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<ul><li><keyword id="6354919" type="General" weightage="20" keywordseo="LT" source="Orion">L&amp;T</keyword>’s board approved a buyback at a maximum price of ₹3,000 per share for an aggregate consideration of up to ₹10,000 crore.</li><li>Special dividend was announced to mark the end of A M Naik’s tenure with the company. </li><li>Stress in core segment margins will continue for next two quarters as it carries post-Covid, post-war overhang. </li><li></li></ul>Infrastructure major <keyword id="45475" type="General" weightage="20" keywordseo="Larsen-Toubro" source="Orion">Larsen &amp; Toubro</keyword>’s (L&amp;T) Q1 consolidated net profit went up by 46% to ₹2,493 crore, from ₹1,702 crore in the same quarter last year. It also said the board of directors approved a share buyback at the maximum price of ₹3,000 each for an aggregate consideration of up to ₹10,000 crore. The proposal is subject to the approval of shareholders. The board also approved a special dividend of ₹6 per equity share to mark the end of chairman A M Naik’s extraordinary tenure with the company, said R Shankar Raman, L&amp;T's CFO said in an earnings conference call. Naik will retire as the non-executive chairman of the company in September this year, after which the current CEO &amp; MD S N Subrahmanyan will take over as its executive chairman and MD. Revenue guidance unchanged L&amp;T’s consolidated revenues went up 34% to ₹47,882 crore for the quarter, from 35,853 crore in Q1 of FY23. The company said that it was primarily aided by the execution of a healthy order book in its projects and manufacturing portfolio. However, Raman refused to change the goalpost of the revenue guidance of 12-15% given for FY24. “If all goes well, we will be at the upper end of the guidance,” he said. The company received orders worth ₹65,520 crore at the group level during the quarter, registering a y-o-y growth of 57%. International orders at ₹27,646 crore during the quarter comprised 42% of the total order inflow. The company said that orders were received across diverse segments like rail, renewables, rural water supply, transmission &amp; distribution, IT &amp; office space and onshore and offshore verticals of the hydrocarbon business, during the quarter. The consolidated order book of the group is at ₹4,12,648 crore as on June 30, 2023, with international orders having a share of 29%. “Capex buoyancy in India Gulf Cooperation Council is providing the much-needed tailwinds for growing our projects &amp; manufacturing portfolio, ably supported by the resilient performance of the services businesses,” said S N Subrahmanyan, CEO &amp; MD, Larsen &amp; Toubro. Core segment margins to remain stressed in near term Its infrastructure segment saw order inflows of ₹40,051 crore, double what was recorded in the same quarter last year. The EBITDA margin of the segment during the quarter, however, reduced to 5.1% vis-à-vis 6.5% recorded in the corresponding quarter. The infrastructure business orders that were executed during the quarter were won in the second half of FY22 and FY23. The pricing of these orders factors in inflationary trends seen in the post-Covid, post-War period, Raman said explaining the margin squeeze seen in the segment during the quarter. He added that this segment’s margins will continue to be subdued for the next quarter or two. “Improvement in margin trajectory will be seen only in Q4. In fact 2024-25 will be a far healthier period,” Raman said. In its outlook, the company said that major economies are turning around the corner. Major oil producing nations continue to invest in oil &amp; gas, industrialisation and energy transition initiatives, which will augur well for the company’s projects business. L&amp;T said that in the backdrop of this mixed sentiment, its focus will remain on cash generation and judicious capital allocation. “The company has a robust order prospects pipeline in the medium term and is confident of sustaining its growth momentum by utilising the emerging opportunities, with an overarching aim of improving shareholder value on a sustainable basis,” it said in a press release.

L&T’s Q1 net profit jumps 46%; board approves ₹10,000 crore share buyback

<keyword id="27859" type="General" weightage="20" keywordseo="Engineering" source="Orion">Engineering</keyword> and construction conglomerate <keyword id="13457337" type="COMPANY" weightage="20" keywordseo="larsen-toubro" source="Orion" meta.marketcap="284501.91386987997" meta.tagname="Larsen &amp; Toubro Ltd" meta.tagpopularcount="0" meta.sectorid="513" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="13447" meta.tagseoname="larsen-&amp;-toubro-ltd" meta.sector="Construction" meta.tagnameorg="Larsen &amp; Toubro Ltd.">Larsen &amp; Toubro</keyword> (<keyword id="6354919" type="General" weightage="100" keywordseo="LT" source="Orion">L&amp;T</keyword>) on Monday said it has hired more than 3,000 fresh engineering trainees in the current financial year. The onboarding of over 3,000 graduate and postgraduate engineering trainees in the ongoing fiscal marks a more than three-fold rise as against 1,067 trainees last fiscal. The number of female engineers hired has more than quadrupled to 1,009 trainees in FY23 from 248 trainees in FY22, L&amp;T said in a statement. "It is worth noting that 30 per cent of current batch of fresh engineers are women which is commendable given the fact that 75 per cent of the fresh engineers are hired from mechanical, civil and electrical streams where women candidates are less. "Currently, women employees comprise 7.6 per cent of the total workforce at L&amp;T, and they have already successfully forayed into fields long considered to be male bastions," company's Executive Vice President &amp; Head, Corporate Human Resource C Jayakumar said. The company is expanding rapidly and is currently sitting on a record order book, he said, adding, this requires keeping a steady talent pipeline of trained technical professionals for meeting effectively the current and future <keyword id="15310980" type="TOPIC" weightage="60" keywordseo="Business" source="TOPIC" sourcekeytype="business,investopedia" meta.keywordsubtype="null" meta.msid="92948412" meta.seopath="b/business" meta.entityname="Business" meta.hostid="153" meta.entityid="business">business</keyword> requirements. "This was central to the management's decision to more than double the hiring of fresh engineers compared to last <keyword id="15314880" type="TOPIC" weightage="60" keywordseo="Fiscal-year" source="TOPIC" sourcekeytype="finance,investopedia" meta.keywordsubtype="null" meta.msid="92741070" meta.seopath="f/fiscal-year" meta.entityname="Fiscal year" meta.hostid="153" meta.entityid="fiscal-year">fiscal year</keyword>. We went to the market to address our additional business requirement and got an overwhelming response from fresh engineers," he added. L&amp;T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/real-estate-investors-may-be-turning-to-india-following-a-continued-slump-in-chinas-property-market-says-a-report/articleshow/95649758.cms">Real estate investors may be turning to India following a continued slump in China's property market, says a report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/companies-discussing-labour-shortage-up-by-28-in-2022-report/articleshow/95654525.cms">Companies discussing labour shortage up by 28% in 2022: Report</a>

