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NoneThe push towards electrification and modernisation of electrical grids has been amongst the forefront of government initiatives post Covid-19. By manufacturing key components that go into electric vehicles (EVs), battery management systems (BMS), smart meters and switchgears, amidst others, Shivalik Bimetal Controls (SBCL) has been quietly making its presence felt with a 130 per cent return for its investors, in the last three years. Broadly operating under three revenue verticals – thermostatic bimetals, shunt resistors and electrical contacts – all critical components and consumables in above-mentioned sunrise sectors, SBCL’s revenue/ EBITDA/ PAT has grown at a strong CAGR of 21 per cent/ 24 per cent/ 28 per cent in the last five years. The company also has a net cash position as of H1 FY25. One of the very few vendors with the niche capability of manufacturing specialised shunts using electron beam welding (EBW) process, the company has no peers in India with similar comparable manufacturing prowess. The temporary slowdown from the US markets is expected to pick up pace from Q4 of FY25, based on positive enquiries from its largest customer. Nevertheless, the growth in other geographies has outshone the degrowth in the US in H1 FY25, indicating resilience in demand for its products. Trading at a TTM PE of around 41 times, the share price of the company has largely stayed flat in the last 12 months. And with the stock having corrected around 25 per cent from its peak in July 2023, investors could consider accumulating the stock on dips considering the above factors. SBCL, incorporated in 1984, set up the first plant in Asia to manufacture thermostatic bimetals in 1986. The company launched cathode ray tubes (CRT) in the 1990s, which found applications in CRT TVs. With the same being superseded by flat LCD, LED type TVs, this product became gradually obsolete since FY11 resulting in stagnation in revenue upto FY14. But with the launch of shunt resistors and renewed focus on thermostatic bimetals, SBCL revived its business, building capabilities in advanced and complex manufacturing technologies like EBW and diffusion bonding. Currently, shunts and bimetals contribute to around 45 per cent each to the topline, while electrical contacts bring in the rest. Thermostatic bimetals, used as part of overload protection devices, find application in switchgears, electrical appliances, medical devices and EVs. It helps the end-use machineries turn on or off when it gets too hot or too cold. The company manufactures around 75-plus grades in this space. Shunt resistors help measure and sense the flow of electricity in a circuit. These find critical applications in automobiles, smart meters, power modules and BMS. Currently, SBCL operates the world’s largest capacity and production of electronic beam welding, by which the company manufactures shunts. Shunts are relatively higher margin products and enjoy a 3-5 per cent delta over bimetals, EBITDA-wise. Electrical contacts are connecting points joined to copper wires, which are the contact points when we turn on and off switches, used across electrical appliances, smart meters, switchgears and wires, and accessories. This is lower on the margin profile when compared with the other two products. H1 FY25 saw revenue decline of 0.9 per cent year on year to ₹252.6 crore, despite a nominal volume growth of around 3 per cent. A similar trend was observed in FY24 as compared with FY23, where despite around 9 per cent volume growth, revenue growth came in at a lower 8 per cent. This trend is on the back of commodity prices – primarily, copper and nickel which account for around 50 per cent of total costs – softening from January 2023. Price of copper and nickel have corrected around 5 per cent and 48 per cent since January 2023. While copper prices have been volatile during this period, nickel has been largely on a downward slope. EBITDA margins too dropped year on year owing to fall in export volumes from around 60 per cent in H1 FY24 (and entire FY24) to 55 per cent in H1 FY25, an unfavourable product mix with volumes of shunt dropping as a percentage of the overall volumes, and electrical contacts coincidentally growing in volume. Recovery on this front is expected from rebound in shunts business and export volumes. Bimetals sales to Europe and the Rest of Asia de-grew 24 per cent and 31 per cent year on year in H1 FY25, while India and the US showed a bit of resilience but still dropped 3 per cent and 5 per cent year on year respectively, resulting in a net 11 per cent decline. India continues to be the biggest market for this segment. Shunt segment, however, saw Europe, India and the Rest of Asia grow around 