POSCO and the <keyword id="6367820" type="General" weightage="20" keywordseo="adani-group" source="Orion">Adani Group</keyword> have agreed to explore business cooperation opportunities, including the establishment of a green, environment-friendly Integrated Steel Mill at Mundra, Gujarat, as well as other businesses. The investment is estimated to be up to USD 5 billion. The non-binding MoU signed between POSCO and Adani intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements. Both parties are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company. The collaboration includes evaluating a joint Integrated Steel Mill at Mundra, Gujarat, based on POSCO's state-of-the-art technology and cutting-edge R&amp;D capability. POSCO and Adani intend to utilize renewable energy resources and green hydrogen, in line with both partners' ESG commitments to sustainability and energy efficiency. Jeong-woo Choi, the CEO of POSCO, said, "POSCO and Adani are able to come to great synergy in the steel and environment-friendly business with POSCO's state-of-the-art technology in steel making and Adani's expertise in energy and infrastructure. I hope this cooperation will be a good and sustainable business cooperation model between India and South Korea." The Adani Group, founded in 1988, is the largest and fastest-growing portfolio of diversified businesses in India with interests in Logistics (seaports, airports, shipping and rail), Resources, Power Generation and Distribution, Renewable Energy, Gas and Infrastructure, and other sectors. Adani has recently announced a massive investment plan to become the world's largest renewable energy company and produce green hydrogen in the future. Gautam Adani, Chairman of the Adani Group, said, "We are very pleased to announce the partnership with POSCO, the world's most efficient and advanced steel manufacturer, in steel production and carbon reduction. This partnership will contribute to the growth of India's manufacturing industry and the Aatmanirbhar Bharat scheme championed by the Government of India. It will also help to strengthen nIndia's standing in green businesses." POSCO runs POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanized mill regarded as the most advanced automotive steel supplier in India, and four processing centres in Pune, Delhi, Chennai and Ahmedabad. It is anticipated that this business cooperation between POSCO and Adani will bring dominant partnership synergy in the Indian steel industry. POSCO and Adani have also signed a MoU with the Government of Gujarat for support and cooperation from the Government for the collaboration. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/zomato-offers-12-lakh-insurance-grant-to-family-of-delivery-executive-killed-in-a-road-accident/articleshow/88874578.cms" data-type="tilCustomLink">Zomato employees will contribute ₹12 lakh to the family of delivery partner who was killed in a road accident</a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-will-deliver-stuff-on-tvs-motors-electric-scooters-following-footsteps-of-zomato-amazon-and-flipkart/articleshow/88872404.cms" data-type="tilCustomLink">Swiggy will deliver stuff on TVS Motors’ electric scooters</a> <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-vs-infosys-vs-wipro-how-indias-three-it-giants-stack-up-against-each-other/slidelist/88860676.cms" data-type="tilCustomLink">TCS vs Infosys vs Wipro Q3 results – here’s how India’s three IT giants stack up against each other</a>

South Korea's POSCO and Adani will spend $5 billion to set up an integrated steel mill together

<ul><li>The Lok Sabha on Thursday passed the Protection of Children from Sexual Offences (Amendment) Bill, <keyword id="2604636" type="PERSON" weightage="20" keywordseo="2019">2019</keyword>. </li><li>Those who commits aggravated penetrative <keyword id="46530" type="PERSON" weightage="20" keywordseo="sexual-assault">sexual assault</keyword> will be liable of at least 20 years of rigourous imprisonment. </li><li>The bill will grant legal protection to nearly one-third of children in India (430 million), regardless of the gender. </li><li>It makes child pornograpgy a punishable offence.</li></ul>India is all set to crack down on child abusers, and make stringent laws to net and punish these offenders. As per Protection of Children from Sexual Offences (Amendment) Bill, 2019, those who commit aggravated penetrative sexual assault will be liable of at least 20 years of rigourous imprisonment. The law also makes a provision for <a href="https://timesofindia.indiatimes.com/india/death-for-child-abusers-as-pocso-bill-gets-lok-sabha-nod/articleshow/70490089.cms">death sentence</a> to such offenders. Gender neutral approach Smriti Irani, Women and Child Development Minister who moved the bill sought a gender-neutral approach on offences against children. The aim is to protect its 430 million children, regardless of the gender. The new law will also crack down on <keyword id="24545" type="PERSON" weightage="20" keywordseo="Child-pornography">child pornography</keyword>, refers to it as “visual depiction of sexually explicit conduct involving a child." This includes photography, video, digital or computer generated images. Now, those convicted relating to child pornography will receive a five-year jail term. For those who repeat the offence, the punishment can stretch to seven years, with fine. Irani noted that defining child pornography is the need of the hour, considering the ill-activities from the past. For instance, an online platform showcasing child pornography attracted nearly 5,000 followers. Unanimous support The bill calls for the parents to have transparency with their children. “In a majority of the cases either the children don’t tell their parents what has happened to them or the parents ask the children to remain silent about it," Mint <a href="https://www.livemint.com/politics/policy/lok-sabha-clears-bill-to-give-death-for-sexual-assault-on-children-1564680708757.html">reported</a> citing Danish Ali of Bahujan Samaj Party(BSP). The amendments in the bill received a nod from the members of the Parliament. In fact, the Parliament witnessed members cutting across party lines in support of the bill. “I thank everyone for unanimously supporting this bill. I want to say that I share their angst that justice should be done and I also share their concern with regard to implementation. The way MPs rose above party lines is exemplary," Irani told the House. It has already been cleared in the upper house on 29 July, and is awaiting President’s nod. See also: <a href="https://www.businessinsider.in/bill-to-make-india-arbitration-hub-get-parliamentary-nod/articleshow/70491513.cms">Bill to make India arbitration hub get Parliamentary nod</a> <a href="https://www.businessinsider.in/wage-code-bill-2019-can-benefit-50-crore-indian-employees-all-you-need-to-know/articleshow/70460156.cms">Wage Code Bill can help 500 million Indians. Here’s all you need to know about it</a> <a href="https://www.businessinsider.in/indian-government-passes-unlawful-activitiesprovisions-amendment-bill-2019-uapa-to-counter-terrorism/articleshow/70373357.cms">Indian government passes anti-terrorism bill; opposition calls it ‘dangerous’</a>

India moves to protect its 430 million children, with death for sexual assaulters and much more

<img class="gwt-Image" src="/photo/47674158.cms" /> You often hear people confer over India divided into two factions – ‘Do Bharat’ – but I always maintain that India has three parts; yesterday, today and tomorrow. 
 
