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<keyword id="15368544" type="General" weightage="20" keywordseo="nhais-infrastructure-investment-trust" source="Orion">NHAI's Infrastructure Investment Trust</keyword> (InvIT) <keyword id="6355663" type="General" weightage="20" keywordseo="non-convertible-debentures" source="Orion">Non-Convertible Debentures</keyword> was listed on the <keyword id="43628" type="General" weightage="20" keywordseo="bombay-stock-exchange" source="Orion">Bombay Stock Exchange</keyword> on Friday. Union Minister of Road Transport and Highway Nitin Gadkari on Friday said, "Today is a historic day and I feel very happy that we could finally give the Retail Investors (retired citizens, salaried individuals, small and medium business owners) an opportunity to participate in the Nation-Building activity. The minimum investment slab is just Rs 10,000." Gadkari informed that 25 per cent of NCDs has been reserved for Retail Investors. "The listing of InvIT NCDs on Bombay Stock Exchange is historic as it marks the new dawn for People's Participation (Jan-Bhagidaari) in Infra Funding. We have reserved 25 per cent of NCDs for Retail Investors. The round 2 of InvIT has been oversubscribed almost 7 times in just 7 hours of its opening. It offers an effective yield of 8.05 per cent per annum with highest credibility." Huge investments in infrastructure, especially roads, are crucial to the socio-economic development of our country, the minister said. "InvIT Bonds are a great opportunity to realize PM Narendra Modi Ji's vision of #AatmanirbharBharat. Huge investments in infrastructure, especially roads, are crucial to the socio-economic development of our country &amp; I'm confident that more retail investors will take part in next rounds and gradually overtake institutional investors," he added. Earlier, the Ministry had said that the second round of InvIT has been oversubscribed almost 5 times in 10% of the scheduled tenure. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/fired-twitter-ceo-parag-agarwal-takes-home-38-7-million-as-payout/articleshow/95137361.cms" style="">Fired Twitter CEO Parag Agarwal takes home $38.7 million as payout</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/walmart-netflix-partner-to-expand-hub-experience-to-more-viewers/articleshow/95136485.cms" style="">Walmart, Netflix partner to expand Hub experience to more viewers</a>

NHAI InvIT Non-Convertible Debentures listed on BSE

Capital markets regulator <keyword id="35210" type="General" weightage="100" keywordseo="sebi" source="Orion">Sebi</keyword> on Thursday extended the timeline till March 15, for submission of public comments on a proposal pertaining to higher responsibility for sponsors of investment vehicles - <keyword id="11931834" type="General" weightage="20" keywordseo="reits" source="Orion">REITs</keyword> and InvITs. The regulator had put in place a consultation paper on holding of sponsors in <keyword id="162545" type="General" weightage="80" keywordseo="real-estate-investment-trust" source="Orion">Real Estate Investment Trust</keyword> (REITs) and <keyword id="2584560" type="General" weightage="80" keywordseo="infrastructure-investment-trust" source="Orion">Infrastructure Investment Trust</keyword> (InvITs) on February 23 and sought public comments on the same by March 8. "It has been decided to extend the timeline for submission of comments to March 15, 2023," the <keyword id="6355630" type="General" weightage="80" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (Sebi) said in a public notice. In its consultation paper, the regulator proposed changes to rules governing REITs and InvITs whereby sponsors will be required to own a certain percentage of units in these investment vehicles. The changes were proposed keeping in mind the interest of unit holders and the structural vulnerabilities associated with the absence of a sponsor for REITs and InvITs. The watchdog suggested that the sponsors of REITs/InvITs should hold 15 per cent of the capital for a period of three years from the date of listing as there is no mandatory unit holding requirement after three years. It was also proposed to mandate sponsors to hold 5 per cent of the unit capital after 3-5 years, 3 per cent from 5-10 years, 2 per cent from 10-20 years and 1 per cent after 20 years. As per Sebi, the REIT/InvIT industry is in a nascent stage and continuously evolving, there is a need to have at least one sponsor throughout the life of the investment managers. REITs and InvITs are relatively new investment instruments in the Indian context but are extremely popular in global markets. While a REIT comprises a portfolio of commercial real assets, a major portion of which is already leased out, InvITs comprise a portfolio of infrastructure assets, such as highways and power transmission assets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-gross-savings-and-investments-edge-higher-in-fy22-despite-inflation-says-sbi-research-report/articleshow/98444014.cms">India’s gross savings and investments edge higher in FY22 despite inflation, says SBI Research report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/nclt-approves-suraksha-groups-bid-for-jaypee-infratech/articleshow/98476892.cms">NCLT approves Suraksha group's bid for Jaypee Infratech</a>