40 per cent each year on year, while US de-grew 33 per cent, still reeling from inventory destocking. Despite the US traditionally being the largest market in this segment, growth in other markets helped the shunts business grow 3 per cent year on year in H1 of FY25. Smart meter as an end-use segment contributed to around 30 per cent of the shunt sales in H1 FY25, and automotive sector added another 60 per cent. In case of bimetals, switchgear segment contributed to around 80 per cent of the sales, while spiral coils, snap-action disks brought in the rest. The company incurred a capex of ₹75 crore over FY21-23. And with another ₹20-30 crore that will be spent over FY24-26 for brownfield expansion, the peak revenue potential, according to the management, is ₹1,600 crore, which is more than three times its FY24 revenue. Thus, no investments are required over the short-to-medium term in the ordinary course of business. SBCL also boasts of machine building capability of critical processes at a cost which is a fraction of global alternatives. Considering the critical applications of its products, customers often have detailed and lengthy approval cycles (around three-five years). And as SBCL also works closely with its customers, and its offerings are significantly customised (around 75 per cent of its total offering), the switching costs for a customer is high and at most times, tedious. Vishay Intertechnology (tier-3 player in the automotive sector), a leading American semiconductor and electronic components manufacturer is SBCL’s largest customer. About 40 per cent of its shunt business and 30 per cent of its bimetal business came from the top 5 customers in each segment in FY23 (latest data available). The ratio of costs of shunt resistors to cost of end-use machineries into which they are consumed such as EVs and smart meters is immaterial (around 1 per cent) and hence, customers prefer to outsource it than backward integrate. And the critical applications of these components also result in emphasis on quality than tiny cost differentials, which also bodes well for SBCL over the long term. Demand from the automotive segment, though currently impacted by slowdown in the US markets, is expected to be strong considering EVs touted to need around 8-16 times more shunt resistors than ICE vehicles. And shunt resistors find various use-cases in BMS and EMS too, signalling bright prospects. Smart meter segment continues to grow rapidly for the company, with both shunt resistors and electrical contacts in demand with the government of India’s Smart Meter National Programme aiming to replace 250 million conventional meters by 2027. The switchgear segment, on the other hand, is expected to remain robust with sustained efforts to modernise grids and again electrification. SBCL, thus offering a proxy play to three sunrise sectors, seems to be well placed to ride the tailwinds. On September 27, the Sandhu family – co-promoters – exited the company. This exit has resulted in the remaining promoter (and also, the managing promoters) – the Ghumman family – raising its stake from 25.5 per cent to 33.15 per cent and the entry of institutional investors in a big way (from around 2 per cent prior, to 20 per cent now). The exiting promoter had been selling minor stakes since June 2023 and this complete exit clears the cloud around such promoter stake-selling. The company had entered a MoU with Metalor Technologies, a leading Swiss electrical contacts manufacturer, in FY24, to explore the development of high-performance electrical contacts. But the arrangement has not worked out, and SBCL is considering alternates or to drop out from the same, quoting that significant investments might be required to work the arrangement, which seemed unattractive. Commentslucky me 。

HENDERSON, Nev. (AP) — Ashlon Jackson scored a career-high 30 points and No. 14 Duke defeated No. 10 Kansas State, 73-62 on Monday, in the semifinals of the Ball Dawgs Classic. The Blue Devils (6-1) overcame an early 11-point deficit behind Jackon’s shooting hand to advance to Wednesday’s championship game against the winner of the game between No. 9 Oklahoma and DePaul. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.DETROIT (AP) — Detroit Lions wide receiver Jameson Williams will not be charged with a crime after he was found with a gun in a car driven by his brother, a prosecutor said Monday. The gun on the floor was registered to Williams, but he didn't have a concealed-carry permit. His brother did.Steelmakers should rethink shift to hydrogen, DRI: EuRIC European steelmakers should revise their commitments to shift to hydrogen and direct reduced iron-based steelmaking following the increase in energy prices and lack of infrastructure development, says a new position paper by EU recycling industries’ confederation EuRIC. In the paper seen by , it notes that since 2020 most European flat steel producers have announced their move from coal-powered blast furnaces to DRI to decarbonise. However, it says these commitments should be revised following the increased energy prices since the Russian invasion of Ukraine, and delayed green hydrogen development in Europe. The latter is also correlated to high costs and poor market development. It says that even the largest steelmakers admit that despite massive public subsides, it is not possible to produce steel with green hydrogen within the EU and remain globally competitive due to high energy prices. It continues that considering current energy prices, the DRI route has become cost prohibitive to scale up in Europe. But it could represent a competitive advantage to emerging steelmaking countries in the Middle East and North Africa region which can benefit from low natural gas prices. Decarbonising via the EAF route is a more immediate, scalable and economically reasonable solution for Europe; therefore, EuRIC is urging policymakers to develop a framework to incentive increasing scrap-based manufacturing capacity in Europe. This would also further improve the recovery rates of steel and the quality of recycled steel, as well as ensuring stable demand and drive investment. Over the past decade, the EU’s recycled steel output has remained stable, but steel production has decreased. The increase in recycled steel scrap exports has compensated for the reduced consumption, due to the downturn in EU production, driven by decreased construction activity and lower demand for vehicles. To reduce reliance on third-country imports of iron ore and fossil energies for strategic raw materials, it is urgent for the EU to maximise its use of local resources, the paper says. In recent days, that high energy costs continue to threaten the existence of the EU steel industry as well as its efforts to decarbonise. the latest news shaping the hydrogen market at Steelmakers should rethink shift to hydrogen, DRI: EuRIC, ArcelorMittal Poland in Krakow focuses on hydrogen Linde Gaz Polska, in cooperation with ArcelorMittal Poland, will build a hydrogen production plant on the premises of the Krakow branch, which will supply process gas... Rio Tinto and GravitHy join forces to accelerate the decarbonisation of steelmaking in Europe LONDON–(BUSINESS WIRE)–Rio Tinto has entered into definitive agreements with GravitHy, an early-stage industrial... GreenIron signs major delivery agreement with Norwegian Hydrogen GreenIron is about to start operations at its green metals production plant in Sandviken, Sweden, utilizing its patented zero-emissions technology with...

Teesside Park: Every new brand to open in 2024 - and what's coming next yearPete Hegseth, president-elect Donald Trump’s nominee for secretary of Defense, has close ties to an Idaho-based Christian nationalist church that aims to turn America into a theocracy. Hegseth is a member of a Tennessee congregation affiliated with Christ Church, a controversial congregation in Moscow, Idaho, that has become a leader in the movement to get more Christianity in the public sphere. In an appearance last year on the Christ Church-connected streaming show “Crosspolitic,” Hegseth talked about how building up fundamentalist Christian education systems is important in what he sees as a “spiritual battle” with the secular world. He sees Christian students as foot soldiers in that war and refers to Christian schools as “boot camp.” “We’re in middle phase one right now, which is effectively a tactical retreat where you regroup, consolidate and reorganize and as you do so, you build your army underground with the opportunity later on of taking offensive operations — and obviously all of this is metaphorical and all that good stuff,” he said on the show. Hegseth did not immediately respond to requests for an interview. Hegseth has spoken positively about Christ Church Pastor Doug Wilson’s writings Christ Church is led by Pastor Doug Wilson, who founded the Calvinist group of churches called the Communion of Reformed Evangelical Churches, or CREC. CREC has congregations in nearly all 50 states and several foreign countries. Hegseth’s church is a member of CREC, and Hegseth has spoken positively of Wilson’s writings. Wilson and his allies have a rigid patriarchal belief system and don’t believe in the separation of church and state. They support taking away the right to vote from most women, barring non-Christians from holding office and criminalizing the LGBTQ+ community. Recently, Wilson has increased his influence nationally as he’s built a religious, educational and media empire. His