As a child, back in my village in Odisha, I saw my father and his generation struggle every day. We barely managed two meals a day for the entire family. There would be major calculations and second thoughts at every level, every decision, whether it was the marriage of my two sisters, or our education. I remember my father making a lot of tough choices, selling off land, my mother’s jewellery and what not, to make ends meet. But it is during tough times, when we have to make tough choices that we come face to face with who we truly are. And I like who we were back then. 
 
There was a rawness about us, an unabashed goodness and vulnerability that I miss today. We were people of small means, but I believe we had the judgment to know the important things in life. I’m not sure I can say the same about our present. 
 
We knew how to value things and people, resources– water, food, land – the earth, our environment, relationships. Today, we seem to be going off in a different direction. Not just wandering, but ostensibly lost. 
 
Joint families back then were a blessing. They might not have seemed like one, of course there were fights and altercations, but what it gave us was a sense of family, of belonging, a set of values instilled in us from day one. In fact, not just families, there was a sense of community among neighbours. Whether in our village or in small towns or even in small societies in the cities, there was a support system that helped us grow as individuals not in isolation, but together, as one. Now that is a country I can call my own – Unity in Diversity, isn’t that how our great leaders envisioned India post- independence? 
 
When one talks of Indian values and heritage, I believe this is what they mean. But alas, today, we are so far away from it that it seems like a mythical and strange, quite like stories from Mahabharata or Ramayana would seem to our future generations. When I tell my nine-year-old son stories from my village as a kid, he doesn’t believe them and you can’t blame him, because we have rid ourselves of even the faintest footprints of the past. That glorious India has disappeared within a span of the last 10-15 years, not even two decades. 
 Whatever I have managed to make of myself today, an independent filmmaker, <keyword id="55" type="POSITION" weightage="20" keywordseo="social-activist">social activist</keyword>, entrepreneur, I have seen a lot of change in my immediate surroundings, and I can see for myself how my son cannot possibly relate to my childhood in this day and age. It becomes very conflicting for me to see everything we valued at the time, become redundant and obsolete like archiving old photographs in an album, rather than actually living those values. I guess even I have come so far, that a part of me cannot recognize my roots anymore. These changes are what make me wonder today, about what our country could become tomorrow. Of course, development is a natural process, but is that what you would call this? An unprecedented influx of new money and no value system to call our own, is this the idea behind ‘India Shining’ or ‘Bharat Nirmaan’? Who are Indians – who are we? More than two-third of the population that lives in abject poverty, compared with the 100-150 corporations that run this country? 
 
The ‘philanthropic’ bureaucrats and politicians, compared with the ‘altruistic’ urban elite artists and celebrities? It is this schizophrenic identity of India that continues to cause disintegration of our borders as well as our people. Are newer states and further fragmentation of our people the only answer we are left with? I doubt this is what our Constitution means when it says ‘Unity in Diversity’. 
 
Till date, there exists a fierce struggle for every basic human need, whether food, water or shelter. Yet another need that has cropped up in recent times, and is sure to increase over the next years, is the lack of farmland. There is neither enough green cover, nor enough fertile land to do anything about it, in this race to industrialize and privatize all resources. This is going to soon lead to a nationwide food crisis, in addition to the existing water crisis, both man-made. We are simply paying for our exploitation all these years. 
 
Imagine a country that was once known for its beauty and treasures, even called the ‘Golden Bird’ for its heritage and wealth, has been brought to utter ruin, first at the hands of colonialism, and ever since, at the hands of our very own people. What we continue to do, without fail, is depend on Westerners for all advice and counsel, instead of looking back at our own legacy. Look at our fashion, for example. We live in a country where every 100 kilometres, colour changes, landscape changes, people change, clothes change, but does any of that reflect in our fashion trends? It is a miserable state of affairs that we choose to look outward, towards the West once again, instead of inward for inspiration. 
 
It is true that India has developed by leaps and bounds as far as communication is concerned. We have come a long way in a short span of time, but once again, the implementation of that technology is disastrous. Today, there are more mobile phones than people in India. Isn’t that an interesting fact about a country with close to 300 million people going without food? India, the hunger capital of the world, home to about one-third of the world’s hungry poor. 
 
The world is laughing at us. Growing at a rate of 1.4 percent per year, India will soon beat China to become the country with the largest population in the world. But it is like somebody said – population is an asset. Look at how China has used it as a tool to create some of the largest manufacturing industries and production plants in existence, making the rest of the world completely dependent on their products. Look at some of the European countries – they are tired of giving retirement salary to its citizens. What India needs to realize is the power of its youth; a young population automatically means a more productive country, both intellectually and otherwise. What we need to concentrate on is giving them the right healthcare, the right education, and the right opportunities, and then nothing can stop this country from flourishing. 
 And of course, as mentioned before, the right value system. Like former President of India, Dr. APJ <keyword id="5141" type="PERSON" weightage="20" keywordseo="Abdul-Kalam">Abdul Kalam</keyword> always maintains, we have become nuclearized living in this nuclear family structure; each person has become nuclearized from their own selves. A very dark issue that is born out of this indifference is child labour, which I have researched and worked on extensively. Findings prove that India will never be able to get out of this stranglehold, not because of desperate circumstances or poverty, but solely due to habit, clubbed with indifference. One, there is a hangover of oppression in our veins, we as a nation are too used to being on either side of it, it has become something we cannot do without anymore. Two, there is a major lack of respect for any human life in India, especially the two ends of the spectrum – children and old people. 
 
