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<keyword id="64275" type="General" weightage="20" keywordseo="jindal-stainless" source="Orion">Jindal Stainless</keyword> Ltd (<keyword id="74606" type="General" weightage="50" keywordseo="jsl" source="Orion">JSL</keyword>) on Thursday said its consolidated net profit has more than doubled to Rs 764.03 crore in the September quarter, on the back of higher income. It had clocked Rs 347.02 crore net profit in the year-ago period, JSL said in a regulatory filing on Thursday. <br /><br /> The company's total income increased to Rs 9,828.97 crore in the second quarter of the current fiscal as against Rs 8,776.61 crore a year ago. <br /><br /> JSL's expenses were at Rs 8,944.04 crore, higher than the Rs 8,335.52 crore it reported a year ago. <br /><br /> In a separate statement, JSL Managing Director Abhy per cuday Jindal, said, "Our domestic sales increased year-on-year (y-o-y), buoyed by the government's push for stainless steel in strategic sectors." <br /><br /> "As we wait for the <keyword id="19198542" type="General" weightage="50" keywordseo="national-stainless-steel-policy" source="Orion">National Stainless Steel Policy</keyword>, we are confident that the per capita consumption of stainless steel in India will increase from the current 2.8 kg in the coming years," he said. <br /><br /> Chinese imports have increased by nearly 55% year-on-year, which highlights the unchecked dumping of subsidised and substandard Chinese products in the Indian market, the MD said. <br /><br /> The industry expects the government to take notice of the continuously increasing imports from China, which is hurting the sector, especially the MSMEs and as well the government's vision of an Atmanirbhar Bharat, he added. <br /><br /> During the September quarter, the company's earnings before interest, taxes, depreciation, and amortisation was at Rs 1,231 crore, up by 80% y-o-y. <br /><br /> "The board also approved the proposal to explore the option for selling/liquidating/divesting equity stake in its subsidiary, PT Jindal Stainless, Indonesia (PTJSI), at Gresik, Indonesia," the statement said. <br /><br /> "The decision was taken in the wake of unfavourable market conditions in Indonesia due to the lack of a level-playing field and competition with Chinese products," it said. <br /><br /> Most of the Indonesian market is dominated by Chinese players, and therefore, major markets such as the US and the EU have levied severe trade protection measures on exports of stainless steel products from Indonesia. <br /><br /> The Board of Directors also approved an interim dividend Re 1 per equity share (face value of Rs 2 each) for FY24. <br /><br /> The record date for determining the entitlement of shareholders has been set as October 28. <br /><br /> The dividend shall be paid on or before November 17, the company said, adding that the aggregate payout will be nearly Rs 82.34 crore. <br /><br /> The sales volume for the second quarter stood at 543,619 metric tonnes, up by nearly 26% y-o-y, owing to robust domestic demand. <br /><br /> Ahead of the upcoming festive season, the company's sales in the auto segment -- besides other consumer-facing segments -- witnessed an uptick, the statement said.

