.
25. Mahindra Logistics has returned to profitability, reflecting improving operational efficiency and demand recovery.
26. CIE Automotive India has reported strong year-on-year growth in both revenue and profit, indicating continued strength in the automotive cycle.
27. Bluestone has reported a turnaround to profitability, suggesting improving unit economics and operating leverage.
28. Infosys is balancing a weaker growth guidance outlook with continued investments in artificial intelligence and brand partnerships.
29. Wipro is undergoing structural changes driven by artificial intelligence, including a shift in hiring strategy and operating model.
30. One 97 Communications (Paytm) is investing in artificial intelligence capabilities while expanding its fintech ecosystem through strategic initiatives.
31. Inventurus Knowledge Solutions is pursuing aggressive global expansion through a large acquisition backed by a $675 million financing plan.
32. Coforge has completed the acquisition of Encora, scaling up its business to a projected $2.5 billion run rate.
33. Zee Entertainment Enterprises is strengthening its content and visual effects capabilities through strategic investments.
34. Vedanta is facing increased scrutiny following a fatal boiler incident, raising concerns around safety and governance practices.

TechnoFunda Investing Quote from Legends -

In this quote, Jesse Livermore emphasizes the importance of patience and discipline in trading, highlighting that successful investing is less about constant buying and selling (or "thinking") and more about holding onto positions for the long term without being swayed by market fluctuations. Livermore's experience taught him that it is not feasible to capture every market movement; instead, real profits are realized by "sitting tight" and allowing investments the necessary time to grow. This principle of maintaining a long-term perspective is crucial for traders aiming to succeed in the often volatile environment of the stock market.

The Compounding Life Newsletter - by Vivek Mashrani

📚 Book I'm Reading This Week Killing The Market Robert W. Wilson is the greatest investor of all time, on the only criterion that counts: percentage return on capital. What you make with what you have, what you started out with. Wilson would be the first to point out that there are investors richer than himself; but on a percentage-return basis, he is unmatched, and untouched. He received $15,000 from his mother in 1958, and he ran this stake to the fabulous sum of $230 million, by 1986. With assistance he himself sought out, he then nearly quadrupled his net worth to $800 million, by the year 2000. This return, after taxes no less, is more than 50,000 to one. More than 5,000,000 percent. Wilson did it in about forty years, without partners. How? How, possibly? This book, "Killing the Market," tries to find, or at least get close to, an answer. Robert Wilson quit the investing business in 1986, because he had "lost his touch," as he said. The most productive of men, the hardest working of men, he started to move into philanthropy. Eventually he became just about the most important philanthropist in the United States. Of the $800 million he accumulated, he had given away fully $700 million of it at the time of his death, in 2013 (by his own hand). Movingly, Robert Wilson's gifts were never to things that entertained him, or to pet projects; they were always to charities trying very hard to make the world a better place for everybody. List of All Books I have Shared →

TechnoFunda 101 - Power Capsules

Learn technical as well as fundamental concept in a simple way

Scale Economies Shared (SES)

Most businesses view "economies of scale" as a way to pad their own pockets. They grow, they find efficiencies, and they keep the difference. Scale Economies Shared (SES), a concept coined by Nick Sleep and Qais Zakaria of Nomad Partners, flips this logic on its head.

In this model, a business achieves scale efficiencies and then immediately gives those savings back to the customer—usually through lower prices—to secure long-term market share. It is a strategy built for the long haul, as it focuses on raising the probability of long-term success rather than chasing today’s static performance metrics.

The Paradox of the Model

At the heart of SES is a fundamental paradox: a company grows specifically by giving more back. While most companies spend windfall profits on internal projects or return them to shareholders, almost no one suggests giving the money back to the customers.

This is why competing with a company like Costco is so difficult. As Sleep noted in his 2004 letter, most firms pursue scale efficiencies, but the power lies in the sharing. By refusing to extract the maximum margin the "traffic will bear," these companies create a "super-factor" in performance—an implicit contract where the customer rewards lower prices with increased loyalty and volume.

Practitioner Examples

• Amazon: They are famous for extreme frugality, such as an employee removing light bulbs from vending machines to save the firm $20,000 per year.
• Wise: This cross-border payments business adheres to the same principles, going as far as to offboard partners who aren't transparent with pricing. Their CEO, Kristo Käärmann, reportedly only flies economy despite his significant wealth, reinforcing a culture of cost-discipline.
• The Home Depot: Founders Bernie Marcus and Arthur Blank believed they only "leased" the customer. This led to a culture where the customer was always right—exemplified by a VP refunding a man for a set of automobile tires that Home Depot didn't even sell, just to honor that commitment.

The Rockefeller Standard: 39 Drops of Solder

To understand the level of devotion required for this model, we look to John D. Rockefeller in the early 1870s. While inspecting a plant, he noticed a machine used 40 drops of solder to seal kerosene cans. He asked the expert if they had ever tried 38 drops.

Rockefeller instituted 39 drops as the new standard. That single drop saved $2,500 in the first year alone. As the business quadrupled and grew immensely greater, that tiny, recurring saving amounted to many hundreds of thousands of dollars.

Why This Works (And Why It’s Rare)

Success in SES requires two non-negotiable traits:

1. Disengagement from Short-Termism: You must recognize that the most powerful models result from the accumulation of many small, counter-intuitive decisions over decades.
2. Zealous Cultural Pursuit: It requires a "sacred mission" to return efficiencies to the customer. This often necessitates vocal founders—like Michael O'Leary at Ryanair—who can push back against the "easy" decision to raise prices.

The DMart Flywheel

In India, DMart executes this playbook with clinical discipline. By owning their stores rather than leasing, they eliminate rental inflation—a cost advantage that compounds every year.

Business ModelStrategySES LogicEDLPEveryday Low PriceNo gimmicks; just the lowest price in the catchment area.InventoryHigh TurnoverLower prices drive footfall, leading to the fastest turns in the industry.ProcurementFast PaymentsDMart pays suppliers faster than competitors, securing better prices to fund even lower shelf prices.

As long as management continues to cap gross margins and reinvest savings into the customer, the flywheel gains unstoppable momentum.

🚀 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: Avoid the noise, Focus on the long term 🔗 Linkedin: A strong company can have a rough patch, just like great players do.​

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Keep Compounding...

Vivek Mashrani, CFA Founder, TechnoFunda Investing

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