When we talk of our future, the dream of a new India, it is only our children who can make that dream come true. It is not about money or power or politics, but about going back to that value system that we once had and cherished from ancient times. As an Indian, what are we doing for our country? 
 Going further down India’s schizophrenic lanes, we are a country of extremes. The richest man constructs one of the tallest buildings in the country to reside in the same city that houses one of the largest slums in the world. Both Delhi and Mumbai have become two of the richest cities with increasingly fast property rates that are at par with property rates in New York and <keyword id="6369186" type="COMPANY" weightage="20" keywordseo="Manhattan">Manhattan</keyword>. All these statistics and facts have resulted in an India that is a living paradox for the world to watch, and maybe take down notes on ‘how not to do things’. 
 It is the feudalistic system that we need to get rid of. Overcoming this great imbalance between the rich and the poor should be our first and foremost priority, and not the biggest brands like <keyword id="6377922" type="CITY" weightage="20" keywordseo="Starbucks">Starbucks</keyword>, or the biggest chain like <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword>, or the biggest <keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword> like <keyword id="46932" type="CITY" weightage="20" keywordseo="POSCO">POSCO</keyword> coming to the country. We need to realize the value of a person, a human life, and respect ourselves, be proud of our heritage, and not ape outsiders. Follow our own ancestors’ footsteps instead of others. Else, we will soon be heading towards a recession similar to the one experienced by the West, where we can see entire nations collapsing economically, through disasters, natural and man-made, in addition to constant wars outside and inside.

Thinkers/Thinkers 50: The concept of ‘Unity in Diversity’ has lost meaning in India

<img class="gwt-Image" src="/photo/46633305.cms" />The Rajya Sabha passed a bill on Friday to auction mines that supply minerals like <keyword id="6357528" type="COMPANY" weightage="80" keywordseo="Iron-ore">iron ore</keyword> and <keyword id="48771" type="UNKNOWN" weightage="80" keywordseo="Bauxite">bauxite</keyword> for the first time, in a thumbs up for <keyword id="71" type="POSITION" weightage="80" keywordseo="Prime-Minister">Prime Minister</keyword> <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword>'s bid to kickstart an industry that has languished for years. 
 
 
The passage of the Mines and Minerals Development and Regulation bill by the Rajya Sabha was crucial for Modi because the BJP lacks a majority in the second chamber. 
 
 <keyword id="250148" type="ENTERTAINMENT" weightage="80" keywordseo="The-Bill">The bill</keyword> will now be taken up by the <keyword id="6355187" type="ORGANIZATION" weightage="80" keywordseo="Lok-Sabha">Lok Sabha</keyword>, where BJP enjoys an overwhelming majority. A bill to auction coal mines is also likely to be passed later on Friday by both houses. 
 
 The <keyword id="6355267" type="COMPANY" weightage="80" keywordseo="mining">mining</keyword> sector in Asia's third-largest <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword> has been mired in controversy over the illegal allocation of resources, causing a near standstill in granting permits to open new mines for firms including South Korean steel giant <keyword id="46932" type="CITY" weightage="80" keywordseo="POSCO">POSCO</keyword>. 
 
 
India was once the world's third-largest exporter of iron ore but is importing heavily now due to court action on illegal mining. India's top court has eased some of the curbs, but state bureaucrats have dithered over renewing mining licenses, fearing charges of corruption. 
 
 
The government hopes auctions will reduce the risk of wrongdoing, helping to put the mining industry back on track. But it is unlikely to lead to a sudden surge in iron ore output at a time when there is a global glut and prices have crashed.

In a major fillip to India Inc, the Parliament has
finally passed the long pending Mining bill

<ul class="summary-list"><li>Daily Journal filed its final stock-portfolio update from Charlie Munger's time in charge.</li><li>Warren Buffett's late business partner made no changes, showing his discipline and conviction.</li></ul>The late Charlie Munger grew Daily Journal's stock portfolio <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-stock-portfolio-daily-journal-death-warning-buffett-berkshire-2023-12">from nothing to $300 million</a> within 15 years. The newspaper publisher just filed its <a href="https://www.sec.gov/Archives/edgar/data/783412/000143774924001453/xslForm13F_X02/F13InfoTable_64826.xml" target="_blank" rel="noopener">final portfolio update</a> from the legendary investor's time in charge, and it underlines Munger's exceptional patience, discipline, and conviction.Munger, best known as Warren Buffett's right-hand man and Berkshire Hathaway's vice chairman, died aged 99 on November 28. He chaired Daily Journal's board for about 45 years from 1977 to 2022. When markets crashed during the 2008 financial crisis, he made the call to plow some of the company's money into stocks and started managing its investments.Daily Journal's <a href="https://www.sec.gov/Archives/edgar/data/783412/000143774914001834/xslForm13F_X01/rdgit012814.xml" target="_blank" rel="noopener">first portfolio filing</a> dates back to the fourth quarter of 2013, likely because that's when the value of its holdings breached the $100 million reporting threshold. The publisher and legal-software provider disclosed 2.3 million shares of Bank of America, almost 1.6 million shares of Wells Fargo, 140,000 shares of US Bancorp, and 64,600 shares of South Korean steelmaker Posco.Remarkably, Daily Journal held the exact same amount of Bank of America, Wells Fargo, and US Bancorp shares a decade later, on December 30 last year. While it slashed its Posco position to 9,745 shares in the fourth quarter of 2014, it didn't touch it again until the fourth quarter of 2022, when it exited the holding.Munger made only one other big change to Daily Journal's portfolio. He bet on Alibaba at the start of 2021, quadrupled his wager by the end of the year, then halved it the next quarter after souring on the Chinese e-commerce titan and deciding he'd <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-cnbc-interview-buffett-berkshire-alibaba-trillionaire-wealth-lessons-2023-12">made a mistake</a>.It's worth noting that Munger's hands-off approach wasn't a winner across the board. The value of Daily Journal's Wells Fargo and US Bancorp positions rose by less than 10% in a decade, while the S&amp;P 500 surged by over 150% in the same timeframe. The company's Bank of America stake did better, rising by almost 120% in that period.Munger's record appears to have been saved by an early bet on Chinese EV maker BYD. The wager likely made up the lion's share of Daily Journal's $138 million in unrealized gains on September 30, and allowed it to <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-daily-journal-byd-alibaba-stock-portfolio-margin-debt-2022-2?utm_medium=ingest&amp;utm_medium=referral&amp;utm_source=markets&amp;utm_source=yahoo.com&amp;utm_medium=ingest&amp;utm_source=markets" rel="">realize a 15-fold return</a> on a $3.3 million wager in late 2021.Even so, Daily Journal's filings underscore Munger's commitment to making concentrated bets, buying for the long term and only at a compelling price, rarely selling, and resisting the urge to fiddle or panic. He barely touched its handful of US holdings for at least a decade, adding just one name, exiting another, and leaving three of its positions fully intact.

