Is it necesary to shrink database then rebuild indexes and shrink database again and al this everyday?

Question

I have entered in a new company as a DBA. I have seen they have a maintenance SP that do these steps:

1-Shrink database (this is bad!!)

2- check the indexes and rebuild those that have high fragmentation (this is good)

3- Create a script for those indexes and run it (not bad)

4- Run a shrink of the log file (is it a bad idea??)

And all these steps everyday. I will suggest to remove the shrink part and run it every weekend. What do you think about it?

Thank you very much...then I will ask you about the longs run queries.

David.