Larsen & Toubro hires more than 3,000 engineering trainees in FY23

<ul><li><keyword id="6354919" type="General" weightage="20" keywordseo="lt" source="Orion">L&amp;T</keyword> is amongst the largest infrastructure companies in India, with its business spread across engineering, construction, manufacturing among others. </li><li>In its annual report, the infra giant revealed large pay hikes to its top management, including CEO and MD <keyword id="887018" type="General" weightage="20" keywordseo="sn-subrahmanyan" source="Orion">SN Subrahmanyan</keyword>. </li><li>Here’s how much L&amp;T’s top management took home last year. </li></ul>Infrastructure major L&amp;T’s CMD SN <keyword id="3476596" type="General" weightage="100" keywordseo="subrahmanyan" source="Orion">Subrahmanyan</keyword> received a bumper payout in 2021-22 as his salary benefits doubled to ₹24 crore, without including post-employment benefits as listed in the company’s annual reports. However, Subrahmanyan was one of top executives of the company who took a voluntary pay cut during the pandemic year. His <a href="https://www.thehindubusinessline.com/money-and-banking/covid-19-lt-group-chairman-directors-take-voluntary-salary-cut-of-up-to-53/article32150260.ece">salary had then gone down b</a>y almost 44%. In real terms, currently his salary is much higher than it was before the pandemic. The company which has also been fighting off pandemic blues has booked orders to the tune of ₹1.9 lakh crore in the last financial year – which grew at 10%. The company’s CFO Shankar Raman’s salary too almost doubled to ₹16 crore. The biggest jump in salary however was reserved for SV Desai, the senior VP of construction – whose salary went up almost three times. It is to be noted however that their former CMD and the current group chairman AM <keyword id="50744" type="General" weightage="20" keywordseo="naik" source="Orion">Naik</keyword>’s salary barely changed during the year. This is in spite of the fact that he took a 24% salary cut during the pandemic. <div type="image" title="L&amp;amp;T remuneration hike 2021-22." msid="92877137" hostid="261" sizebytes="20180" caption="&amp;lt;p&amp;gt;Remuneration of L&amp;amp;amp;T&amp;#39;s key managerial personnel in FY22&amp;lt;/p&amp;gt;"></div> It’s not just the top executives who have received hikes. L&amp;T’s overall staffing costs too went up by 20% during the year. “As a percentage to revenue, it increased by 80 basis points, reflecting manpower ramp-up in the IT &amp; TS segment and salary revision,” the company said. The company also turned <a href="https://www.businessinsider.in/business/corporates/news/all-decks-cleared-for-lts-share-buyback-as-co-turns-debt-free/articleshow/92866225.cms">debt free</a> during the year and even before that its interest costs have gone down for the year. Earlier, a Motilal Oswal <a href="https://www.businessinsider.in/business/corporates/news/indias-biggest-companies-spend-nearly-11-lakh-crore-on-employee-expense-last-year/articleshow/92690317.cms">report</a> showed that the employee benefit expenses of Nifty 500 companies surged by ₹1.2 lakh crore in 2021-22 – from ₹9.6 lakh crore in the year before. This is an average increase of 12.5%. <div type="image" title="Nifty 500 emp benefit exp" msid="92877150" hostid="261" sizebytes="38268" caption="&amp;lt;p&amp;gt;Employee benefit expenses of Nifty 500 companies&amp;lt;/p&amp;gt;"></div> The NBFC sector offered the biggest salary hikes – at an average of 23%, while tech was a little behind at 19%. India’s four largest banks – SBI, ICICI Bank, HDFC Bank and Axis Bank, apart from HDFC – also figured in Forbes’ list of top performing companies last year. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/all-decks-cleared-for-lts-share-buyback-as-co-turns-debt-free/articleshow/92866225.cms">All decks cleared for L&amp;T’s share buyback as co turns debt free</a> <a href="https://www.businessinsider.in/finance/news/why-rbi-wants-international-trade-settlement-in-rupees/articleshow/92850515.cms">Explained: International trade settlement in Rupees and why RBI is doing it</a> <a href="https://www.businessinsider.in/retail/news/dmart-gets-it-mojo-back-from-monsoons-and-school-going-children/articleshow/92796927.cms">Unlockdowned - DMart gets it mojo back from monsoons and school-going children</a>

L&T CMD SN Subrahmanyan’s salary doubles after a pandemic cut but Naik’s pay remains the same