The late Charlie Munger's final stock-portfolio update is out - and it shows his iconic approach to investing

South Korean company <keyword id="141979" type="General" weightage="50" keywordseo="daewoo" source="Orion">Daewoo</keyword> on Wednesday announced its re-entry in the Indian market with a range of power and energy products, encompassing batteries for both four-wheelers and two-wheelers, as well as <keyword id="1050258" type="General" weightage="20" keywordseo="inverter" source="Orion">inverter</keyword> and solar batteries and plans to bring in a range of <keyword id="930861" type="General" weightage="20" keywordseo="e-bikes" source="Orion">e-bikes</keyword> in the future. Chan Ryu, Director, <keyword id="19190635" type="General" weightage="80" keywordseo="daewoo-india" source="Orion">Daewoo India</keyword> Operations said: "In our initial stage, we are introducing a range of power &amp; energy products, encompassing batteries for both four-wheelers and two-wheelers, as well as inverter and solar batteries. Additionally, we will offer a variety of HUPS inverters and UPS systems designed for both online and offline applications, featuring wall-mounted options with integrated lithium batteries. "Furthermore, we are set to launch high-capacity Voltage Stabilizers ranging from 0.5 KVA to 5 KVA to ensure optimal protection for your electrical devices." Daewoo has formed a strategic partnership with <keyword id="19261955" type="General" weightage="20" keywordseo="Kelwon-Electronics-and-Appliances" source="Orion">Kelwon Electronics and Appliances</keyword> Private Limited, based in Gurugram. Kelwon, led by H.S. Bhatia, ex-LG and Airtel, has been chosen as the exclusive brand licensee for Daewoo in India. Sharing the future roadmap, Ryu said: "Furthermore, in the upcoming year, as part of our Consumer Durables portfolio, we will introduce a wide range of products including air purifiers, LED televisions, audio speakers, water purifiers, smart fans, air coolers, home automation systems, and a comprehensive selection of small home and kitchen appliances. These products will offer innovative and diverse features while remaining budget friendly. "Additionally, we have exciting plans to unveil a captivating line of e-bikes and e-cycles in the Indian market." Daewoo had first entered the Indian car market with Cielo in 1995 followed by Nexia and Matiz. In 2001, General Motors (GM) decided to buy the company's assets in 2001, barring its India subsidiary, leading to its closure in 2003-04. Daewoo was later bought by Posco.

South Korea's Daewoo re-enters Indian market

<ul><li><keyword id="7637" type="General" weightage="20" keywordseo="manoj-bajpayee" source="Orion">Manoj Bajpayee</keyword> plays a lawyer from Jodhpur who fights a controversial rape case under the POSCO Act in <keyword id="17357673" type="General" weightage="20" keywordseo="sirf-ek-bandaa-kaafi-hai" source="Orion">Sirf Ek Bandaa Kaafi Hai</keyword>. </li><li><keyword id="475128" type="General" weightage="20" keywordseo="pankaj-tripathi" source="Orion">Pankaj Tripathi</keyword> plays Madhav Mishra, an affable-yet-brilliant lawyer who fights for the underdog. </li><li>Guilty Minds starring <keyword id="1124782" type="General" weightage="20" keywordseo="shriya-pilgaonkar" source="Orion">Shriya Pilgaonkar</keyword> brought Indian law firm politics to the fore. </li></ul>After becoming India’s favourite <keyword id="502674" type="General" weightage="20" keywordseo="family-man" source="Orion">Family Man</keyword>, veteran actor Manoj Bajpayee has regaled OTT audiences with a stellar performance as a lawyer-with-grit in the latest movie Sirf Ek Bandaa Kaafi Hai, streaming on Zee5. The movie is based on the rape of an underage girl by a self-styled godman. The victim in the movie is denied justice as bribes, threats and more make it tough for the teenager to get justice, until Bajpayee’s character Solanki enters the scene. The lawyer from Jodhpur fights off a battery of great legal minds to navigate a controversial case under the POSCO Act. "It is an eye opener that way and our focus is mostly on the security and safety and protection of the child, which is an issue which is very close to my heart - always been," Bajpayee said about the movie in an interview. Affable lawyers with twisted minds Solanki’s character, based on a real-life model, brings forth the struggles of the legal system in India. But it’s not the only one, especially on OTT. Yet another celebrated actor, Pankaj Tripathi plays Madhav Mishra, an affable-yet-brilliant lawyer from Mumbai who investigates his cases closely in Criminal Justice on Hotstar. The genius underdog also takes up controversial cases like defending a drug-addict teenager accused of murdering his sister, a woman who murdered her husband, and also a cab driver accused of rape and murder of his client —- across three seasons. Tripathi says that his character is based on aam aadmi, who mixes humour with common sense. “His behaviour, mannerisms, sense of timing and body language all make him easy to understand and relate to. This is why viewers connect with him so much,” he <a href="https://www.zoomtventertainment.com/web-series/pankaj-tripathi-describes-his-criminal-justice-character-madhav-mishra-as-aam-aadmi-article-93644834">said in an interview</a>. Amazon Prime also brought Indian law firm politics to the fore, with Guilty Minds starring Shriya Pilgaonkar. Like most American series, it takes us through a variety of cases on dating apps to cola giants — navigated by lawyers with twisted agendas and sharp comebacks. Legal dramas keep it real While the US has many legal dramas to boast be it the super-hit Suits, Boston Legal or The Good Wife and its spinoff, Indian screens have been a late entrant into this genre in spite of a brilliant start in the 80s with Ek Ruka Hua Faisla. The movie starring Pankaj Kapoor brings the story of the now-abandoned jury system in India, as they discuss the depths of a case where a young teen from a slum stabs his father. Later, in addition to a few movies with courtroom scenes, few full fledged legal movies made their mark, with a few exceptions like Sunny Deol’s strongman cum lawyer in Damini. Arshad Warsi and Akshay Kumar both played the titular roles in Jolly LLB series — as not-so-clean lawyers who had their hearts at the right place. Kumar however headlined another movie Rustom which is based on the highly publicized K M Nanavati vs State of Maharashtra court case from the 50s. The case also inspired another web series named 'The Verdict – State vs Nanavati’ on AltBalaji. In fact, most legal dramas in India have mimicked real life like No One Killed Jessica, starring Vidya Balan and Rani Mukherjee. Tamil film Jai Bhim which stars Surya also mimics the real life activist and lawyer Justice K Chandru who had worked for the downtrodden. India with its history of delayed yet sensational court cases offers a lot of fodder for fiction, and OTT which is unafraid of diving into the realm of controversy is now bringing a lot of it to screens. (With inputs from IANS) SEE ALSO <a href="https://www.businessinsider.in/careers/news/2-in-3-indian-screenwriters-lament-lack-of-pay-incentives/articleshow/100700189.cms">Behind the scenes: 2 in 3 Indian screenwriters lament lack of pay incentives</a> <a href="https://www.businessinsider.in/business/news/ipl-2023-sees-tier-2-cities-order-more-on-swiggy-zomato/articleshow/100673879.cms">IPL nail biters, munchies and the demand for ‘sides’</a>