Jindal Stainless Q2 net profit more than doubles to Rs 764 crore

New Delhi, Mar 22 () A consortium of lenders led by State Bank of India (SBI) will add about Rs 770 crore to their bottomlines during the fourth quarter following the exit of Jindal Stainless Ltd (JSL) from the Corporate Debt Restructuring (CDR) framework.<p>  SBI, the lead banker, will get Rs 300 crore from the resolution of this account, sources said. Punjab National Bank (PNB) will write back about Rs 100 crore from this, sources said, adding that other lenders like Bank of Baroda and Canara Bank too will be able to show cash recovery from this account. </p><p> All the lenders will recover a total of Rs 770 crore from this account during the last quarter which is considered difficult due to outbreak of coronavirus. </p><p> This will add to the profitability of banks in the current quarter and should help in absorbing the new provisions made during this year, sources added. </p><p> The case of JSL was referred to the CDR framework in 2009 when the Insolvency and Bankruptcy Code (IBC) did not exist.</p><p>  Earlier this month, JSL announced its exit from CDR framework. The company received a letter from the consortium of CDR lenders to this effect on March 4. </p><p> "Pursuant to this, existing CDR lenders have realised the full recompense of about Rs 275 crore in cash, which will add to their income in the current fiscal itself.  </p><p> "Additionally, JSL has fully redeemed the outstanding Optionally Convertible Redeemable Preference Shares (OCRPS), which were issued to the lenders in June 2017, and has paid around Rs 558 crore, taking the aggregate realisation of lenders to around Rs 833 crore," the company had said in a statement.</p><p> Earlier, the promoter group entity had infused equity and subsequently JSL issued Non-convertible Debentures (NCDs) worth Rs 400 crore to Kotak Special Situations Fund (KSSF) and the fund mobilised assisted JSL in redeeming the OCRPS. </p><p> "KSSF has also acquired approximately 5 per cent equity stake in JSL through the secondary market, which demonstrates increased investors' confidence in the company's operations and growth outlook," it had said. </p> The CDR framework came into existence in 2001 with the objective to restructure corporate debt outside the purview of debt recovery tribunals (DRT) and the Board for Industrial and Financial Reconstruction.  DP  MRMR

SBI to add Rs 300 cr to bottomline in Q4 with JSL exit from CDR framework

<keyword id="64275" type="General" weightage="100" keywordseo="jindal-stainless" source="Orion">Jindal Stainless</keyword> will supply 3,500 tonnes stainless steel for the <keyword id="6356031" type="General" weightage="50" keywordseo="indian-railway" source="Orion">Indian Railway</keyword>'s Udhampur-Srinagar-Baramulla Railway Link (<keyword id="1356194" type="General" weightage="80" keywordseo="usbrl" source="Orion">USBRL</keyword>) tunnel project coming up in <keyword id="6357972" type="General" weightage="50" keywordseo="jammu" source="Orion">Jammu</keyword> and <keyword id="6354495" type="General" weightage="50" keywordseo="kashmir" source="Orion">Kashmir</keyword>. <br /><br />In a statement, the company said the project is a 272 km-long railway link between Jammu and Kashmir.<br /><br />This will be the first-ever application of stainless steel cable trays in an Indian railway project, the company said."USBRL will be a milestone in improving the economic landscape of <keyword id="14484319" type="General" weightage="20" keywordseo="jk-we-congratulate-railways" source="Orion">J&amp;K.We congratulate Railways</keyword> on executing the engineering marvel by overcoming various topographical challenges, and appreciate its decision to choose stainless steel for developing a sustainable railway infrastructure," JSL Managing Director, Jindal Stainless, Abhyuday Jindal, said.According to the statement, company's arm Jindal Stainless Steelway Ltd will supply "EN 1.4404/316L (dual certification) stainless steel grade in 2B finish" for the project owing to its high corrosion resistance, high strength-to-weight ratio, and a lower life cycle cost.<br /><br />USBRL has been declared a project of national importance and is the biggest one in the construction of a mountain railway since independence.It is also the highest altitude railway network and the most challenging railway project undertaken by the Indian Railways.<br /><br /> The newly constructed railway line will provide an all-weather and reliable connectivity to Jammu and Kashmir.<br /><br />SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-green-financing-in-india-need-significance-urgency-and-way-forward/articleshow/92948265.cms">OPINION: Green financing in India — Need, significance, urgency, and way forward</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/top-10-airlines-in-the-world/slidelist/92950615.cms">Top 10 Airlines in the world in 2022: Stats and performance explained</a><br /><br />

Jindal Stainless approved to supply stainless steel for 272 km-long USBRL tunnel project