<ul><li><keyword id="10299751" type="UNKNOWN" weightage="20" keywordseo="Former-Chairman-of-LT-Finance">Former Chairman of L&amp;T Finance</keyword>, <keyword id="46899" type="PERSON" weightage="20" keywordseo="YM-Deosthalee">YM Deosthalee</keyword> passed away at the age of 74.</li><li>A Chartered Accountant and law graduate, he joined L&amp;T in 1974 and rose through the ranks to become the Chief Financial Officer of the engineering conglomerate. </li><li>Deosthalee was a musician at heart, though he never did finish his classical music training. He was one of the few corporate leaders to have cut a music album.</li></ul> There is a thin line between managing risk and 'comfortable inaction.' Yeshwant Moreshwar Deosthalee, who passed away at 74, is one of a rare few CFOs who struck the right chord between these two impossible poles of corporate activity. Despite being known as a conservatively financed company with a focus on maintaining profit margins, he played a crucial role in its foray into international territories, new acquisitions, and exit from certain businesses - all the while managing the many complexities that come with a group like L&amp;T, which had around a 100 subsidiaries. While the chairman AM Naik is known for his bold decisions, Deosthalee was the balancing force who ensured that every decision was weighed well and added to the bottom line. It probably helped that Deosthalee was also a musician at heart, though he could not finish his classical music training. Deosthalee hailed from a middle-class family in Girgaum, Mumbai, and completed his graduation in commerce at Sydenham College. Later, he did his chartered accountancy and attained a Law degree. He joined L&amp;T in 1974. He rose through the ranks and headed many departments like personnel and finance before becoming the engineering conglomerate's Chief Financial Officer (CFO). The man behind L&amp;T Finance Deosthalee is best known for establishing the finance business as a wholly-owned subsidiary of L&amp;T, which was still an engineering and construction company, back in 1994. It was later spun off into a company of its own in 2011, where he became the chairman. The business runs a gamut of verticals, including insurance, mutual funds, and a debt fund. However, Deosthalee retired in 2017 before receiving a banking licence - a hope many in the market still hold. Even during his stint as the CFO of L&amp;T, arguably one of the country's biggest companies, he faced a myriad of risks associated with the very nature of its construction vertical - like the pricing of commodities, forex, and much more. However, Deosthalee never wavered even during the crises right through his illustrious career, including Lehman — and that is evident in the many 'best CFO of the year' awards that adorn his wall. Slow yet steady Even as newer infrastructure companies booked too many orders during the early 2000s, L&amp;T, despite being a leader, would only take on those that provided value. Deosthalee also fostered a culture where the treasury department would be a part of the team that would prepare a bid for the project - a habit that ensured they could finish the jobs they take on. Deosthalee learned the advantages of taking the long, challenging route instead of an easier one as a young student. Though he was a bright child, he was intimidated by his elder siblings, who were academic achievers. That led him to tinker with his Sanskrit test paper score once. His elder brother, who was his guardian after their father’s death, had caught it immediately. “In the long run, cheating never leads you anywhere,” Deosthalee <a href="https://www.youtube.com/watch?v=tffSQrpeoSc">told a Marathi channel </a>in an interview, and that is the lesson that guided him through the rest of his life. The music to his ears Unlike Naik, a self-confessed workaholic, Deosthalee maintained a surprising discipline of leaving his office at 6 pm and never worked on Sundays. His passion for music and the arts never waned. As a child, he was used to waking up with a radio show called 'Binaca Geet Mala.' He also spent most of his time attending plays at an open-air theater and believed that his childhood spent in Girgaum in Mumbai, where he was born and raised, had given him the best cultural education he could get. "It's a wonderful way to grow up," he would often reminisce. The chartered accountant also became one of the few corporate leaders to cut a music album and regularly sang classical old Bollywood songs at events. He also produced a Marathi film Rajwade and Sons, which addresses the trials and tribulations of living in a joint family under a strong patriarch. The message of the film is close to his heart and reflects in his philanthropic activities. He and his wife built and ran a home for senior citizens in an acre-long estate in Khopoli, situated in Mumbai's suburbs. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/loan-moratorium-case-indias-power-sector-players-want-the-supreme-court-to-plug-the-loopholes-in-rbis-restructuring-scheme/articleshow/79301830.cms">Loan moratorium case: India’s power sector players want the Supreme Court to ‘plug’ the loopholes in RBI’s restructuring scheme</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-ceo-delaportes-new-plan-could-allow-company-to-catch-up-to-to-tcs-infosys-hcl-tech-and-others/articleshow/79299467.cms">Wipro CEO Delaporte’s new plan could give the Indian IT services giant the edge it needs to catch up to its peers, according to analysts</a> <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-is-the-fifth-financial-firm-after-ilfs-dhfl-yes-bank-and-pmc-bank-to-collapse-in-india/slidelist/79286096.cms">Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months</a>

Remembering YM Deosthalee, the man who struck the right chord between music and math

New Delhi, Jun 9 () There is access to sufficient liquidity and Larsen &amp; Toubro does not foresee any impairment requirement to the carrying values of its asset due to the pandemic, the company has said. The engineering and construction conglomerate has recently raised Rs 9,000 crore through long-term debt in April. It has assessed Rs 1,800 crore impact on its revenue due to COVID-19 during the quarter ended March 31. It had shut down operations from March 25 in the wake of coronavirus pandemic. "The company has access to sufficient liquidity at present, having raised over Rs 9,000 crore of long-term debt in April 2020. The company also has unutilised credit lines from the Financial Institutions to supplement its liquid resources," as per a company document. The short-term investments are in such instruments that can be encashed on need, it said, adding "its strong order book of over Rs 3 trillion provides multi-year revenue and cashflow visibility". About ability to service debt and other financing arrangements, L&amp;T said it has a relatively low debt equity ratio of 0.49:1 as on March 31, 2020. On assets, it said none of the assets of the company have been impacted by COVID-19. "The company does not foresee any impairment requirement to the carrying values of its asset due to the pandemic," it added. About internal financial reporting and control, the firm said it has sound internal control measures for all its processes and working remotely has not diluted the well-established and evaluated internal financial and information technology controls. It has a regular system of addressing the requirements of its MSME vendors as they are critical partners, L&amp;T added. While short term disruptions to the company's supply chain needs to be factored in, it does not expect any drastic or permanent impact of the pandemic on the supply chain eco-system, it said. Though there is a possibility that some of the clients will face financial constraints, there are others who want to accelerate the progress with respect to certain critical projects being executed by the company, it said. L&amp;T said it is confident of fulfilling its obligations under the various existing contracts/arrangements. The delay in completion including the catch-up plans, on account of COVID-19, are under discussions with the clients. "The company has issued force majeure intimations to customers in accordance with the terms of the contracts. At present, the company does not foresee any significant impact due to the non-fulfilment of its contractual obligations to the customers or any other counter party arising out of COVID-19 pandemic," it added. Larsen &amp; Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over USD 21 billion in revenue. NAM BAL

