<ul><li>With the stake sale, Ambit will gain access to Daiwa’s global network and be able to take its products and services to global markets.</li><li>On the other hand, Daiwa will also get an opportunity to utilise Ambit’s networks and expand its operations in India.</li><li>Through the partnership, both the companies will collaborate to serve global clients in institutional equities and equity capital markets, leveraging the Indo-Japan corridor. </li></ul>Japanese investment bank <keyword id="273776" type="General" weightage="20" keywordseo="Daiwa-Securities-Group" source="Orion">Daiwa Securities Group</keyword> on Monday said it will acquire a minority stake in Mumbai-based investment bank <keyword id="6583393" type="General" weightage="20" keywordseo="Ambit-Private" source="Orion">Ambit Private</keyword> that is led by <keyword id="113609" type="General" weightage="20" keywordseo="Ashok-Wadhwa" source="Orion">Ashok Wadhwa</keyword>. The financial details of the deal were not disclosed. With the stake sale, Ambit will gain access to Daiwa’s global network, which is one of the largest regional broking houses in the Asia-Pacific region, and will be able to further take its products and services to the global markets, according to a press release. Ambit will also leverage Daiwa’s institutional broking expertise. On the other hand, Daiwa will get an opportunity to utilise Ambit’s networks and expand its operations in India. “Similarly, Daiwa’s enhanced presence in India with Ambit as its local partner, will allow for clients to access deep domain knowledge, showcase focused India equity research, and therefore build a strong India franchise through the Ambit network,” the release said. Through the partnership, both the companies will collaborate to serve global clients in institutional equities and equity capital markets (IPO, public fund-raising and other related business), leveraging the Indo-Japan corridor. The deal, which was signed on April 26, 2023, will be carried out subject to completion of customary conditions precedent and obtaining regulatory approvals, as may be required. Seiji Nakata, president and chief executive officer of Daiwa, said that the company sees India as a strategically important country, which is expected to grow in the long run. “I’m pleased that Daiwa will be able to offer more investment opportunities to our clients with Ambit Group, thanks to this renewed business partnership,” he said. And considering that Ambit Group has dealt with securities businesses and non-banking finance company (NBFC) businesses, it enables them to provide the most proper solution to various client segments, he added. “We are delighted to partner with Daiwa in this new avatar. Having built a strong and mutually beneficial foundation with Daiwa over the years, I am confident that this continued relationship will be fruitful, not only to our clients, but also to both firms. We see India’s growth story blossoming and with Daiwa on board, investment avenues for clients, further open up. This is certainly a milestone in our journey that we will celebrate,” said Wadhwa, group CEO of Ambit. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/aditya-birla-fashion-and-tcns-clothing-merger-as-per-analysts-merger-was-not-necessary/articleshow/100074154.cms">Aditya Birla Fashion, TCNS Clothing’s shares tank on merger news; analysts say merger was not necessary</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-brokerages-looking-up-to-59-growth-in-one97-communications/articleshow/100070477.cms">Paytm shares surge 5% on sustained Q4 growth, brokerages see up to 59% upside</a>

Japanese investment bank Daiwa to buy minority stake in Ashok Wadhwa’s Ambit

<img class="gwt-Image" src="/photo/27835438.cms" /> If you think <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>’s prolonged search for the next <keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword> is getting a bit nutty, especially with a disgruntled <keyword id="62333" type="PERSON" weightage="60" keywordseo="Steve-Ballmer">Steve Ballmer</keyword> waiting on the sidelines to hand over the mantle, you are not far from the truth. But then, that is the actual state of the coveted C-Suite nowadays – volatile is the right word if you want to sum it up. There is no job security at the top and even the best performer for years can get redundant within the span of a few weeks. The issues could be many – right from <keyword id="646347" type="UNKNOWN" weightage="100" keywordseo="poor-performance">poor performance</keyword> to <keyword id="610960" type="UNKNOWN" weightage="100" keywordseo="business-restructuring">business restructuring</keyword> to alleged <keyword id="6375736" type="UNKNOWN" weightage="100" keywordseo="corruption-charges">corruption charges</keyword>. But the biggest factor is relevance, a perfect future-fit that can take companies ahead, according to <keyword id="67736" type="UNKNOWN" weightage="100" keywordseo="Industry-experts">industry experts</keyword>. In a difficult <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, companies are compelled to twist and turn to keep track of profitability and their requirements change accordingly. Hence, their leaders have to adapt, shape up or ship out, as the case might be. 
 India is no exception and business leaders across the country have been frequently ‘released’ by industry giants. Many of them leave with ‘immediate effect’ while others are on garden leave or worse still, waiting for their predecessors to turn up (just like Ballmer). Yet, most of the C-Suite executives are tight-lipped about their departures, at least here in India. We are yet to come across an announcement like the one made by <keyword id="384914" type="PERSON" weightage="60" keywordseo="Groupon">Groupon</keyword>’s founder and former CEO <keyword id="488139" type="PERSON" weightage="60" keywordseo="Andrew-Mason">Andrew Mason</keyword>. But exit happens all the same – be it discreet or blatant. Here’s a quick look at some of the top-notch C-Suite executives from India who parted ways with their respective companies in 2013, their official exit lines and what happened behind the scene.