SEBI extends deadline till Mar 15 to submit public comments on proposal on REITs, InvITs sponsors

A unit of <keyword id="6437412" type="General" weightage="20" keywordseo="Qatar-Investment-Authority" source="Orion">Qatar Investment Authority</keyword>, <keyword id="119583" type="General" weightage="20" keywordseo="SBI-Mutual-Fund" source="Orion">SBI Mutual Fund</keyword>, and foreign investment funds <keyword id="6354527" type="General" weightage="20" keywordseo="Nomura" source="Orion">Nomura</keyword> and <keyword id="44473" type="General" weightage="20" keywordseo="Citigroup" source="Orion">Citigroup</keyword> were the biggest buyers of shares in <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="267" meta.entityid="Adani Group">Adani group</keyword>'s <keyword id="22661797" type="General" weightage="20" keywordseo="power-transmission-unit" source="Orion">power transmission unit</keyword>'s USD <keyword id="22661798" type="General" weightage="20" keywordseo="1-billion-QIP" source="Orion">1 billion QIP</keyword>, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of <keyword id="19964750" type="General" weightage="20" keywordseo="Adani-Energy-Solutions" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Energy Solutions" meta.hostid="267" meta.entityid="Adani Energy Solutions">Adani Energy Solutions</keyword> Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Billionaire <keyword id="22623487" type="General" weightage="20" keywordseo="Stanley-Druckenmiller" source="keywords">Stanley Druckenmiller</keyword>'s family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs 976 per share, reflecting a discount of Rs 51.11 (4.98 per cent) to the floor price of Rs 1,027. Giving details of allottees who got more than 5 per cent of shares, it said INQ Holdings LLC, a wholly-owned subsidiary of QIA, cornered 15 per cent of the shares sold. Two Mauritius funds of Citigroup bought 8.88 per cent of the shares sold while four SBI funds - SBI Infrastructure Fund, SBI Large &amp; Midcap Fund, SBI Long term Advantage Fund Series IV and SBI Magnum Children's Benefit Fund - together took home 7.93 per cent of the shares. Nomura Singapore Ltd ODI cornered 7.5 per cent of the shares, the filing showed. INQ had in August last year acquired nearly 2.7 per cent in Adani Green Energy Ltd - the renewable energy firm of the conglomerate run by billionaire Gautam Adani. In 2020, it had acquired a stake in Adani Electricity Mumbai Ltd, a subsidiary of AESL. The AESL QIP last week was oversubscribed six times and fetched demand of over Rs 50,000 crore against an issue size of USD 1 billion. <keyword id="22636516" type="General" weightage="20" keywordseo="Duquesne-Family-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="Duquesne Family Office" meta.hostid="267" meta.entityid="Duquesne Family Office">Duquesne Family Office</keyword> and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - bought shares but AESL did not disclose the exact number of shares they bought since these were less than 5 per cent of the issue size, sources said. The QIP issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance. These investors are known for investing only in companies with high governance and are known for staying invested for decades. The QIP was the first public equity raise by the conglomerate since a damning Hindenburg report last year wiped away billions in shareholder value. The demand generated made the AESL QIP the largest in the energy space. Duquesne was founded by billionaire Stanley Druckenmiller, who along with George Soros in 1992 broke the Bank of England by shorting the British pound, leading to its crash and earnings over a billion dollars. Adani Group has a history of introducing several long-only investors in the market. In the past years, it has brought large investors including GQG Partners and International Holding Company (IHC) besides QIA. Other major global names that participated in the QIP include Blackrock, Jupiter Asset Management, and Eastspring. Domestic mutual funds that have participated included HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, LIC, WhiteOak, 360One among others. Insurance companies including SBI Insurance, SBI Pension and ASK Asset Management have also participated, according to sources. QIP is an instrument used by listed companies to raise funds from large institutions. The fundraise is the first after Adani group's flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation. Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out. While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon. Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore. The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances. The group had tapped the dollar bond market in March this year - the first time since the Hindenburg report - when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion.