Association of Classical Christian Schools has hundreds of fundamentalist schools around the country, and his publishing outfit Canon Press churns out dozens of titles a year as well as popular streaming shows that highlight unyielding socially conservative ideals. In the recently released podcast, “Extremely American” (created by this reporter), Wilson says one of his goals is to get like-minded people into positions of influence. In an emailed response for this story, he said he’s closer to that post-election and that he supports Hegseth’s nomination, though he downplayed any influence he has on him. “I was grateful for Trump’s win, and believe that it is much more likely that Christians with views similar to mine will receive positions in the new administration,” he said. Hegseth nomination could threaten cohesion, diversity of U.S. military, experts say That’s what worries Air Force veteran Mikey Weinstein, who is the president of the Military Religious Freedom Foundation. Weinstein says Hegseth, if confirmed as secretary of Defense, would threaten the cohesion of a religiously and racially diverse U.S. military. “Pete Hegseth is a poster child for literally everything that would be the opposite of what you would want to have for someone who’s controlling the technologically most lethal organization in the history of this country,” he said. Weinstein sees Hegseth’s nomination as an example of the dangers of Project 2025, a 900-page policy paper written by far-right political activists. It lays out a plan to gut the federal government and install Christian nationalist ideals. “Christian nationalism is an absolute fatal cancer metastasizing at light speed (for) the national security of this country,” he said. “It is a Christian version of the Taliban.” Matthew D. Taylor, senior scholar at the Institute for Islamic, Christian and Jewish Studies, said Hegseth is “one of the most extreme far right figures ever nominated to a cabinet post, at least in modern memory.” Taylor said he’s broadly concerned about Christian nationalists, who tend to take a dim view of democracy, potentially having a lot of sway in this administration. “I think we should expect a profound degradation of our democratic norms of the rule of law, and I think we are edging closer to a de facto Anglo Protestant establishment, of the kind where Anglo Protestant Christianity as the de facto official religion in the United States,” he said. Hegseth faces some headwinds in his nomination process due to multiple marital sex scandals and the recent revelation that he paid a woman who accused him of sexual assault in exchange for her not speaking about it. He denies he assaulted her but admits he paid her. He’s also gotten criticism for tattoos that are symbols of the Crusades and wrote a book titled “American Crusade,” where he derides Muslims. Before becoming a TV personality, Hegseth led the conservative veterans group Concerned Veterans for America, which advocated for increased privatization of veterans’ health care. He has also said that women should not be allowed to serve in combat roles in the military, and has complained about what he terms “woke” policies in the military.

Expert Financial Consultant Martha Barrantes Shares Projections for SME Growth Amid Economic ShiftsISLAMABAD (AP) — Pakistani police arrested thousands of Imran Khan supporters ahead of a rally in the capital to demand the ex-premier’s release from prison, a security officer said Sunday. Khan has been behind bars for more than a year and has over 150 criminal cases against him. But he remains popular and his political party, Pakistan Tehreek-e-Insaf or PTI, says the cases are politically motivated. Shahid Nawaz, a security officer in eastern Punjab province, said police have arrested more than 4,000 Khan supporters. They include five parliamentarians. Pakistan has sealed off Islamabad with shipping containers and shut down major roads and highways connecting the city with PTI strongholds in Punjab and northwestern Khyber Pakhtunkhwa provinces. Tit-for-tat teargas shelling between the police and the PTI was reported on the highway bordering Punjab and Khyber Pakhtunkhwa. Earlier on Sunday, Pakistan suspended mobile and internet services “in areas with security concerns.” The government and Interior Ministry posted the announcement on the social media platform X, which is banned in Pakistan. They did not specify the areas, nor did they say how long the suspension would be in place. “Internet and mobile services will continue to operate as usual in the rest of the country,” the posts said. Meanwhile, telecom company Nayatel sent out emails offering customers “a reliable landline service” as a workaround in the areas suffering suspended cellphone service. Khan's