Manoj Bajpayee joins the league of on-screen lawyers like Pankaj Tripathi, Shriya Pilgaonkar & more

This week felt like the longest month ever. Phil Rosen here — who knew you could age so precipitously in so few calendar days? The <a href="https://markets.businessinsider.com/news/stocks/crypto-bank-crisis-news-signature-buyers-fdic-regulators-report-2023-3">bank crisis</a> that started with <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-stock-market-outlook-bottom-banking-crisis-2023-3">Silicon Valley Bank</a> last Friday continues to unfold with what feels like <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-svb-morgan-stanley-jpmorgan-talks-financial-aid-2023-3">to-the-minute developments</a>. Ignoring Warren Buffett for a moment (<a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-banking-crisis-occidental-petroleum-energy-stocks-2023-3">he's on a $500 million spending spree these last three days</a>), Wall Street strategists have been telling me all week they're concerned for what comes next. And Goldman Sachs says that this series of unfortunate events makes it <a href="https://markets.businessinsider.com/news/stocks/recession-odds-silicon-valley-bank-collapse-economy-gdp-goldman-sachs-2023-3">harder to be optimistic</a> for the trajectory of the US economy this year. Plus, in case you missed Insider's LinkedIn Audio Event, senior finance editor Dan DeFrancesco spoke with chief finance correspondent Dakin Campbell about the winners and losers of Silicon Valley Bank's failure. <a href="https://affiliate.insider.com?h=78a84ce9efcab020fe0b8442cedc2339b92142540e039edebf4a72a127db7113&amp;postID=6413587dc4cc6f14b154d661&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fposts%2Finsiderbusiness_jpmorgan-fintechs-markets-activity-7042264922658869248-hpCP%2F%3Futm_source%3Dshare%26utm_medium%3Dmember_desktop" target="_blank" rel="noopener">You can listen here</a>.<hr />If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><hr /><a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-svb-morgan-stanley-jpmorgan-talks-financial-aid-2023-3"></a>1. Goldman Sachs yesterday revised its recession odds for the year. Before this week, the firm gave the US a 25% chance of tipping into <a href="https://markets.businessinsider.com/news/stocks/recession-odds-silicon-valley-bank-collapse-economy-gdp-goldman-sachs-2023-3">recession</a> in 2023. In light of the bank runs, bank failures, and bank stock volatility, <a href="https://markets.businessinsider.com/news/stocks/recession-odds-silicon-valley-bank-collapse-economy-gdp-goldman-sachs-2023-3">those odds are now at 35%</a>, strategists said Thursday, citing "increased near-term uncertainty" surrounding the effects of small bank stress. Thursday's research note followed a separate forecast from Goldman that slashed 2023 GDP outlook by 0.3%, to 1.2%.Remember, three major banks just failed in short order, and while others like <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-stock-price-strategic-alternatives-potential-sale-report-2023-3?utm_medium=ingest&amp;utm_source=markets">First Republic</a> and <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-svb-bank-financial-crisis-stock-price-cds-saudi-2023-3?utm_medium=ingest&amp;utm_source=markets">Credit Suisse</a> haven't collapsed, they've been about as stable as a giraffe on stilts (both banks were <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-svb-morgan-stanley-jpmorgan-talks-financial-aid-2023-3">thrown life lines in the middle of this week</a>).Silicon Valley Bank and Signature Bank <a href="https://markets.businessinsider.com/news/stocks/recession-odds-silicon-valley-bank-collapse-economy-gdp-goldman-sachs-2023-3">marked the second and third largest bank failures in history</a>, respectively, behind only Washington Mutual in 2008.What stands out about Goldman's revised forecast, however, is that the firm says a downturn is now more likely even though markets have begun to <a href="https://markets.businessinsider.com/news/stocks/recession-odds-silicon-valley-bank-collapse-economy-gdp-goldman-sachs-2023-3">price in easing policy from the Fed</a> — which typically would spark lower, not higher, recession odds.Before last Friday, traders largely expected a 50 basis-point rate hike at this month's FOMC meeting. Now, 75% are expecting a 25 basis-point hike, and the remaining odds are on no rate hike at all, according to CME's FedWatch Tool.If the Fed does indeed ease up on policy, it would mean policymakers are prioritizing financial stability over their inflation battle. There are signals elsewhere in markets, too, that suggest a recession is nearing. <a href="https://markets.businessinsider.com/news/commodities/crude-oil-price-today-bank-crisis-russia-ukraine-war-svb-2023-3">Crude prices have plummeted nearly 30% from a year ago</a>, and a third of that drop has happened in the last week.Given China's reopening and generally upbeat economic forecasts, <a href="https://markets.businessinsider.com/news/commodities/crude-oil-price-today-bank-crisis-russia-ukraine-war-svb-2023-3">energy traders had broadly expected a rebound in prices this quarter</a>, Gregory Brew, oil analyst for Eurasia Group, told me yesterday. "These recent events have shaken those expectations," Brew