Sufficient liquidity at present; no asset impacted by COVID-19: L&T

New Delhi, Jan 22 () Engineering and construction major Larsen &amp; Toubro (L&amp;T) on Wednesday posted a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for the quarter to December 31, on the back of higher income.
 The company had clocked a consolidated net profit after tax and share in profit/(loss) of joint ventures/associates from continuing operations of Rs 2,218.68 crore in the year-ago period, the company said in a regulatory filing to the BSE.
Its consolidated total income during October-December increased to Rs 36,717.60 crore, against Rs 34,823.08 crore in the year-ago period, the filing said.
Total expenses also increased to Rs 33,494.37 crore during the quarter under review as against Rs 31,421.86 crore in the corresponding period of the previous fiscal.
"The company successfully won new orders worth Rs 41,579 crore at the group level during the quarter ended December 31, 2019, amid subdued business environment. International orders during the quarter at Rs 17,901 crore increased to 43 per cent of the total order inflow, on large value order wins in power transmission and distribution and metallurgical and material handling business," the company said in a statement. 
The consolidated order book of the group stood at Rs 3,06,280 crore as on December 31, 2019, registering a reasonably high growth of 5 per cent over March 2019. NAM MKJ

L&T Q3 consolidated net profit up 15% at Rs 2,560 crore

<ul><li>At 8:00 am, the SGX Nifty was trading 0.07% higher, higher pointing towards a cautious 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 is likely to open on a tepid note, tracking subdued cues from global markets. At 8:00 am, the SGX Nifty was trading 0.07% higher, pointing towards a cautious start for Nifty50. On Thursday, the US stocks finished lower as the tech shares struggled, weighing on the market. The Dow Jones Industrial Average closed 0.47% lower, and the S&amp;P 500 fell 28.48 points, towards the close. Here’s a list of stocks to watch for in trade on September 18: Dr Reddy's Laboratories Dr Reddy's Laboratories said it had settled litigation with a unit of Bristol Myers Squibb related to patents for Revlimid (lenalidomide) capsules, used to treat various kinds of cancer. "We are pleased with the settlement agreement, and look forward to bringing a generic version of lenalidomide to market soon subject to regulatory approval for the benefit of patients," Dr Reddy's Laboratories North America Generics CEO Marc Kikuchi said. The share price of Dr Reddy's Laboratories closed 4.26% higher yesterday. TVS Motor Company One of India's largest automakers, TVS Motor, has entered into a new distribution partnership in Colombia. The company has tied up with Autotecnica Colombiana SAS (Auteco SAS), a leading motorcycle assembler in Colombia. Autotecnica Colombiana SAS will operate 50 dealerships exclusive for the company and create dedicated space for the brand in over 600 retail outlets, it added. The share price of TVS Motor closed a percent lower on Thursday. Vedanta Vedanta Resources has approached the market regulator SEBI for necessary approvals to start the reverse book building process. The company, earlier in May, announced its plans to delist Vedanta from the Indian stock exchanges by buying out non-promoter shareholding. The share price of Vedanta closed a percent higher on Thursday. IRCTC IRCTC, the company that operates Indian Railways, is planning to levy ‘affordable’ user charges in 700-1,050 stations across the country. It will help build more revenue while providing better facilities and redevelop stations for passengers. The share price of IRCTC closed a percent higher on Thursday. Hindalco and Hindustan Copper Hindalco said that it has entered into a pact with Hindustan Copper for the long-term purchase and sale of copper concentrate produced by the PSU. Under this MoU, around 60% copper content of Hindustan Copper's current concentrate production will be utilised by Hindalco in the manufacture of refined copper. The share price of Hindalco closed 4% lower on Thursday, whereas Hindustan Copper gained 3% during the closing bells. Bharat Forge, Larsen &amp; Toubro, Hindustan Aeronautics Limited, and other defence stocks Defence stocks, including Bharat Forge, Larsen &amp; Toubro, and Hindustan Aeronautics Limited, will be in focus during the trade today since India has permitted foreign direct investment (FDI) of up to 74% under automatic route in the defence sector. The share price of Bharat Forge, Larsen &amp; Toubro, Hindustan Aeronautics, all were trading in red yesterday. Vodafone Idea The telecom giant Vodafone Idea has told the telecom regulator that it is dropping the contentious faster data speed claim as part of priority offering and is in the process of filing a revised plan, according to <a href="https://www.cnbctv18.com/telecom/vodafone-idea-drops-faster-speed-claim-in-priority-offering-informs-trai-about-revised-plan-6939661.htm">media reports.</a> The share price of Vodafone Idea closed 2.17% lower on Thursday. Sterling and Wilson Solar Sterling and Wilson Solar said that the company had won a 106.71 MW solar project in Chile, it's fifth in Latin America, worth $62.6 million (about ₹462 crore). "Sterling and Wilson Solar has signed an order of 106.71 MW worth USD 62.6 million in Chile. The order has been received from a global independent power producer (IPP), work for which is expected to begin in Q4 FY 2021," the company said in a statement. The share price of Sterling and Wilson Solar closed 5% lower yesterday. HDFC Bank A US-based law firm has filed a class-action suit against HDFC Bank, claiming damages for the losses incurred by investors because of "materially false and misleading" representations made by the bank. The share price of HDFC Bank closed a percent lower yesterday. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/instagram-and-facebook-appear-to-be-down-for-some-users-in-north-america-and-europe/articleshow/78176926.cms" data-type="tilCustomLink"> Instagram and Facebook were down for some users in North America and Europe</a> <a href="https://www.businessinsider.in/sports/news/dailyhunt-app-founders-confirm-ipl-2020-associate-sponsorship/articleshow/78169667.cms" data-type="tilCustomLink">EXCLUSIVE: Dailyhunt founders confirm IPL 2020 associate sponsorship — promise new release for Josh ahead of India’s biggest cricket tournament</a>