New Delhi, Apr () Jindal Stainless Ltd (JSL) on Thursday announced a financial contribution of Rs 5 crore towards PM CARES Fund to fight the coronavirus outbreak.<p> In addition to the aid, JSL has taken several steps like offering medical facilities, safety equipment, among others, to contain the spread of the virus, the company said in a statement.</p><p> "Jindal Stainless announces a contribution of Rs 5 crore towards PM-CARES Fund in support of the on-going efforts of the government to combat the COVID-19 pandemic in India," it said.</p><p> The company had earlier pledged a sum of Rs 15 lakh to Haryana Chief Minister's Relief Fund, it said.</p><p> The company's 580-bedded multi super-specialty hospital Jindal Institute of Medical Sciences (JIMS) at Hisar (Haryana) has dedicated 125 beds for isolation ward and two negative pressure isolation rooms for COVID-19 patients.</p><p> The facility is also producing and supplying industrial and medical oxygen to JIMS and Agroha Medical College for medical emergencies.</p><p> Apart from this, JSL is supporting over 500 families through food packets and food grain distribution in areas around its plants at Hisar and Jajpur (Odisha).</p><p> The company is also distributing ration and food supplies to migrants and daily wage workers in Delhi-NCR post the imposition of lockdown, it said.</p><p> JSL Managing Director Abhyuday Jindal said, "In the midst of this global health crisis, we understand the need to support the government and put up joint efforts towards the goal of saving lives. The COVID-19 pandemic is by far the worst global crisis that has hit humanity at large.</p> "In these pressing times, we extend gratitude to the  Indian government and the medical fraternity who are managing the crisis. From food requirements to medical and sanitation supplies, we will ensure all our support to the country in this hour of need," he added.  ABI  RVK

COVID-19: Jindal Stainless donates Rs 5 cr to PM CARES Fund

New Delhi, Feb 11 () Jindal Stainless Ltd (JSL) on Tuesday reported a 15.85 per cent increase in consolidated net profit at Rs 51.81 crore for the quarter ended December, mainly on account of reduced material and finance cost.<p> The country's largest stainless steel maker had clocked a net profit of Rs 44.72 crore during the same quarter a year ago.</p><p> During October-December 2019, the company's total income stood at Rs 3,311 crore as compared with Rs 3,315 crore in the year-ago quarter, JSL said in a BSE filing.</p><p> Finance cost fell to Rs 144 crore from Rs 151 crore in the year-ago period, while cost of material consumed was also lower at Rs 2,025 crore as compared with Rs 2,120 crore.</p><p> "Sales volume rose by 17 per cent from 2,04,083 tonnes in the corresponding period last year to 2,39,283 tonnes in Q3 FY20. However, margins remained under pressure due to imports," the company said in a statement. </p><p> During the quarter, JSL also received consent-to-operate at an annual melt capacity of 1.1 million tonnes. The company managed to log in good performance in exports with 39 per cent growth to 51,369 tonnes from 36,954 tonnes, it added.</p><p> JSL Managing Director Abhyuday Jindal said, as a result of robust product-mix and diversification into special grades, JSL was able to deliver a steady performance despite challenging macro-economic environment.</p><p> Demand from certain segments like automobiles remained muted in the quarter, he added.</p><p> "We are happy to note the government's initiative announced in the latest Budget, taking cognizance of the need to review operational FTAs (free trade agreements). We hope that it will bring the domestic industry to the level playing field it deserves," Jindal said.</p><p> During April-December 2019, total stainless steel imports soared to 640,000 tonnes as compared to about 350,000 tonnes in the same period of 2018, he said.</p> The domestic stainless steel industry continued to suffer due to continuous dumping of subsidised stainless steel products at irrational prices. While the onslaught of imports hampered the profitability of big producers, the dumping rendered capacities of several small producers idle, and turned them from producers to traders, he added.  ABI  RVK