Strife At The Top: These
11 C-Suite Execs From India
Were ‘Let Go’ In 2013

State-owned <keyword id="6357132" type="General" weightage="100" keywordseo="canara-bank" source="Orion">Canara Bank</keyword> on Monday reported a 74 per cent jump in March quarter consolidated net profit to Rs 3,336.51 crore, helped by higher core income and lower provisions. The Bengaluru-based lender had reported a net profit of Rs 1,918.80 crore in the year-ago period. For FY23, its post tax profit grew to Rs 11,254.75 crore from Rs 6,124.83 crore in FY22. In the latest March quarter, the lender's core net interest income grew 23 per cent to Rs 8,617 crore. This was due to a 17 per cent growth in advances and a 0.14 per cent expansion in the net interest margin to 3.07 per cent. Its other income grew 7 per cent to Rs 4,776 crore but was also hit by a 72 per cent decline in the <keyword id="6374832" type="General" weightage="50" keywordseo="treasury" source="Orion">treasury</keyword> income. Canara Bank's managing director and chief executive <keyword id="16066081" type="General" weightage="50" keywordseo="k-satyanarayana-raju" source="Orion">K Satyanarayana Raju</keyword> said the bank will aim to grow its overall loan book in double-digit in FY24, and denied it being a moderation, saying the lender believes in over-delivering. <keyword id="6358486" type="General" weightage="80" keywordseo="raju" source="Orion">Raju</keyword> said the bank registered a corporate loan book expansion of over 20 per cent in FY23, and has a sizeable pipeline of loans in various sectors like infrastructure where it is witnessing a healthy demand. According to him, loans worth Rs 22,000 crore have been sanctioned for various projects that are yet to start. Contrary to some sections of the industry, which is witnessing an impact in home loan demand due to the rising interest rates, Raju said the bank is not experiencing any such trend and is aiming to better on the 14 per cent growth observed in FY23. Interestingly, Raju said the demand has held up well in the affordable or lower-priced loans segment, and added that it would like to increase penetration in the premium segment where the ticket size is over Rs 2 crore. The bank reported an improvement in the asset quality with the gross non-performing assets ratio improving to 5.35 per cent from 7.51 per cent in the year-ago period and 5.90 per cent three months ago. Its overall provisions reduced to Rs 3,097.61 crore from the Rs 3,727.34 crore in the year-ago period, which helped the overall profits. Canara Bank's overall capital adequacy stood at 16.68 per cent as of March 31, 2023 and Raju said it will not be needing an equity capital raise for up to the next two years. The lender's overall network stood at 9,706 branches, and its board has decided to put up 250 more branches in FY24 to bolster the share of the low-cost current and savings accounts deposits, Raju said, adding that branch rationalisation will also continue simultaneously. The CASA (Current Account Savings Account) deposit share declined and the overall deposit growth also trailed at over 8 per cent. Raju said the slower deposit accretion is part of a strategy to increase the credit to deposit ratio. The bank's board has recommended a dividend of Rs 12 per share. Shares of the bank declined 1.63 per cent to Rs 313.35 apiece on the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> on Monday as against a gains of 1.16 per cent in the benchmark index Sensex. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/japanese-investment-bank-daiwa-to-buy-minority-stake-in-ashok-wadhwas-ambit/articleshow/100077122.cms">Japanese investment bank Daiwa to buy minority stake in Ashok Wadhwa’s Ambit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/nlc-india-board-approves-raising-up-to-5000-crore-via-bonds/articleshow/100077274.cms">NLC India board approves raising up to ₹5,000 crore via bonds</a>