Top stocks to watch— Dr Reddy's Laboratories, HDFC Bank, TVS Motor, Vedanta, IRCTC, L&T, Bharat Forge, HAL, and more

<ul class="summary-list"><li>Gen. <keyword id="11991805" type="UNKNOWN" weightage="60" keywordseo="mark-milley" source="Orion">Mark Milley</keyword> was one of "the happiest people" at Biden's inauguration, a new book says.</li><li>He was buoyant not because "it was President Biden," but because "Trump was out of the presidency."</li><li>"Peril" documented Milley's inner turmoil throughout Trump's presidency and how he responded to Trump's impulsivity.</li></ul>Gen. Mark Milley, the chairman of the joint chiefs of staff, was one of the most buoyant people at President <keyword id="99719" type="UNKNOWN" weightage="60" keywordseo="joe-biden" source="Orion">Joe Biden</keyword>'s inauguration, according to "Peril," by The Washington Post's <keyword id="12095989" type="UNKNOWN" weightage="60" keywordseo="bob-woodward" source="Orion">Bob Woodward</keyword> and Robert Costa, an early copy of which was obtained by Insider.Being at the inauguration "was part of the job," the authors wrote, but Milley "thought he might be one of the happiest people up there. Not because it was President Biden, but because Trump was out of the presidency and it looked like another peaceful transfer of power."Biden's inauguration on January 20 came two weeks after a mob of pro-Trump supporters stormed the Capitol in a failed effort to force Congress to certify Trump as the winner of the <keyword id="11907757" type="UNKNOWN" weightage="60" keywordseo="2020-election" source="Orion">2020 election</keyword>.The insurrection shocked Milley, who was already in a heightened state of alert given Trump's increasingly erratic behavior after he lost the election to Biden. The siege prompted Milley, the nation's highest ranking military officer, to issue a rare public memo to the military calling the event "a direct assault on the US Congress, the Capitol building, and our Constitutional process.""The rights of freedom of speech and assembly do not give anyone the right to resort to violence, sedition and insurrection," the memo said, adding that on January 20, "President-elect Biden will be inaugurated and will become our 46th Commander in Chief."When he finished drafting it, Milley took the memo to the joint chiefs and told them he could sign it on his own "or we can all sign it," according to "Peril."The officials - seven generals and one admiral - read it over and said they would all sign it, and it was sent to the military on January 12. The memo was a public reflection of the inner turmoil Milley felt at many points throughout Trump's presidency, particularly in the run-up to the election, as well as in the months after.On November 12, five days after the election was called for Biden, the book said Milley described the state of the country as "a plane with four engines and three of them are out."He made the assessment to then-Secretary of State Mike Pompeo following a meeting in which Trump's national security officials had to talk him out of launching a strike against Iran, according to the book. It said Milley spoke with Pompeo by phone that night and stressed the importance of keeping calm."Just steady," he was quoted as saying. "Breathe through our noses. Steady as a rock. We're going to land this plane safely. We've got a plane with four engines and three of them are out. We've got no landing gear. But we're going to land this plane and we're going to land it safely."Woodward and Costa also reported that in the days before the election and after the Capitol siege, Milley was so alarmed by Trump's behavior that he called his counterpart in China, once on October 30 and once on January 8, to assure him that the US was not going to start a war with China.The authors wrote that although Milley assured Gen. Li Zuocheng in January 8 call that the US was "100 percent steady," he privately thought the riot amounted to "<a href="https://www.businessinsider.com/milley-told-china-us-steady-thought-capitol-riot-treason-book-2021-9" target="_blank" rel="noopener">treason</a>" and believed Trump was still looking for his "Reichstag moment."The joint chiefs chairman drew sharp criticism after details of his calls with Li were published from the book. Trump accused Milley of "treason," while former Trump impeachment witness retired Lt. Col. Alexander Vindman called for his immediate resignation.But Milley's spokesperson <a href="https://twitter.com/weijia/status/1438180428117155851" target="_blank" rel="noopener">released a statement</a> saying the calls were "in keeping with these duties and responsibilities conveying reassurance in order to maintain strategic stability," and that they were coordinated with the Department of Defense and the interagency.