Jindal Stainless Q3 net profit up 16 pc to Rs 52 cr

Mumbai, Mar 2 () Kotak Investment Advisors on Monday said its Kotak Special Situations Fund has invested Rs 500 crore in Jindal Stainless in form of debt and equity.<p>The investment will help Jindal Stainless to come out of the corporate debt restructuring (CDR) process and repay its loans and debt obligations to banks, the company said in a statement.</p><p>Kotak Special Situations Fund is a USD 1 billion-fund with a mandate to invest in special situations in India.</p><p>Under the transaction, the fund has purchased equity shares from lenders of Jindal Stainless and invested in debentures of the company to repay the optionally convertible redeemable preference shares and recompense due to lenders as part of the CDR package.</p><p>Post completion of the transaction, KSSF will hold around five per cent equity in Jindal Stainless.</p><p>"We are delighted to partner with Jindal Stainless by taking a five per cent equity stake in the company and providing financing facility to help it come out of CDR," Kotak Special Situations Fund CEO Eshwar Karra said.</p><p>He further said the investment in Jindal Stainless is in line with its objective of participating across the credit life-cycle of a company by providing unique solutions to the financing gaps seen in the industry.</p>"Coming out of the CDR process, JSL can now chart out its growth and debottlenecking plans by approaching the financial markets on competitive terms," Karra added.  PSK  BALBAL

Kotak fund invests Rs 500 crore in Jindal Stainless

<ul><li>At 7:45 am, the SGX Nifty was up 0.17%, indicating a green start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to begin on a tepid note on Wednesday, led by mixed cues from the global markets. The Indian markets ended at record highs on Tuesday, with Nifty inching closer to the 14,000 mark.<br /><br />At 7:45 am, the SGX Nifty was up 0.17%, indicating a green start for Nifty50. On Tuesday, the US stocks pulled back from record highs as hopes for $2,000 direct stimulus payments faded. The Dow Jones Industrial Average closed 0.22% lower, and the S&amp;P 500 was down 8 points. <br /><br /><strong>These are the stocks to watch out for during the trading session today:<br /><br />Jindal Stainless</strong><br /><br />Jindal Stainless Hisar (JSHL) said its board had approved the company’s merger into the country’s largest stainless steel maker Jindal Stainless Ltd (JSL). Having a total melting capacity of 0.8 million tonnes per annum (MTPA), Hisar-based JSHL is the largest speciality stainless steel producer in India with a diversified value-added product portfolio.<br /><br /><strong>Future Retail &amp; RIL <br /></strong><br />After Amazon, the<a href="https://www.timesnownews.com/business-economy/companies/article/future-retail-writes-to-sebi-asks-to-expedite-review-of-deal-with-reliance-retail-quickly/700431"> Kishore Biyani-led Future Group has written to market</a> regulator SEBI to review and approve its ₹24,713 crore deal with RIL. Future Group has requested SEBI to expedite the review of the proposed deal and issue a no-objection certificate, while Amazon had urged that the review of the “impugned transaction” be suspended. <br /><br /><strong>Jindal Steel &amp; Power<br /></strong><br />Jindal Steel and Power (JSPL) said it had received the ‘regular rail supplier’ status from the Indian Railways. In a statement, JSPL said it had become the first private company in India to be awarded the ‘regular supplier’ status from the national transporter.<br /><br /><strong>SBI, PNB, HDFC Bank, ICICI Bank, Manappuram Finance, Muthoot, other NBFCs and banks <br /></strong><br />SBI, PNB, HDFC Bank, ICICI Bank, Manappuram Finance, Muthoot, other NBFCs and banks will be in focus during the trade today. The <a href="https://timesofindia.indiatimes.com/business/india-business/financial-sector-faces-challenging-times-ahead-rbi/articleshow/80015883.cms">Reserve Bank of India (RBI) in a report</a> on Tuesday said the India's financial sector should brace for challenging times ahead with an increased risk of deterioration in asset quality and lower demand for loans.<br /><br /><strong>UPL <br /></strong><br />UPL has completed the pre-payment of $410 million of 3.25% Senior Notes due October 2021. The company said that the pre-payment, which concluded on December 28, was done using the cash on its balance sheet. This prepayment is in line with its commitment to reduce debt.<br /><br /><strong>TCS &amp; Wipro <br /></strong><br />The ₹16,000-crore buyback of Tata Consultancy Services, which will end on January 1, has received an overwhelming response from investors and has been subscribed 163% so far. Similarly, for Wipro, today is the second day to <a href="https://www.businessinsider.in/stock-market/news/wipro-share-buyback-offer-should-you-sell-your-shares-heres-what-analysts-are-saying/articleshow/80006272.cms">subscribe to ₹9,500 crore buyback</a>. The issue for Wipro will close on January 11.<br /><br /><strong>IRCTC</strong><br /><br />Indian Railways will operate a special Mumbai-Delhi Rajdhani train 4 days a week.<br /><br /><strong>IIFL Securities<br /></strong><br />The ₹90-crore share buyback for IIFL Securities will open today.<br /><br /><strong>SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/mitch-mcconnell-says-the-senate-will-consider-trumps-demand-for-2000-stimulus-checks-but-rejects-initial-vote/articleshow/80017236.cms" data-type="tilCustomLink">Mitch McConnell says the Senate will consider Trump's demand for $2,000 stimulus checks but rejects initial vote</a><br /><br /><a href="https://www.businessinsider.in/thelife/news/american-airlines-just-completed-the-boeing-737-maxs-first-passenger-flight-in-the-us-since-march-2019/articleshow/80016117.cms" data-type="tilCustomLink">American Airlines just completed the Boeing 737 Max's first passenger flight in the US since March 2019</a><br /><br /></strong><a href="https://www.businessinsider.in/india/news/new-strain-of-uk-covid-19-virus-is-a-lot-more-contagious-warns-indias-health-ministry/articleshow/80011618.cms" data-type="tilCustomLink"><strong>The new strain of COVID-19 is a lot more contagious, warns India's Health Ministry</strong></a><br />