Qatar Investment Authority unit, SBI funds, Citigroup biggest buyers in Adani Energy's USD 1 billion QIP

<ul class="summary-list"><li>A CrowdStrike software issue caused a <a target="_blank" class="" href="https://www.businessinsider.com/mass-it-outage-companies-operations-airlines-affected-microsoft-crowdstrike-2024-7">global Microsoft IT outage,</a> disrupting a number of industries.</li><li>Experts warn the incident highlights the fragility of tech systems and AI's potential risks.</li></ul>The massive IT outage that rocked companies around the world highlights just how deeply intertwined society and the systems powering it are with Big Tech — and how a single misstep can trigger widespread chaos.It also exposes the fragility of those systems and raises the question: Does Big Tech deserve our trust to properly safeguard a technology as powerful as AI?The <a target="_blank" class="" href="https://www.businessinsider.com/major-disruptions-airline-bank-london-stock-exchange-microsoft-outage-2024-7">software issue occurred an update from cybersecurity firm CrowdStrike</a> on Friday, and it resulted in a Microsoft IT outage that disrupted airlines, banks, retailers, emergency services, and healthcare providers around the world. A software fix has been deployed, according to CrowdStrike, but many systems were still offline on Friday as companies grappled with bringing their services back online, some of which required manual updates.<a target="_blank" class="" href="https://www.businessinsider.com/gary-marcus-openai-skeptic-wants-sam-altman-chatgpt-force-good-2024-6">Gary Marcus</a>, an AI researcher and founder of Geometric Intelligence, a machine learning AI startup acquired by Uber in 2016, told Business Insider that the Microsoft-CrowdStrike outage should be a "wake-up call" to consumers — and that the impact of a similar issue with AI would be tenfold."If a single bug can take down airlines, banks, retailers, media outlets, and more, what on earth makes you think we are ready for AGI?" Marcus <a target="_blank" class="" href="https://x.com/GaryMarcus/status/1814297728039743875">wrote</a> in a post on X.AGI, also known as artificial general intelligence, is a term for a version of AI that can achieve human capabilities like reasoning and judgment. <a target="_blank" href="https://www.businessinsider.com/openai-cofounder-agi-coming-fast-needs-limits-john-schulman-2024-5">OpenAI cofounder John Schulman</a> previously predicted it was just a few years away.Marcus, who has been critical of OpenAI in the past, told BI that could prove to be problematic with the current systems in place, and consumers are handing over enormous amounts of power to Big Tech companies and AI.Dan O'Dowd, founder of safety advocacy group, The Dawn Project, has campaigned against Tesla's self-driving systems. He told BI that the situation with CrowdStrike and Microsoft is a reminder that critical infrastructures are not secure enough or reliable. He said Big Tech companies evaluate systems based on if they work "pretty well most of the time," because there's a rush to get products to market.Some of that has already been made apparent when it comes to AI.<a target="_blank" class="" href="https://www.businessinsider.com/ai-dump-announcements-feels-never-ending-gartner-analyst-2024-5">Companies across the board have released a deluge of AI products</a> and offerings in the last six months, some of which have begun to transform how people work. But the AI models, which are prone to hallucination, have also spit out some well-publicized errors along the way, like Google's AI Overviews, which <a target="_blank" class="" href="https://www.businessinsider.com/google-search-ai-overviews-glue-keep-cheese-pizza-2024-5">told users to eat pizza with glue,</a> or Gemini's inaccurate portrayals of historical people.Companies have also taken turns announcing <a target="_blank" class="" href="https://www.businessinsider.com/big-tech-keeps-messing-up-ai-releases-microsoft-google-adobe-2024-6">flashy new products and then delaying or rolling them back</a> because they weren't ready — or when public launches reveal issues. OpenAI, Microsoft, Google, and Adobe have all rolled back or delayed AI offerings this year as the AI race heats up.While some of these mistakes or product delays may not seem like a big deal, the potential risks could be more severe as technology advances.The US Department of State commissioned a risk assessment report on AI, which was published earlier this year. The report indicated <a target="_blank" class="" href="https://www.businessinsider.com/ai-report-risks-human-extinction-state-department-expert-reaction-2024-3">AI poses a high risk of weaponization,</a> which