Gen. Mark Milley was 'one of the happiest people' at Biden's inauguration because it meant Trump was out of office, book says

<ul class="summary-list"><li>Pelosi wondered after the insurrection if people in Trump's orbit stood up to him, a new book says.</li><li>She asked if anyone at the White House was "doing anything but kissing his fat butt," the book says.</li><li>And she pressed Milley on how Trump could be stopped from ordering a nuclear launch, the book adds.</li></ul>Two days after a mob of Trump supporters stormed the US Capitol in a deadly attempt to overturn the 2020 election results, House Speaker <keyword id="128640" type="UNKNOWN" weightage="60" keywordseo="nancy-pelosi" source="Orion">Nancy Pelosi</keyword> wanted to know if anyone in President <keyword id="11914386" type="UNKNOWN" weightage="60" keywordseo="donald-trump" source="Orion">Donald Trump</keyword>'s orbit was willing to stand up to him, a new book says."Is there anybody in charge at the White House who was doing anything but kissing his fat butt all over this?" Pelosi asked Gen. Mark Milley during a heated phone call. That's according to "Peril," a book by The Washington Post's <keyword id="12095989" type="UNKNOWN" weightage="60" keywordseo="bob-woodward" source="Orion">Bob Woodward</keyword> and Robert Costa, an early copy of which Insider obtained."Is there any reason to think that somebody, some voice of reason, could have weighed in with him?" she asked Milley, the chairman of the Joint Chiefs of Staff, the book says. "So for this, we are very, very affected by this."This is not an accident. This is not something that you go, well, now that's done, let's go from there. Let's move on. It ain't that."This is deep what he did. He traumatized the staff. He assaulted the Capitol and the rest of that. And he's not going to get away with it. He's not going to be empowered to do more."The California Democrat went on to describe Trump as "unhinged" and wondered if Milley could "prevail in the snake pit of the Oval Office and the crazy family as well.""You'd think there'd been an intervention by now," Pelosi said at one point, according to the book. She added: "Republicans have blood on their hands and everybody who enables [Trump] to do what he does has blood on their hands and the traumatic effect on our country."Citing a transcript of the January 8 call, Woodward and Costa write that Pelosi also asked Milley about how to curb Trump's power. Among other things, the book says she wanted to know what could be done "to prevent an unstable president from initiating military hostilities or from accessing the launch codes and ordering a nuclear strike?"According to the book, Pelosi also told Milley, "The American people need some reassurance on this, General."Milley said that while he couldn't publicly comment on the events at the Capitol, the "nuclear triggers are secure and we're not going to do - we're not going to allow anything crazy, illegal, immoral or unethical to happen," the book says.The book adds that Pelosi pressed Milley on what steps he would take to ensure that, and he responded, "Well, we have procedures. There are launch codes and procedures that are required to do that. And I can assure you, as chairman of the Joint Chiefs of Staff, I can assure you that will not happen."When Pelosi continued asking what concrete buffers were in place to prevent Trump from acting on his worst impulses, Milley said there were procedures "which require authentication, certification, and any instructions have to come from a competent authority and they have to be legal," according to the book. He added: "And there has to be a logical rationale for any kind of use of nuclear weapon. Not just nuclear weapons, use of force."In addition to Pelosi, Milley also spoke with his Chinese counterpart, Gen. Li Zuocheng, on at least two occasions - once on October 30 and once on January 8 - to reassure him that the US would not launch a military strike against China, the book says.Woodward and Costa's account of Milley's efforts to ward off a national security crisis in the wake of Trump's election loss has drawn sharp criticism from the former president, his advisors, and some former military officials.Trump accused Milley of treason, and the retired Lt. Col. Alexander Vindman - who risked his career by blowing the whistle about what Trump said on official call between heads of state - called for the general's immediate resignation.But White House press secretary Jen Psaki brushed off the criticism, telling reporters on Wednesday, "I can't speak to the former president's experience with him or the former president's views of him. But this president, this current president, who follows the Constitution, who's not fomenting an insurrection, who follows the rule of law, has complete confidence in Chairman Milley."A spokesperson for Milley <a href="https://www.businessinsider.com/pentagon-defends-gen-milleys-calls-to-chinese-counterpart-2021-9" target="_blank" rel="noopener noreferrer">released a statement</a> addressing Woodward and Costa's book, acknowledging his calls with Li and saying they were "in keeping with these duties and responsibilities conveying reassurance in order to maintain strategic stability."

Nancy Pelosi wondered after the Capitol riot if there was anyone at the White House who wasn't kissing Trump's 'fat butt': book