Top stocks to watch — SBI, HDFC Bank, Wipro, RIL, Future Retail, TCS, Jindal Stainless, UPL, IRCTC, and others

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Valerie Plame Wilson, the former undercover CIA officer whose identity was exposed&#xa0;in 2003, apologized on Thursday just hours after <a href="https://twitter.com/ValeriePlame/status/910884546723196929">tweeting</a> an anti-Semitic <a href="https://www.unz.com/pgiraldi/americas-jews-are-driving-americas-wars/">article</a> titled "America's Jews Are Driving America's Wars."<p>"OK folks, look, I messed up. I skimmed this piece, zeroed in on the neocon criticism, and shared it without seeing and considering the rest," <a href="https://twitter.com/ValeriePlame/status/910914285311754240">Wilson tweeted</a>. "I missed gross undercurrents to this article &amp; didn't do my homework on the platform this piece came from. Now that I see it, it's obvious."</p><p>The article, published on the <a href="https://www.unz.com">website The Unz Review</a>, makes several blanket statements about Jewish people, blaming them for the rise of American neoconservatism and proposing that presidential administrations avoid placing them in "national security positions involving the Middle East, where they will potentially be conflicted."</p><p>The Unz Review describes itself on its homepage as a collection of "controversial perspectives" left out of US mainstream media.</p><p>Wilson's original tweet linking to the&#xa0;article drew widespread condemnation on Twitter, and <a href="https://twitter.com/EdMorrissey/status/910893864982077442">several users</a> noted that Wilson has been <a href="https://twitter.com/Chemzes/status/910888435967299584">tweeting links</a> from the website for years.</p><p>At first, Wilson had doubled down on her decision to tweet the piece, arguing that "re-tweets don't imply endorsement" and telling her critics to "calm down."</p><p>Wilson's identity as an operative was leaked in 2003 by a Bush administration official out of retribution for criticism made by her husband - former diplomat Joe Wilson - over Bush's decision to invade Iraq.</p><p>Wilson made headlines recently over her effort to <a href="http://www.businessinsider.com/former-cia-agent-plame-gofundme-buy-twitter-boot-trump-2017-8">crowdfund enough money to buy Twitter</a> and ban President Donald Trump from using it.</p><div></div><div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-dwayne-the-rock-johnson-could-make-a-real-run-as-president-chris-jericho-2017-9">How Dwayne 'The Rock' Johnson could make a real run as president - according to someone who's known him since 1999</a></h3>        <div>                    </div>    </div>

