Steak ‘n Shake is shaking up its “Patriot Milkshake” with a new, chocolate twist.

The milkshake will now be served with a dark chocolate Statue of Liberty, the company announced on Monday.

“Patriot Milkshake now comes with [a] Statue of Liberty. Yes fans, it’s dark chocolate,” the company wrote in a post on X.

The milkshake, which debuted in December, is still priced at $2.50 and will be for the rest of the year, according to the post. The chain previously announced the shake would be available through January.

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The company announcement included a photo of the milkshake, which features its classic red, white and blue sprinkles, an American flag on a toothpick and a dark chocolate Lady Liberty atop whipped cream.

The franchise first announced the milkshake in December as an early nod to America’s 250th anniversary, which will be celebrated in July, according to the company.

Ticker	Security	Last	Change	Change %
BH	BIGLARI HOLDINGS INC.	304.94	+5.17	+1.72%

“Steak n Shake is getting a head start on America’s 250th anniversary of its founding,” the company said in an X post in 2025.

The announcement garnered positive feedback on social media, with one X users writing, “This is what [w]inning looks like.”

STEAK ’N SHAKE TOUTS $2.50 ‘PATRIOT MILKSHAKE’ TO HONOR AMERICA’S SEMIQUINCENTENNIAL

Alex Bruesewitz, a political consultant and Trump advisor, also reposted the announcement, heralding the addition.

“[Steak ‘n Shake] continues to prove that they are the best fast food chain in America,” Bruesewitz wrote in the post.

FOX Business previously reported that this promotion came as other fast food chains were taking different approaches to dealing with pricing and mounting cost pressures.

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Some chains, such as Jack in the Box, decided to close locations as part of a “broader turnaround plan.” 

Other chains, such as Cava, advised against discounting with their CEO, Brett Schulman, telling FOX Business that “you can’t discount your way to prosperity.”

The company recently made headlines for launching their 100% beef tallow tots, becoming the only restaurant to serve the side dish. 

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This comes after Health and Human Services Secretary Robert F. Kennedy Jr. continues to hammer the food industry to provide healthier options for consumers as part of the “Make America Healthy Again” (MAHA) movement.

Steak ‘n Shake did not immediately respond to FOX Business’ request for comment.

India’s Reliance Industries Ltd. aims to file a draft red herring prospectus for the initial public offering of its telecom unit, Jio Platforms Ltd. as early as the end of this month with the December-end financials, according to people familiar with the matter.

The company formally kicked off preparations for the IPO on Tuesday by appointing as many as 17 bankers to handle the issue. Morgan Stanley, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. are among nine global banks selected for advisory roles, the people said, asking not to be identified as the information is private.

Domestic advisers include Kotak Mahindra Capital Co., Axis Capital Ltd., JM Financial Ltd. and SBI Capital Markets Ltd., the people added.

Plans for the IPO have gathered steam after the government approved a change in listing requirements that allowed large issuers to dilute as little as 2.5% of their equity. The IPO could be India’s largest-ever IPO and the first by a major unit of billionaire Mukesh Ambani’s flagship company, Reliance, in almost two decades.

The proposed offering is expected to comprise largely secondary share sale by existing investors and could take place later this year. Details including the size, structure and timing of the transaction are still being finalized and are subject to change, the people added.

Representatives for the company and banks didn’t immediately respond to requests for comment outside of business hours.

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Mumbai: India’s IPO boom is increasingly being used by companies for repairing leveraged balance sheets instead of funding growth, with debt repayment emerging as the single largest end-use of the proceeds from recent share sales.

Data compiled from Prime Database showed that of the approximately ₹1.47 lakh crore earmarked across all stated fund utilisation categories by IPO-bound companies in 2024, 2025 and 2026 so far, around ₹35,055 crore has been allocated toward repayment of borrowings.

Debt repayments by 95 companies constitute nearly a quarter of funds raised in the latest share sales.

Balance Sheet Needs
A deleveraged capital structure emerges as the top goal of an initial share sale.