Canara Bank consolidated net profit jumps 74% to ₹3,337 crore in March quarter

New Delhi, Mar 25 () The nationwide lockdown for next 21 days amid spread of coronavirus will severely impact residential real estate as housing sales have almost come to a standstill, which could affect builders' cash flow and lead to default in repayment of bank loans, according to property developers and consultants. Market experts also fear that existing customers might delay payments of their instalments to developers, who in turn could default in repayment of principal and interest on bank loans. Developers may hold on to apartment rates, but prices in the secondary or resale market could fall, they said. To mitigate the impact, developers and brokers are adopting digital marketing tools to reach out to prospective home buyers. When contacted, realtors' apex body CREDAI President Satish Magar said the lockdown will greatly impact the sales transactions and new launches will be deferred. "There are chances of many customers defaulting on their instalments because of tough economic conditions. These will have a cascading effect on developers-who will be battling with servicing their debts as cash inflows will be strained," he added. NAREDCO President Niranjan Hiranandani said overall sales numbers have dropped. The lockdown has opened up opportunities for digital platforms for sales and marketing activities, as also payments, he said. Bengaluru-based Puravankara MD Ashish R. Puravankara said: "At this point, no property registrations are taking place and all new project launches are postponed". As all construction sites are under lockdown, there will be a delay in completion leading to an increase in the interest cost, he added. "Additionally the lockdown could hamper the cash flow cycle of the developers' balance sheets and could result in bank defaults", said Ashish. Anarock Chairman Anuj Puri said the lockdown will have a negative impact on housing sales and new launches during the auspicious festivals of Gudi Padwa, Akshaya Tritiya, Navratri and Ugadi. "This is a time when AV technology to enable virtual site visits and walk-throughs will gain increased relevance and use," he said. Anshuman Magazine, Chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE said: "It is too early to comment on the impact of Covid 19 given that the situation is still evolving ... We are confident that once the situation normalises, sales will resume". Dhruv Agarwala, Group CEO, Housing.com and PropTiger.com, said the lockdown will have an adverse impact on real estate. "We too have begun to see a dip in traffic on all our platforms," he said, adding that the company has come out with innovative schemes for builders and brokers to advertise on its websites. Siva Krishnan, MD (Residential Services and Developer Solutions), JLL India said the lockdown will definitely have an impact on housing sales, but briefly. Shalin Raina, MD- Residential Services, Cushman and Wakefield, said the complete lockdown means lesser sales since most of the transaction closures happen only after site visits. Housing prices have corrected by 15-20 per cent in the last few years and further decline is unlikely, Raina said. Savills India CEO Anurag Mathur said: "Housing sales may see a sharp dip for at least the next one quarter... Even if the situation settles down quickly, it may take time for homebuyers to come back to the market." "Price elasticity is not a concern under the circumstances since the transaction activity is at a standstill anyway. Depending upon the duration and depth of the current crisis, prices may or may not see a downward movement," he said. Omaxe CEO Mohit Goel said the recovery in the housing segment has been halted. "As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted," he said. Gaurs' MD Manoj Gaur said, "The sales are impacted, but it is temporary." Supertech Chairman R K Arora said, "housing sales have completely gone". There are no buyers in the market. Pune-based Gera Developments MD Rohit Gera said, "Real estate sales are at a standstill. So far there has not been any reduction or crash in prices of homes." "In the absence of some relief from the government, more real estate developers with debt obligations will default on account of the stop in cash flows thereby impacting the economy and jobs," he added. M3M Director Pankaj Bansal said housing sales would get impacted during this period of crisis, but it would also create a pent up demand once things get back to normal. Experion Developers Senior ED Ananta Singh Raghuvanshi said, "Sales closures are temporarily getting pushed ahead. Prices won't change." Raheja Developers ED Nayan Raheja said the sales and construction are badly impacted and at standstill. ABA Corp Director Amit Modi said the sales velocity has definitely been slow. Gulshan Homz Director Deepak Kapoor said, "People are deferring property buying decisions." PropEquity MD Samir Jasuja said: "For the real estate sector, this is a tough situation as it was just finding green shoots of recovery. We believe for the next few weeks, we will not see any new transactions for housing sales". Ambience President (Sales &amp; Marketing) Ankush Kaul said: "Housing sales will be impacted for the next few weeks." Ekta World Chairman Ashok Mohanani said the lockdown has affected the business cycle deeply. Wadhwa group, Head - Sales, Marketing Bhasker Jain said the lockdown has impacted sales and the company is offering cashback on online bookings. Brokerage firm 360 Realtors Ankit Kansal said the activities have come to a standstill after lockdown. Sales were down by 30-40 per cent during the first three weeks of March. Investors Clinic Founder Honeyy Katiyal said sales would be impacted but not the price. Wealth Clinic CMD Amit Raheja said, "It will hamper sales to a large extent, but we expect a good turnaround once the situation returns to normalcy." MJH MRMR

You Searched For "Ashok Wadhwa" and got 4 results

Japanese investment bank Daiwa to buy minority stake in Ashok Wadhwa’s Ambit

Bhakti Makwana

Strife At The Top: These 11 C-Suite Execs From India Were ‘Let Go’ In 2013

Sanghamitra Mandal

Canara Bank consolidated net profit jumps 74% to ₹3,337 crore in March quarter

PTI

Nationwide lockdown to impact housing sales, say realtors

PTI