said.And earlier this week, Mike Novogratz, CEO of Galaxy Digital, said the drama unfolding in the financial world has reshaped forecasts, and <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-mike-novogratz-credit-crunch-contagion-signature-failure-2023-3">it's being reflected in energy prices</a>. "The commodity market is telling you, the oil market is telling you <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-mike-novogratz-credit-crunch-contagion-signature-failure-2023-3">we're heading into a recession</a>," Novogratz said in a CNBC interview. To Seema Shah, chief global strategist for Principal Asset Management, the bank crisis really shouldn't have come as such a surprise, given the Fed's rapid withdrawal of liquidity over the last year."Until this week, markets had broadly ignored the threats that tightening policy was starting to uncover," Shah wrote in a note Thursday. "The latest turmoil, however, has quickly reminded investors that risk assets simply cannot escape the wrath of monetary tightening."How has the bank crisis impacted your outlook for a recession? Tweet me (<a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a>) or email me (<a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>) to let me know. <hr />In other news:<a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-broken-inflation-record-cash-sidelines-investor-fear-2023-3"></a><div type="image" title="goldman sachs" height="1379" width="2758" msid="98732684" hostid="261" sizebytes="234950"></div>2. US stock futures are searching for direction early Friday, after Credit Suisse and First Republic Bank got billions in financial backing to avert a wider banking crisis. But shares in the San Francisco lender are sliding, suggesting investors remain nervous. <a href="https://markets.businessinsider.com/premarket" target="_blank" rel="noopener noreferrer">Here are the latest market moves</a>.3. Earnings on deck: HEICO, POSCO, and more, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>.4. There are three key questions no one has asked yet after Silicon Valley Bank's collapse. UBS analysts shared the most critical Q and A's about the banking sector right now — <a href="https://www.businessinsider.com/investing-financial-stocks-to-buy-silicon-valley-bank-crash-ubs-2023-3">and also broke down the five top bank stocks to buy amid the chaos</a>. 5. Wall Street banks led by JPMorgan, Citigroup, and Bank of America are set to deposit $30 billion into First Republic bank. The Wall Street Journal and Bloomberg reported that the trio will contribute $5 billion apiece, and other firms will also help out. <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-svb-morgan-stanley-jpmorgan-talks-financial-aid-2023-3">Those names include US Bancorp, Wells Fargo, Morgan Stanley, Truist Financial, and PNC Financial Services.</a>6. The European Central Bank made another big rate hike on Thursday. The 50-basis-point move was the sixth interest rate increase in a row. Policymakers signaled they are <a href="https://markets.businessinsider.com/news/stocks/ecb-european-central-bank-50-basis-point-hike-inflation-fed-2023-3">pressing ahead with its tightening campaign</a> despite Credit Suisse's financial woes — and European authorities also <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-svb-bailout-banking-crisis-incompetence-regulators-2023-3">slammed the "incompetence" of US regulators in handling SVB</a>.7. Stocks are on the brink of a bullish setup. At least according to Fundstrat's Tom Lee. He said the combination of falling inflation, record cash on the sidelines, and palpable fear all bode well for equities: <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-broken-inflation-record-cash-sidelines-investor-fear-2023-3">"That's constructive for what happens to [stock] multiples."</a>8. These five books are must-reads for anyone looking to get started in real estate, according to an expert who's interviewed hundreds of top investors. It's important to learn tried and tested strategies from others if you want to match their success — <a href="https://www.businessinsider.com/real-estate-investing-book-list-tips-how-to-start-2023-3">and these top reads can get you there</a>.9. Nancy Davis created a buzzy ETF that's helped investors profit from rising inflation. She explained why you should be prepared for more interest-rate volatility as fears of a financial crisis rise. <a href="https://www.businessinsider.com/investing-strategy-banking-financial-crisis-rate-hikes-svb-recession-crash-2023-3">Get the full details.</a>10. Credit Suisse stock rallied Thursday after receiving a lifeline from the Swiss National Bank. Early on Friday, the Swiss lender's Zurich-listed shares were down 4% after logging big losses earlier this week. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-credit-suisse-shares-snb-loan-bank-crisis-2023-3">More on that here</a>.<hr />Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>.Edited by Max Adams (<a href="https://twitter.com/maxradams?lang=en" target="_blank" rel="noopener">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

Goldman Sachs just told us the banking crisis makes it more pessimistic about the economy - and other recession signals are blaring too