Indeed, debt repayment trumps even capital expenditure and expansion, which accounts for Rs 34,458 crore, or 23.3%, of the funds garnered at nearly 200 issuers, the data showed.
“On the face of it, it begins to look like promoters and lenders are using a hot IPO market to offload risk at full price to the public,” said Pradyumna Nag, founder, Prequate Advisory, an investment banking advisory firm. “From a purely technical point of view, it shows that these offers are being engineered around an issuer’s balance sheet needs and building liquidity for insiders – both of which are not focused on building investor wealth or much needed oxygen for productive new projects.”
The data showed that working capital requirements form the next large bucket – at Rs 26,928 crore across 71 issuers, while general corporate purposes, often seen as the least transparent category, accounted for Rs 16,355 crore across 145 companies.
The tilt toward deleveraging is evident in issuance trends.

In 2024, 39 of the 93 IPOs included debt reduction as an objective. That number climbed to 51 out of 103 IPOs in 2025. In 2026 so far, 5 of the 12 IPO launches have already earmarked funds for paring debt.

IPO advisory firms said that this trend is not a positive sign from a capital markets standpoint as this also means the multiplier effect of an IPO’s proceeds is taking place outside the company’s balance sheet rather than within it.

“Until disclosure and investor scrutiny shifts from ‘who is the IPO of’ or ‘how big is the IPO’ to fundamentals such as ‘what share goes into projects earning more than the cost of equity’, India’s IPO boom will keep amplifying the mismatch between subsequent earnings releases and the price at IPO a few years back,” said Nag.

Recent Trend
To be sure, the data showed that this tilt toward deleveraging is a relatively recent phenomenon.

In 2020 and 2021, capital expenditure comfortably outpaced debt repayment as the primary use of IPO proceeds. The crossover came in 2024, when allocations toward debt repayment at Rs 12,014 crore exceeded capex spending of Rs 9,807 crore for the first time.

In 2025, capex regained ground at Rs 21,839 crore compared with Rs 16,733 crore for debt reduction, but the aggregate trend for 2024-2026 still leaves debt marginally ahead.

Not all market participants see this shift as a cause of concern, however.

Many view it as a prudent financial strategy in a buoyant equity market.

“This reflects a conscious move toward optimal capital restructuring, enabling firms to swap debt for equity in a bullish market and de-risk their financial profiles,” said Samir Bahl, CEO, Anand Rathi Advisors.

“Companies are able to increase their PAT margins by lowering interest costs, resulting in savings flowing directly to the bottom line,” Bahl said. “Also, deleveraging strengthens coverage ratios and boosts credit ratings. Ultimately, this positions firms for resilient, efficient, and sustainable growth with a stronger financial runway and greater autonomy.”

The shift toward debt reduction is also driven by its immediate impact on financial metrics. Lower leverage reduces interest burden, improves profitability and strengthens cash flows, while also enhancing valuations.

Apple’s long-rumored foldable iPhone is solidifying as one of the most anticipated devices of 2026, with fresh details emerging on its design, software enhancements, production ramp-up and premium pricing. Bloomberg reported March 11 that the device, often dubbed the “iPhone Fold,” will feature significant iOS updates enabling iPad-like layouts, side-by-side app multitasking and tablet-style interfaces when unfolded — a major shift for Apple’s mobile ecosystem.

The book-style foldable will sport an inner display roughly the size of an iPad mini, estimated at 7.8 inches, transforming the phone into a compact productivity tool. When closed, it offers a 5.5-inch outer screen, blending phone portability with tablet functionality. This hybrid approach has excited analysts and fans, with 9to5Mac describing it as combining the beloved iPhone mini and iPad mini into one device.

Software optimizations are key to the experience. Bloomberg’s Mark Gurman noted that iOS will adapt dynamically, supporting multitasking features absent from standard iPhones. This could position the foldable as a bridge between smartphones and tablets, appealing to professionals needing more screen real estate without carrying multiple devices.