supporters rely heavily on social media to demand his release and use messaging platforms like WhatsApp to share information, including details of events. PTI spokesperson Sheikh Waqas Akram said Khan's wife Bushra Bibi was traveling to Islamabad in a convoy led by the chief minister of Khyber Pakhtunkhwa, Ali Amin Gandapur. “She cannot leave the party workers on their own,” said Akram. There was a festive mood in Peshawar, with PTI members dancing, drumming and holding up pictures of Khan as cars set off for Islamabad. The government is imposing social media platform bans and targeting VPN services , according to internet advocacy group Netblocks. On Sunday, the group said live metrics showed problems with WhatsApp that were affecting media sharing on the app. The U.S. Embassy issued a security alert for Americans in the capital, encouraging them to avoid large gatherings and warning that even “peaceful gatherings can turn violent.” Last month, authorities suspended the cellphone service in Islamabad and Rawalpindi to thwart a pro-Khan rally. The shutdown disrupted communications and affected everyday services such as banking, ride-hailing and food delivery. The latest crackdown comes on the eve of a visit by Belarusian President Alexander Lukashenko . Interior Minister Mohsin Naqvi said authorities have sealed off Islamabad's Red Zone, which houses key government buildings and is the destination for Khan's supporters. “Anyone reaching it will be arrested,” Naqvi told a press conference. He said the security measures were in place to protect residents and property, blaming the PTI for inconveniencing people and businesses. He added that protesters were planning to take the same route as the Belarusian delegation, but that the government had headed off this scenario. Naqvi denied cellphone services were suspended and said only mobile data was affected. Associated Press writers Riaz Khan in Peshawar and Asim Tanveer in Multan contributed to this report.Google on Monday announced that it will invest an additional $930 million across its three data center campuses in Nebraska, including the one under construction in Lincoln. Karen Dahut, CEO of Google Public Sector, said the additional investment will bring Google's total investment in Nebraska to more than $4.4 billion. She was joined for the announcement at Innovation Campus in Lincoln by Sen. Pete Ricketts, Rep. Don Bacon, University of Nebraska President Jeffrey Gold and Lincoln Mayor Leirion Gaylor Baird. Dahut also announced that the company will donate $250,000 to the University of Nebraska system to support research into artificial intelligence on its various campuses. Gaylor Baird also announced that Google will donate $100,000 to the Foundation for Lincoln Public Schools to help fund the Spark Summer Learning program, which is a hands-on summer camp focusing on STEAM (science, technology, engineering, arts, and mathematics) for Lincoln-area elementary students. People are also reading... Google has previously said the data center under construction on about 600 acres of land northwest of the 56th Street exit on Interstate 80, will employ at least 30 people. The company has applied for $600 million in state tax incentives for the project and plans it submitted to the city indicate it could eventually grow to 2 million square feet of space if fully built out. Google's other Nebraska data centers are both in the Omaha area. It also has a data center across the river in Council Bluffs, Iowa. This is a developing story. Stay with JournalStar.com for updates. Top Journal Star photos for November 2024 Lincoln firefighter Andrew Brenner sprays water from the top of a ladder truck on to the roof of a former Village Inn at 29th and O streets Wednesday morning. Luca Gustafson, 6, rides to school Tuesday with the bike bus at Riley Elementary School. Each Tuesday, students can bike to school with adult chaperones along a specific route. Wahoo's Braylon Iversen celebrates with Warrior players after they defeated Auburn in a Class C-1 state semifinal game Friday in Wahoo. Lincoln Fire Fighters Association member Andy Evans works to assemble a headboard during a bed-building day hosted by Sleep in Heavenly Peace on Saturday at Hampton Enterprises. Volunteers helped build 20 beds for children in need. Second-time mother giraffe Allie nuzzles her new calf in the giraffe experience enclosure on Friday, Nov. 15, 2024, at the Lincoln Children's Zoo. Nebraska celebrates during the first set of the match against Minnesota on Thursday at the Devaney Sports Center. Iris Gonnerman, 8 (from right), her brother Oliver, 6, and cousin Noreen Milana, 9, wave flags while watching Veterans Parade outside the state Capitol on Sunday. Nebraska's Connor Essegian scores against