could take the form of biowarfare, mass cyber-attacks, disinformation campaigns, or autonomous robots. The results could lead to "catastrophic risks" including human extinction, the report said.Javad Abed, assistant professor of information systems at Johns Hopkins' Carey Business School, told Business Insider that incidents like the Microsoft-CrowdStrike outage continue to occur because companies still view cybersecurity as a "cost rather than a necessary investment." He said big tech companies should have alternative vendors and a multi-layered defense strategy."Investing an additional million dollars in such a critical aspect of cybersecurity is far more prudent than facing the potential loss of millions later," Abed said. "Along with continuous damage to reputation and customer trust."Public trust in institutions has <a target="_blank" class="" href="https://www.brookings.edu/articles/how-americans-confidence-in-technology-firms-has-dropped-evidence-from-the-second-wave-of-the-american-institutional-confidence-poll/">steadily declined</a> for the past five years, according to a 2023 study by the Brookings Institution, a nonprofit public policy organization. This erosion of confidence is particularly pronounced in the technology sector. Big Tech companies, including Facebook, Amazon, and Google, saw the sharpest drop in trust, with an average decline in confidence ratings of 13% to 18%, according to Brookings.That trust is likely to continue to be tested as both consumers and the workers at the companies impacted by the IT outage face the reality of how a software update gone wrong can cause things to come to a screeching halt.Sanjay Patnaik, a director at the Brookings Institution, told BI the government has dropped the ball and failed to properly regulate social media and AI. Without adequate defenses in place, the technology could become a national security threat, he said.Big Tech companies have had "free rein," Patnaik said. "And today is a day companies are starting to realize that."Marcus agreed that companies can't be trusted on their own to build reliable infrastructure and the outage should be a reminder that "we're playing double or nothing when we allow AI systems to be unregulated."

The Microsoft-CrowdStrike outage could spur a Big Tech trust reckoning and threaten tech giants' plans for AI

<ul class="summary-list"><li>Ratchel Pinlac and her husband decided to build a vacation home in Tulum while on holiday there.</li><li>The couple found a local realtor and worked with a developer to customize their dream house.</li></ul>This as-told-to essay is based on a transcribed conversation with Ratchel Pinlac, the CEO of <a target="_blank" class="" href="https://affiliate.insider.com?h=7aac24f5e93192dc73f05b60143d7d011b598f55cbe27b7431008379a12ef9c7&amp;postID=66c6fa567d61a86c18715f65&amp;postSlug=built-vacation-house-tulum-mexico-airbnb-investment-2024-8&amp;site=bi&amp;u=https%3A%2F%2Fwearpinsy.com%2Fen-gb">a shapewear brand</a> who lives in California, about building a vacation home in Tulum, Mexico. Business Insider verified the property financials with documentation. The following has been edited for length and clarity.My husband and I first visited Tulum in 2018. We noticed that the hotels were expensive: you get a tiny room that doesn't have electricity because it's supposed to be rustic — but it costs $600 a night. There was also a lot of construction happening, specifically near the beach. It was mostly condos, vacation homes, and developments. We got the vibe that Tulum was about to take off.We found out they were building an international airport in Tulum and a train that goes from Tulum to Cancún in 30 minutes when usually it's a two-and-a-half-hour drive.<h2 id="5f82370c-e70c-47f6-8ddd-bf24e56cb6ad">We found a local realtor on our 2nd visit to Tulum</h2>During our second vacation in 2021, we began to think about buying a house in Tulum. Toward the end of the trip, we started looking at realtors in the area.A lot was coming to Tulum, and we saw an economic opportunity to build our holiday home there cheaply and to be able to rent it out for a high price. The project cost about $350,000, which we paid for using our savings from years of work.<div type="image" title="A house in Tulum with two pools and minimal design" height="3600" width="2700" msid="112712024" hostid="261" sizebytes="1337830"></div>We found a local realtor with good reviews and met up with him while still on our trip. He took us to several developments being built or selling their final units. We liked the idea of building something from scratch so we could add customizations.The realtor also showed us a website where developers can post projects. One developer was building four homes, and he was flexible about customizing the building, which appealed to us. We showed him to the realtor, who validated that the builder was established in Tulum and the project was legitimate.