Display technology remains a focal point. Early rumors touted a completely crease-free screen thanks to advanced Samsung-supplied panels, including laser-drilled metal plates for stress dispersion and self-healing coatings. However, Gurman tempered expectations, stating the crease is significantly reduced but “not perfect” or entirely eliminated. MacRumors highlighted this nuance in a March 13 roundup, suggesting users temper hype around vanishing creases seen in some prototypes.

Production appears on track for a September 2026 unveiling alongside iPhone 18 Pro models. Forbes reported March 16 that Apple boosted its Samsung Display panel orders to 20 million units from an initial 13-15 million forecast, signaling strong confidence in demand. Mass production of displays is slated to begin in May, with Foxconn handling assembly, TSMC producing the A20 Pro chip on a 2nm process, and other Taiwanese suppliers like Largan Precision and Shin Zu Shing contributing lenses and hinges.

Pricing is expected to reflect the premium positioning, with estimates ranging from $2,000 to $2,400 — well above Samsung’s Galaxy Z Fold 7 at $1,999 and Google’s Pixel 10 Pro Fold at $1,799. PCMag noted the high cost could deter buyers despite advanced features like in-display sensors, 12GB RAM (matching iPhone Air and Pro models) and potential Touch ID integration via the power button instead of Face ID.

The device’s entry comes seven years after Samsung’s first foldable, underscoring Apple’s cautious approach to ensure durability, software polish and market readiness. Supply chain boosts, including a 20% inventory increase reported by Economic Daily News, indicate Apple anticipates robust initial sales, potentially 14 million units in an optimistic scenario.

Speculation about a clamshell “iPhone Flip” variant persists, but current focus remains on the book-style model. No official confirmation has come from Apple, which typically reveals products close to launch.

As the foldable market matures, Apple’s entry could catalyze growth, pressuring competitors to innovate further. With mass production nearing and software tailored for larger screens, the iPhone Fold promises to redefine multitasking on mobile devices.

Industry observers watch closely for any last-minute design tweaks or delays, though consensus points to a fall debut. For now, the device represents Apple’s boldest smartphone evolution in years, blending familiar iOS elements with foldable innovation.

ET Intelligence Group: Shares of cable and wire companies have dropped 6-17% in March so far as a sudden jump in copper and aluminium prices has dampened investor sentiment. The pullback comes despite a steady underlying demand, suggesting investors are reacting more to rising input costs and temporary operational disruptions amid geopolitical issues than to any structural shift in the sector’s fundamentals.

Analysts believe the near-term pressure is more on revenues than margins since cost pass-throughs may protect profitability. Dispatches are slowing mainly because of channel destocking – dealers who loaded up between December and February are now waiting for prices to cool before placing new orders. This could weigh on reported sales for a couple of months.

Sterlite Technologies has been an outlier, gaining 11% in March so far since the company manufactures optical fibre cables (OFC) and, therefore, has lesser exposure to copper and aluminium.

For other companies, copper and aluminium make up nearly two-thirds of production costs, leaving the sector highly sensitive to metal inflation. While price increases are typically passed on, the adjustments come with a lag. A sudden spike, therefore, may result in higher working capital needs.

Adding to the pressure, supply disruptions in LPG and natural gas have constrained production for some companies. “While January and February had normal dispatch trends, momentum weakened in early March, a critical month that typically contributes about half of quarterly volumes,” said Manish Valecha, research analyst, Anand Rathi Institutional Equities. He expects muted to mid-single-digit volume expansion depending on how demand shapes up through the rest of the month.

According to Aakash Fadia, lead analyst – consumer durables, YES Securities, customers may defer purchases briefly in anticipation of price corrections though it may be short lived as purchase delays beyond 15-20 days risk pushing their project timelines, thereby affecting profitability. He added that the export segment faces a bigger drag due to high shipping costs and vessel shortages.
“The consumer durables sector will feel a sharper pinch, as intense competition restricts its ability to pass on the copper-price surge, putting margins at risk. In contrast, wires and cables should see only a milder impact because pass-throughs are smoother and margins are structurally higher,” said Fadia. While he is yet to revise estimates, he cautions that industry projections may be trimmed once conditions normalise or even towards the end of the month. For now, the weakness appears operational rather than structural.