Bethune-Cookma on Saturday, Nov. 9, 2024, at Pinnacle Bank Arena. Covered by a canopy of changing leaves, a car cruises along A street in a neighborhood north of Downtown Lincoln on Tuesday, Nov. 12, 2024. Mild temperatures continue into the mid weeks of November. Wednesday calls for a chance of rain showers before noon with gusty winds. Most days this week are expected to be accompanied by mostly sunny skies and consistent breezes. Norris' Anna Jelinek (left) lifts the the Class B championship trophy alongside Rya Borer on Saturday at the Devaney Sports Center. Lincoln Lutheran players embrace one another as threy celebrate defeating Thayer Central in four sets to win the Class C-2 championship match Saturday at the Devaney Sports Center. Superior players celebrate their three set win over EMF during the Class D-1 championship match Saturday at the Devaney Sports Center. Reflected in a ceiling beam, Leyton takes on Shelton in the first set of the Class D-2 championship match Saturday at the Devaney Sports Center. Omaha Skutt's Nicole Ott (left) and Addison West react after a point in the second set during a Class B semifinal match Friday at Pinnacle Bank Arena. Hasan Khalil, owner of Golden Scissors, trims the beard of Vitaliy Martynyuk on Friday at his barbershop in Lincoln. Southwest fans Kylea Stritt (from left), Peg Rice, and Stacey Wilson cheer on their team as the "horsemen" during a Class D-1 first-round match Thursday at Pinnacle Bank Arena. Millard West players dogpile on the floor after defeating Lincoln Southwest in five set match during a Class A first-round match Wednesday at Pinnacle Bank Arena. Lincoln Southwest's Shelby Harding dives to save the ball from hitting the ground in the first set during a Class A first-round match Wednesday at Pinnacle Bank Arena. Second graders Eli Gonzalez (left) and Shrutoshome Datta look at drawings that first and second grade students made at the Monster Jam Art Show on Wednesday at Elliott Elementary School. The elementary school students made drawings of monsters to be turned into different types of art by Lincoln High School students. Norris players celebrate a point against Lincoln Pius X in a Class B state volleyball tournament match, Wednesday, Nov. 6, 2024, at Pinnacle Bank Arena. U.S. Sen. Deb Fischer (right) talks with supporters, including Darlene Starman of Lincoln, at her campaign office on Tuesday in Lincoln. A cutout of Jesus watches over voters on Tuesday at Redeemer Lutheran Church in Lincoln. Abigail Webb votes on Tuesday at F Street Community Center. Nebraska's Rollie Worster (24) shoots a layup while defended by Texas Rio Grande Valley's Marshal Destremau (left) and Trey Miller (right) on Nov. 4 at Pinnacle Bank Arena. Nebraska's Allison Weidner (left) autographs a poster for Freeman Public Schools student Godwil Muthiani, 12 (center), after the game against UNO on Monday, Nov. 4, 2024, at Pinnacle Bank Arena. Muthiani's sign says, "#3 Allison Weinder is the GOAT! Sorry I'm only 12." Nebraska Head Coach Matt Rhule speaks to an official after a targeting call on Nebraska during the first quarter of the game against UCLA on Saturday, Nov. 2, 2024, at Memorial Stadium. The call was overturned after review. Nebraska's Dante Dowdell scores against UCLA in the fourth quarter on Saturday at Memorial Stadium. Cadet Elena Burgwald (left) and Cadet Mason Beck look up as a B-1B Lancer flies over Memorial Stadium before the UCLA game against Nebraska on Saturday. UCLA's K.J. Wallace (7) defends Nebraska's Jacory Barney (17) as he makes a diving 40-yard catch in the second quarter on Saturday, Nov. 2, 2024, at Memorial Stadium. Lincoln Southeast quarterback Tre Bollen (left) and Tate Sandman react after losing a Class A football playoff game against Millard North on Friday, Nov. 1, 2024, at Seacrest Field. Millard North won 10-3. After the field clears, Norris' Jarrett Behrends (17) kicks his helmet after the Titans fell to Waverly 16-17 in a Class B football playoff game on Friday, Nov. 1, 2024, at Waverly High School. A line of people waiting to vote has been normal at the Lancaster County Election Commission Office at 601 N. 46th St., as it was Friday afternoon. The office will be open 7 a.m. to 5 p.m. Monday to allow voters to cast an early ballot. If they wait until Election Day, they will need to go to their precinct or drop off their ballots at one of five drop boxes across the city. For more stories about about Tuesday's election, go to Journalstar.com . The business news you need Get the latest local business news delivered FREE to your inbox weekly. Associate managing editor {{description}} Email notifications are only sent once a day, and only if there are new matching items. 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