New Delhi, Jan 19 () Odisha expects work on the proposed Rs 53,700-crore integrated steel project at Jagatsinghpur in Paradip by Sajjan Jindal-led JSW Group to start soon following successful conclusion of a public hearing, a state official said on Sunday.
 The consent of local people to the 12 million tonne per annum steel project holds significance as South Korean steel gaint POSCO had to abandon its proposed Rs 52,000-crore steel project at the same site due to stiff opposition from the local people.
 "JSW's hearing was conducted peacefully and successfully. That is a huge development. The integrated project has been passed unopposed with almost same investment that POSCO was looking ... that is a change ... We expect the work to start soon on Rs 53,700 crore JSW project Utkal Steel Limited project," IPICOL Managing Director Nitin B Jawale said.
 The Industrial Promotion and Investment Corporation of Odisha (IPICOL) is the single point of contact for all industrial investments in the state. 
 "The success of this public hearing paves way for the establishment of an Integrated steel plant of 12 MTPA capacity, 10 MTPA cement plant and a 900-megawatt captive power plant by the Sajjan Jindal-led group, on an area of 2,980 acre. An all-weather multi-cargo greenfield jetty with handling capacity of 52 MTPA is also part of the project," Jawale said.
However, sources told that JSW has not received the required 2,980 acres of land and th project will take time as formalities, including land handover, erection of boundary, will take time.
When contacted, JSW declined to comment sighting silent period. The company's financial results are slated for January 24.
Jawale said conclusion of peaceful public hearing is a positive development for Odisha and "a major milestone in its industrialisation efforts" as the proposed steel plant is on the same site where the Korean steel giant POSCO's project was envisaged and there was no opposition from the locals.
"The erstwhile opponents of the POSCO project have also welcomed the JSW project now, demanding an ideal rehabilitation and resettlement package from the state government. This development will also help dispel the prevailing misconceptions about this region and with a major port in the vicinity the Paradip in Odisha is poised for diversified industrial growth," he said.
 POSCO had entered into a pact with Odisha government in 2005 to set up more than Rs 50,000 crore steel unit but dropped the plan after facing stiff opposition from locals for more than a decade. 
The official also claimed that Odisha recently toppled Maharashtra in attracting new investments in the first half of this fiscal and "cornered 18 per cent of virgin investments drawn by all states in the country." 
He said through progressive policy interventions called VISION 2030 , the state aims to do more than 50 per cent value addition to the metal produced in the state by the year 2030, by attracting and grounding downstream industries in metal sector. NAM MR

Odisha expects work on JSW steel proj to start soon after successful public hearing

<ul class="summary-list"><li><keyword id="11992817" type="UNKNOWN" weightage="60" keywordseo="charlie-munger" source="Orion">Charlie Munger</keyword>'s <keyword id="12257539" type="UNKNOWN" weightage="60" keywordseo="daily-journal" source="Orion">Daily Journal</keyword> increased its <keyword id="11893877" type="UNKNOWN" weightage="60" keywordseo="alibaba" source="Orion">Alibaba</keyword> stake by 83% last quarter.</li><li><keyword id="11915967" type="UNKNOWN" weightage="60" keywordseo="warren-buffett" source="Orion">Warren Buffett</keyword>'s business partner first invested in the Chinese e-commerce group earlier this year.</li><li>Alibaba's US-listed shares have tumbled nearly 40% this year due to mounting regulatory threats.</li></ul>Warren Buffett <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-fear-greed-quote-viral-coronavirus-epidemic-stock-markets-2020-2">advises</a> investors to "be greedy when others are fearful." Charlie Munger showcased that approach last quarter by doubling down on <a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> stock while other shareholders rushed for the exit.Munger is best known as Buffett's business partner and <keyword id="11915968" type="UNKNOWN" weightage="60" keywordseo="berkshire-hathaway" source="Orion">Berkshire Hathaway</keyword>'s vice-chairman. However, the 97-year-old has also been Daily Journal's chairman since 1977, and manages the newspaper publisher and legal-software provider's investment portfolio.Daily Journal boosted its Alibaba stake by 83% to more than 300,000 shares in the third quarter, <a href="https://www.sec.gov/Archives/edgar/data/0000783412/000143774921023262/0001437749-21-023262-index.htm">Securities and Exchange Commission filings show</a>. It established a position in the Chinese e-commerce group in the first quarter of this year, marking the only addition to its US stock portfolio since at least the end of 2013, when it began disclosing its holdings.Munger plowed $40 million into Alibaba in the first quarter of this year, and probably invested another $25 million or so last quarter, based on the stock's average closing price in the period. However, Alibaba's US-listed shares have plunged almost 40% this year due to the Chinese government's <a href="https://markets.businessinsider.com/news/stocks/china-competition-rules-tech-industry-crackdown-alibaba-tencent-regulation-2021-8">crackdown on technology companies</a>, meaning Daily Journal's enlarged stake was worth only $45 million at the end of September.Daily Journal owned only nine <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword>, worth a combined $350 million with a $80 million cost base, <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-daily-journal-stock-portfolio-gain-alibaba-publishing-software-2021-8">as of June 30 this year</a>. It held four of those - Bank of America, Wells Fargo, US Bancorp, and South Korean steelmaker Posco - along with one other foreign stock and a sixth company's bonds at the <a href="https://www.sec.gov/Archives/edgar/data/783412/000143774914001829/ex99-1.htm">end of 2013</a>, valuing its portfolio at $151 million at the time.Munger has mostly invested in American companies such as Coca-Cola and Costco throughout his career, making his wager on Alibaba somewhat surprising. However, he did <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-gain-byd-electric-vehicles-investment-2021-1-1029995920?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">bring BYD to Buffett's attention</a>, which led to Berkshire plowing about $230 million into the Chinese electric-vehicle company in 2008. The conglomerate's stake has <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-gain-byd-electric-vehicles-investment-2021-1">skyrocketed 30-fold in value</a> to about $7 billion since then.Read more: <a href="https://www.businessinsider.com/stocks-picks-to-buy-now-financial-companies-gains-jefferies-2021-10?r=US&amp;IR=TIR=T">Here are 6 reasons to go 'all in' on financial stocks right now, according to Jefferies - and 11 names to buy to capitalize on gains ahead</a>

Charlie Munger's Daily Journal swooped on Alibaba's tumbling stock last quarter, boosting its stake by 83%