ReutersFILE PHOTO: White House former National Security Advisor Bolton delivers remarks on North Korea at a think tank in Washington<ul class="summary-list"><li>John Bolton confirms in his new book that Trump ordered a continued freeze on a military aid package to Ukraine in August of 2019 until they announced investigations into the Bidens, <a href="https://www.nytimes.com/2020/01/26/us/politics/trump-bolton-book-ukraine.html?action=click&amp;module=Top%20Stories&amp;pgtype=Homepage">The New York Times reported Sunday. </a></li><li>Trump is currently facing trial for two articles of impeachment that allege abuse of his office and obstructing Congress over his administration withholding aid to Ukraine.</li><li>Bolton is a highly sought-after witness for the Democrats in the impeachment trial.</li><li>While Bolton has not yet provided official testimony, members on the National Security Council have testified that Bolton knew and was concerned by plans to trade investigations for a White House meeting.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Former national security adviser John Bolton confirms in his new book that Trump ordered a continued freeze on a military aid package to Ukraine in August of 2019 until investigations into the Bidens were announced, <a href="https://www.nytimes.com/2020/01/26/us/politics/trump-bolton-book-ukraine.html?action=click&amp;module=Top%20Stories&amp;pgtype=Homepage">The New York Times reported Sunday. </a>According to an unpublished manuscript of Bolton's book obtained by the times, Trump asked the Office of Budget and Management to continue a nearly month-long hold on a $391 million military aid package to Ukraine until the Ukrainian government announced investigations of former Vice President Joe Biden, whose son Hunter served on the board of Ukrainian energy company Burisma holdings from 2014 to 2019. Trump is currently on trial in the Senate on two articles of impeachment. He's been accused of abusing of his office and obstructing Congress during its investigation into a whistleblower's complaint that his administration withheld aid to Ukraine in exchange for an announcment of politically-motivated investigations. Based on <a href="https://www.businessinsider.com/trump-impeachment-hearings-takeaways-what-matters-2019-11">documents, text message logs, and the sworn testimony of dozens of officials</a>, the impeachment articles charge that Trump and his team leveraged the aid, in addition to the promise of a White House meeting, to pressure Ukraine's president to announce investigations into the Bidens and a discredited conspiracy theory that Ukraine interfered in the 2016 election.Bolton's book further directly tie the president to the <a href="https://www.businessinsider.com/unredacted-emails-pentagon-trump-ukraine-aid-freeze-illegal-2020-1/amp/">decision to withhold the aid</a>. It also, as the Times noted, pokes a hole in the White House's defense that the administration's actions were completely unrelated to Trump and Giuliani's efforts to compel the Ukrainians to investigate baseless allegations into the Bidens.Bolton and acting chief of staff Mick Mulvaney are highly sought-after witness for the Democrats in the impeachment trial into President Trump. Mulvaney still holds his current position, while Bolton left the White House in September of 2019 over various disagreements with Trump. The Times reported that Bolton's manuscript also implicates Mulvaney as being on a call with Trump and Giuliani where they discussed their plans to oust the former US ambassador to Ukraine Marie Yovanovitch. While Bolton has been harshly criticized by Democrats for writing and promoting his forthcoming book while not voluntarily coming to testify before Congress, <a href="https://www.businessinsider.com/john-bolton-says-he-will-testify-trump-senate-impeachment-trial-2020-1">he said in early January</a> that he would comply with a Senate subpoena. The Times reported that Bolton has given the draft of his book to some friends, and to the White House as a part of a standard review process for former officials. Both Trump and Senate Republicans have expressed concern about the damaging information Bolton could reveal in his testimony, with The Times reporting that the White House review process could even be used to strike passages unflattering to Trump. On January 21, the Washington Post reported that some Republicans are drawing up contingency plans to have Bolton <a href="https://www.businessinsider.com/fearing-bolton-testimony-senate-gop-draws-up-emergency-plans-2020-1">testify before closed-doors if he is subpoenaed</a>. And at the World Economic Forum in Davos, Switzerland, <a href="https://www.businessinsider.com/trump-doesnt-want-bolton-testimony-impeachment-trial-2020-1">Trump said that Bolton testifying</a> could be a "national security problem.""He knows some of my thoughts," Trump <a href="https://twitter.com/saraecook/status/1219960756181065731?s=20" target="_blank" rel="noopener">said on January 23.</a> "He knows what I think about leaders. What happens if he reveals how I feel about another leader and it's not positive ... it would make the job a lot harder."The Senate requires a 51-vote majority to approve subpoenas for witnesses to testify. Because the Senate is currently made up of 53 Republicans, 45 Democrats, and two independents who caucus with Democrats, four Republican votes would be needed. On Saturday, members of Trump's legal team <a href="https://www.businessinsider.com/trump-lawyers-opening-arguments-impeachment-trial-schedule-live-updates-2020-1">presented opening arguments for his defense</a> in the ongoing Senate impeachment trial after three days of arguments from the House impeachment managers who are serving as prosecutors. After Trump's defense finishes up their presentations on Tuesday, Senators will be given a 16-hour period to submit written questions to both sides. After the question period, they will take a vote on whether to subpoena additional documents and witness testimony. On Sunday night, the seven House managers released a statement saying, "There can be no doubt now that Mr. Bolton directly contradicts the heart of the President's defense and therefore must be called as a witness at the impeachment trial of President Trump."While Bolton has not yet provided official testimony, other colleagues on the National Security Council have testified that Bolton knew and was concerned by plans to trade investigations for a White House meeting.In <a href="https://www.businessinsider.com/fiona-hill-testimony-details-stunning-meeting-john-bolton-stormed-out-2019-11">her closed-door deposition before Congress</a>, former National Security Council official Fiona Hill recalled a dramatic meeting about the Trump's administration's quid pro quo with Ukraine that ended with Bolton storming out of the room. In her testimony, Hill said that Bolton was highly alarmed by a July meeting with Ukrainians in which Mulvaney and US ambassador to Ukraine Gordon Sondland announced they would only grant the Ukrainians a White House meeting if 'investigations in the energy sector start,' which she interpreted to mean investigations into Burisma. Afterward, Hill said that "Ambassador Bolton immediately stiffened and ended the meeting ... I mean, he looked at the clock as if he had, you know, suddenly another meeting and his time was up, but it was obvious he ended the meeting."Hill said she saw, "Ambassador Sondland, in front of the Ukrainians, as I came in, was talking about how he had an agreement with Chief of Staff Mulvaney for a meeting with the Ukrainians if they were going to go forward with investigations" with her director for Ukraine, Army foreign area officer Lt. Col. Alexander Vindman, "looking completely alarmed." Hill said she tried to intercept Sondland and make clear to him there should be no discussion of investigations with Ukranian officials, telling him any discussion of conditions for a meeting would have to go through the proper channels. Hill testified that when she recounted the conversation with Sondland to Bolton, he told her to report it to NSC counsel John Eisenberg immediately. "He told me, and this is a direct quote from Ambassador Bolton: You go and tell Eisenberg that I am not part of whatever drug deal Sondland and Mulvaney are cooking up on this, and you go and tell him what you've heard and what I've said," she testified. Read more:<a href="https://www.businessinsider.com/trump-doesnt-want-bolton-testimony-impeachment-trial-2020-1">Trump says he doesn't want John Bolton to testify in his impeachment trial because 'he knows some of my thoughts'</a><a href="https://www.businessinsider.com/fearing-bolton-testimony-senate-gop-draws-up-emergency-plans-2020-1">Trump's impeachment team is so worried that John Bolton could sink his defense that it has drawn up plans to make him testify behind closed doors</a><a href="https://www.businessinsider.com/trump-lawyers-inadvertently-made-case-for-witnesses-impeachment-trial-2020-1">Democrats are having a field day after Trump's lawyers accidentally made the strongest case to call witnesses in his impeachment trial</a><a href="https://www.businessinsider.com/parnas-rachel-maddow-interview-john-bolton-key-impeachment-witness-2020-1">Giuliani associate says John Bolton is a key impeachment witness, bolstering Democrats' calls for him to testify in Senate trial</a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/georgetown-professor-reveals-people-wrong-mlk-martin-luther-king-jr-race-black-radical-racism-2017-5">A Georgetown professor explains how Martin Luther King Jr. 'has been severely whitewashed'</a></h3>