Former CIA officer Valerie Plame Wilson apologizes for tweeting a story blaming Jews for US wars in the Middle East

<p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>People are protesting and boycotting KFC locations across China. </span></p><p><span style="font-weight: 400;">Following last week's ruling that Beijing had </span><span style="font-weight: 400;"><a href="http://www.businessinsider.com/why-south-china-sea-is-crucial-2016-7">no legal claim in the South China Sea,</a>&#xa0;</span><span style="font-weight: 400;">many Chinese citizens are blaming the US. And, blaming the US means targeting American institutions, which, in China, means KFC. </span></p><p><span style="font-weight: 400;">On Monday, protests broke out at&#xa0;KFC locations in about a dozen cities across China, with calls for boycott,<a href="http://www.nytimes.com/2016/07/20/world/asia/south-china-sea-protests-kfc.html?_r=0"> reports the New York Times.</a></span></p><p><span style="font-weight: 400;">"Boycott the US, Japan, South Korea and the Philippines. Love the Chinese people," a banner outside a KFC in Hebei read. "What you eat is KFC. What is lost is the face of our ancestors."</span></p><p><span style="font-weight: 400;"><div></div></span></p><p><div></div></p><p><div></div></p><p><span style="font-weight: 400;">While Chinese customers see KFC as an American icon, for parent company Yum, China is a key part of business - a </span><span style="font-weight: 400;"><a href="http://www.yum.com/company/">larger proportion,</a>&#xa0;</span><span style="font-weight: 400;">in fact, than the US market. There are 4,889 KFC locations in China, compared to 4,338 in the US. In the last quarter, KFC China sales increased 3%, a </span><a href="http://seekingalpha.com/article/3988484-yum-brands-yum-ceo-greg-creed-q2-2016-results-earnings-call-transcript"><span style="font-weight: 400;">higher-than-expected</span></a><span style="font-weight: 400;"> boost. </span></p><p><span style="font-weight: 400;">In addition to protesting KFC, people in China are demonstrating their discontent by destroying another American icon: the iPhone. According to </span><span style="font-weight: 400;"><a href="http://mashable.com/2016/07/19/china-smash-iphones-kfc/#Kr.8n4dvlPqf">Mashable,</a>&#xa0;</span><span style="font-weight: 400;">videos have emerged of people smashing their iPhones to protest perceived American political meddling. </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/pokemon-go-knockoff-china-city-spirit-go-2016-7">This 'Pokémon GO' knockoff is the most downloaded game in China right now</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1rYXVxNDE6zoy44wTf31vHUOJS_fAJoT" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