<ul class="summary-list"><li><keyword id="293271" type="PERSON" weightage="60" keywordseo="Charlie-Munger">Charlie Munger</keyword>'s <keyword id="1326918" type="PERSON" weightage="60" keywordseo="daily-journal">Daily Journal</keyword> made a $132 million gain on <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> in nine months.</li><li>Munger's investments more than quadrupled in value to $350 million on paper.</li><li>Warren Buffett's business partner, 97, bought a stake in <keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> earlier this year.</li></ul>Charlie Munger's Daily Journal scored a $132 million gain on stocks in the space of nine months as its handful of bets paid off handsomely.Daily Journal, a newspaper publisher and legal-software provider, reported its <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/783412/000143774921019632/djco20210630_10q.htm">third-quarter earnings</a> this week. They revealed that its stock portfolio, which has a $80 million cost base, soared in value by 60% to $350 million in the nine months to June 30. The company's unrealized gains nearly doubled to $270 million as a result, and it has now more than quadrupled its money on paper.Munger, 97, is best known as Warren Buffett's right-hand man and the vice-chairman of Berkshire Hathaway. However, he's also served as Daily Journal's chairman since 1977, and he manages its portfolio.The investor's only recent move was <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-daily-journal-buy-alibaba-stock-worth-millions-2021-4">buying $40 million of Alibaba stock</a> in the first quarter of this year. That holding was in the red at the end of June, and the stock has tumbled another 16% since then as the Chinese government has <a href="https://www.businessinsider.com/investors-chinese-stocks-variable-interest-entity-accounting-fraud-regulatory-crackdown-2021-7?r=US&amp;IR=TIR=T">toughened its regulation of domestic technology companies</a>.Daily Journal's robust portfolio gains were a product of its <a href="https://www.sec.gov/Archives/edgar/data/783412/000143774921017390/xslForm13F_X01/rdgit040521.xml">four other positions</a> - <keyword id="6374849" type="UNKNOWN" weightage="60" keywordseo="bank-of-america">Bank of America</keyword>, <keyword id="88858" type="CITY" weightage="60" keywordseo="Wells-Fargo">Wells Fargo</keyword>, US Bancorp, and Posco - surging in value as shares of the trio of banks and the South Korean steelmaker soared.The publisher reminds investors each quarter that it's "not a smaller version of Berkshire Hathaway," and has ambitions to become a "significant software company." However, its stock portfolio dwarfs its operating businesses in value, and three of the five US stocks it owns are also held by Berkshire.Daily Journal's revenue rose 5% year-on-year to about $14 million last quarter. Advertising sales soared 69% to $2.2 million as courts ordered businesses to publish legal notices of their trading names. However, consulting fees slumped by one-third to $2.1 million, as payments were held up by delays to the company's systems going live.

Charlie Munger's Daily Journal scored a $132 million gain on stocks in 9 months - and its portfolio has quadrupled in value

<ul><li><keyword id="6776373" type="UNKNOWN" weightage="20" keywordseo="Shyam-Metalics-IPO">Shyam Metalics IPO</keyword> is now live and it will be open for subscription till June 16.</li><li>The total IPO size is ₹909 crore. The price band is fixed at ₹303-306, and each lot consists of 45 equity shares.</li><li>Analysts are mostly bullish on the <keyword id="7112477" type="COMPANY" weightage="20" keywordseo="Shyam-Metalics">Shyam Metalics</keyword> IPO, but some suggest caution.</li></ul>Shyam Metalics, a Kolkata-based producer of long steel products, has commenced its ₹909 crore initial public offering (IPO), with the price band fixed at ₹303-306 per share. The Shyam Metalics IPO will be open for subscription till June 16. Each lot consists of 45 shares, so each lot will be worth ₹13,770. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Share of issue reserved </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investors </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Retail Investors </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">35% </td></tr></tbody></table> Out of the IPO size of ₹909 crore, Shyam Metalics’ existing shareholders are offering ₹252 crore worth shares. <div type="Article" hostid="261" msid="83505013" title="Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Objects of the issue" comment="subhead" text="Objects of the issue">Objects of the issue</cmsannotation> The company’s prospectus states that out of the ₹657 crore fresh issue, ₹470 crore will be used toward payment of certain borrowings, which will help reduce its cost of finance. The remaining ₹187 crore are earmarked for general corporate purposes, which includes capital expenditure, working capital requirements, investment in subsidiaries and joint ventures, among other things. <cmsannotation type="cmsannotation" annotationid="Here’s what analysts are saying" comment="subhead" text="Here’s what analysts are saying">Here’s what analysts are saying</cmsannotation> Analysts are mostly bullish and recommend subscribing to the Shyam Metalics IPO, but some suggest that it is overvalued when compared to its peers. According to Choice Broking, the trailing 12-month EV/EBITDA of 8.6 times is higher than the average of 6.4 times of its peers. EV/EBITDA is a ratio used to determine the value of a company. EV refers to enterprise value. EBITDA refers to earnings before interest, tax, depreciation and amortisation. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage/Analyst </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Reliance Securities </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Geojit Financial Services </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Choice Broking </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe with caution </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Hem Securities </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Ventura Securities </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Arun Kejriwal </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Dilip Davda </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr></tbody></table> “Further, a strong balance sheet along with best-in-class leveraging positioning offers an edge to Shyam Metalics. Additionally, operating cash flow yield at 8.4% looks to be impressive and expected to improve further with higher cash flow generation in the ensuing quarters. Hence, we recommend subscribing to this issue,” said Reliance Securities in its report. Hem Securities also recommended subscribe. “We like the financial performance posted by the company with a healthy balance sheet status. Efficiency improvements, improved productivity and cost rationalisation has enabled it to deliver consistent and strong financial and operational performance,” it noted in its IPO note. <cmsannotation type="cmsannotation" annotationid="Understanding the business of Shyam Metalics" comment="subhead" text="Understanding the business of Shyam Metalics">Understanding the business of Shyam Metalics</cmsannotation> Shyam Metalics is a leading producer of integrated steel and ferro alloys, based in east India. The steel maker has three manufacturing plants with an operating capacity of 5.7 million tonnes per annum. Analysts say that it has control over all the aspects of its operations because of forward and backward integration, allowing it to optimise its processes according to its needs. Shyam Metalics counts Jindal Stainless (Hisar), Rimjhim Ispat, POSCO International, Norecom, JM Global Resources, Goenka Steels and others among its clientele. “Shyam Metalics has consistently outperformed its peers in terms of profitability. Majority of the power costs is being met through captive sources, which results in low power costs and thereby improving operating performance vis-à-vis its peers,” said a report by Hem Securities, underlining the company’s financial performance. Here’s a look at its revenue and profit since March 2018: <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Period </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue (₹ in crore) </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit (₹ in crore) </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dec-20 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,996 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">456 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar-20 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,395 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">340 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar-19 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,685 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">637 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar-18 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,920 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">528 </td></tr></tbody></table>Source: Shyam 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