John Bolton says Trump asked for aid to Ukraine to be withheld until investigations into the Bidens were announced, according to Bolton's new book

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">AP Photo/Susan WalshPresident Donald Trump announces that Army Lt. Gen. H.R. McMaster will be his new national security adviser during a statement from Trump's Mar-a-Lago estate in Palm Beach, Fla., Monday, Feb. 20, 2017.</div></div></div>President Trump will likely take a first step toward dismantling Obama's environmental legacy today, fulfilling <a href="http://www.businessinsider.com/donald-trump-climate-change-danger-action-2016-11">a promise</a> to go after the 2015 Waters of the United States rule.Trump is <a href="http://www.cnn.com/2017/02/28/politics/donald-trump-water-epa/">expected</a> to sign an executive order February 28 that will instruct the Environmental Protection Agency to begin the process of reviewing and rewriting the rule.The rule clarified (and arguably expanded) the EPA's ability to regulate pollution in major bodies of water, as well as the smaller streams and tributaries that flow into them.The rule was created under the authority granted to the EPA by the 1972 Clean Water Act, and followed two Bush-era Supreme Court cases that created some confusion about how much the federal government could regulate activities around streams and other small bodies of water. The Waters of the United States rule was intended to clarify the EPA's reach by designating a comprehensive <a href="https://www.washingtonpost.com/news/energy-environment/wp/2017/01/13/obama-administration-just-made-a-last-effort-to-save-a-controversial-water-rule/?utm_term=.f21bb9d5ed1a">list of waterways</a> that are subject to regulation from the agency. Accounting for about three-fifths of all American waterways, the rule granted the EPA authority over a broad swath of the US rivers, lakes, and ponds, and limited how many of those were eligible for individual case-by-case analyses.That flipped an earlier dynamic on its head: No longer would the agency swoop in when a waterway was being polluted and assert its authority to protect it. Instead, any person or group wishing to make use of a waterway subject to the rule would have to appeal to the EPA for a permit.Many landowners, especially farmers, have objected to the rule, which in some cases required them to apply for permits to use water that had already been in use on their land for years. Opponents also pointed out that some waterways covered under the rule were not always wet.This resistance led to legal challenges, and the rule was not fully implemented due to a stay <a href="https://www.washingtonpost.com/news/volokh-conspiracy/wp/2015/10/09/sixth-circuit-puts-controversial-waters-of-the-united-states-wotus-rule-on-hold/?utm_term=.8dd848ef6d46">issued by the Sixth Circuit Court of Appeals in 2015</a>.Trump's executive order will be the first to attack a major line item in Obama's environmental legacy (with the exception of the president's removal of blocks on several proposed oil pipelines). Other reversals of Obama-era environmental regulations have come from <a href="http://www.businessinsider.com/obama-trump-environment-policies-2017-2/#likely-to-be-eliminated-or-replaced-the-clean-power-plan-3">Congressional actions</a>. The expected order won't immediately do away with the rule, however - instead, it simply formalizes the administration's intent to roll back the regulation.As <a href="https://www.nytimes.com/2017/02/28/us/politics/trump-epa-clean-water-climate-change.html?smid=tw-share&amp;_r=0">The New York Times points out</a>, the order would have about the same weight as a phone call to EPA administrator Scott Pruitt. Actually taking the rule off the books could take months or years. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/city-under-ice-government-secret-could-poison-atlantic-2016-8">A forgotten 'city under the ice' holds a government secret that could poison the Atlantic</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Rwc3M4NTE6Yt77ljZYVl7DeqoHzOMFAX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Trump's new executive order could be a first step toward dismantling Obama's environmental legacy

New Delhi, Dynamic Cables Ltd has posted a 59 per cent rise in net profit at Rs 11.38 crore during the April-June quarter on account of higher income. The company had clocked a net profit of Rs 7.17 crore during the corresponding period of the preceding 2022-23 fiscal, the company said in a regulatory filing on Monday. The company's total income also rose to Rs 182.14 crore in the quarter under review, from Rs 158.51 crore in the year-ago quarter, a rise of 16 per cent. In a separate statement, company's Managing Director Ashish Mangal said, "We have reported strong numbers in the first quarter of FY24. The growth was driven by healthy demand for our products across domestic and export markets. "We foresee a healthy business environment and long-term demand growth for power cables driven by multiple macro tailwinds." During the April-June period, the Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin was at 11.3 per cent, as compared to 9 per cent in the same quarter of the previous year, the company said. As on June 30, the company's order book was at Rs 394 crore. Dynamic Cables Ltd has three manufacturing units in Rajasthan, where it manufactures power infra cables that includes LT, HT, EHVC, power control and instrumentation cables, flexible and industrial cables, solar cables and railway signalling cables.

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