People in China are rioting at KFC restaurants and shattering iPhones

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Brokerage and banking service Charles Schwab was down for about an hour before the market open on Friday morning.<p>Traders posting on Twitter and Facebook said they could not log into their accounts on the web or mobile app.</p><p>Charles Schwab <a href="https://twitter.com/CharlesSchwab/with_replies">responded to the complaints on Twitter</a>, referring to the glitch as a "systems issue" and "an internal technical issue."</p><p>In a 9:28 a.m. <a href="https://twitter.com/CharlesSchwab/status/637255475688566784">tweet</a>, the firm announced that "Schwab sites experienced issues this morning but are now back online. Clients should be able to log in as normal."</p><p>Friday's problems follow similar glitches at TD Ameritrade on Monday.</p><p>Customers of that online brokerage reported trouble accessing their accounts. TD Ameritrade said it had been "seeing industry-wide latency issues," <a href="http://www.marketwatch.com/story/td-ameritrade-on-the-fritz-as-stock-markets-face-historic-rout-2015-08-24">according to MarketWatch</a>.</p><p>On Twitter, TD Ameritrade attributed the problems to "historic volume and industry issues."</p><p>The brokerage glitches come amidst a week of extreme market volatility.</p><p>On Monday, the Dow <a href="http://www.businessinsider.com/closing-bell-august-24-2015-8">lost more than 500 points</a>, closing at&#xa0;15,871.35, while the S&amp;P 500 officially tipped into "correction" territory. By <a href="http://www.businessinsider.com/closing-bell-august-27-2015-8">Thursday's closing bell</a>, the Dow was back up to 16,655 and crude oil prices saw their biggest one-day gain since 2008.</p><p>Here's what people were saying on Twitter:</p><p><div></div></p><p><div></div></p><p><div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p><div></div></p><p><div></div></p><p>Business Insider has reached out to Charles Schwab for comment and will update if we hear back.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/life-lessons-goldman-sachs-elevator-gselevator-2015-7">Life lessons from the Goldman Sachs Elevator parody twitter account</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Rjb3Npdjo8q2v5ZB5UOtC4ddaCiODdhz" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Retail brokerages keep breaking

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>A San Francisco writer claims McDonald's copied his work to sell cheeseburgers.<p>David Sikorski says McDonald's copied photos of him posing with a burrito in a mock engagement photo montage.</p><p>The photos went viral online after BuzzFeed <a href="http://www.buzzfeed.com/jessicamisener/to-unfoil-and-to-hold#.xhL4NyNBx2">published them</a> on July 13.</p><p>On August 3, McDonald's launched an ad campaign for its $2.50 double cheeseburger "combo" deal.</p><p>The company's ads, which also had the theme of a mock engagement, strongly resembled Sikorski's photos.</p><p>Here's the first photo from the campain, which the company tweeted on August 3.</p><p><div></div></p><p class="embed-spacer">It resembles this one from Sikorski.</p><p class="embed-spacer"></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p class="embed-spacer">On August 10, McDonald's tweeted another ad for the combo deal that referenced a "double cheesy engagement."</p><p class="embed-spacer"><div></div></p><p class="embed-spacer">Again, it resembled a photo from Sikorski's montage.</p><p class="embed-spacer"></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div>A couple days later McDonald's tweeted this ad.<p class="embed-spacer"><div></div></p><p class="embed-spacer">Here's Sikorski's version.</p><p class="embed-spacer"></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p class="embed-spacer">Then came this one from McDonald's, with someone blowing kisses to a double cheeseburger.</p><p class="embed-spacer"><div></div></p><p class="embed-spacer">It could be compared to this pose from Sikorski.</p><p class="embed-spacer"></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div>The most recent photo in the series from McDonald's is this one, which was tweeted on August 18.<p class="embed-spacer"><div></div></p><p class="embed-spacer">Sikorski has a similar image.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div>Sikorski told Business Insider that he has reached out to a licensing lawyer and is exploring taking legal action against McDonald's.<p>We reached out to McDonald's and will update when we hear back.</p><p>Starbucks was also recently hit with a lawsuit for allegedly copying someone else's work.</p><p>Mural painter Maya Hayuk claims the coffee chain ripped off her artwork in advertising for its mini frappuccinos. She is <a href="http://nypost.com/2015/06/24/starbucks-stole-my-artwork/">suing Starbucks for $750,000</a>? for copyright penaltied and cash damages.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/minions-mcdonalds-toy-cursing-2015-7">Some people believe these McDonald's Minion toys are cursing</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BjcTc1djpVqPOf_7lLBDPNjKmtrcCZ7e" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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