<h2 id="04a0be6f-7133-461b-b90f-837d4cc73bb1">We loved being able to customize our home</h2>The developer had a plot of land in <a target="_blank" href="https://tulumrealestate.org/area/region-15/">Region 15</a> — a neighborhood between downtown and the beach zone — and had already carved out what size of home would be on each plot. There were four houses, and the house design was based on square footage. It would be a 2,600-square-foot home with three stories, three bedrooms, and two pools. He already had an initial design, and we just heavily customized the house to fit what we wanted.I wanted an infinity-type pool because I thought it would be Instagrammable. I also wanted arches and big windows. I don't have a design background; we did it all through Google Slides. <div type="image" title="Bird's eye view of Tulum house with two pools." height="2700" width="3600" msid="112712026" hostid="261" sizebytes="1371590"></div>They said it would take a year, and it ended up taking about a year and a half. There was a lot of back-and-forth, but overall, it was a fairly smooth process.We visited twice while it was being built to check the progress. As both self-employed business owners, it was easy for us to travel and keep an eye on the development.<h2 id="47b5037b-b53c-4a38-90b7-6e68d226801c">Pros and cons of building a house in Tulum </h2>We got into the Tulum market early. It hasn't fully developed yet, so there were a lot of unofficial extras with the builders. For example, they added a custom bathtub, made the pool bigger, and made the windows a lot bigger, all without extra fees. I think when people are just starting their business like these developers are, they're loose in that way.<div type="image" title="Living room with cream furnishing in Tulum vacation house." height="2400" width="3600" msid="112712025" hostid="261" sizebytes="742978"></div><div type="image" title="Bathroom of Tulum vacation house" height="2400" width="3600" msid="112712033" hostid="261" sizebytes="464866"></div>The language barrier was stressful. My husband speaks Spanish, which made it easier, but he even struggled to understand what the developers told us. Luckily, our realtor who was bilingual managed the communication and held the builders accountable.Certain things got lost in translation. For example, we picked a finish for the walls that they also put on the floor, so we had to get them to try to sand it down because it made the floor look dirty. But overall, we were super happy.<div type="image" title="bedroom of Tulum vacation house" height="2400" width="3600" msid="112712035" hostid="261" sizebytes="377264"></div>The downside of building a holiday home in Tulum is that there is so much construction around it because it's a developing area.We want to Airbnb the property when we're not there, and we haven't been able to rent it out to its maximum potential. Airbnb guests complained about the noise and the drilling, so we're holding off on promoting it. Hopefully, all the building will settle down in a year.As an investor who owns a place, I want Tulum to get more developed so we can make the money back. I think it is growing pretty quickly. But there are still issues with basic infrastructure. For example, the power keeps going out across the area. The internet is a little slow. It's a five-minute drive from the nearest supermarket, but it's not walkable.With Tulum, you can keep that rustic feel in the jungle, even if it is developed. But with people coming from Canada, the UK, and the US, you need decent internet.<div type="image" title="Kitchen of Tulum vacation house" height="2400" width="3600" msid="112712030" hostid="261" sizebytes="499808"></div><h2 id="9d01f61c-683b-4be2-b90e-cc4c27518a9d">If you're building in Tulum, find a local realtor and support the local businesses</h2>We've spoken to different locals about the developments, and they said they like the tourists because of the economic value they bring. Many people on the outside have commented to us like, "Oh, you're colonizing." But more development and tourism helps the local economy. For example, restaurants are a lot busier.We lean on the local people to help with property management. The contractors and housekeepers are local people. We recommend local places to eat to Airbnb guests rather than sending them to the hotel zone.<div type="image" title="Pool and deck on the roof of Tulum house." height="1645" width="2467" msid="112712031" hostid="261" sizebytes="428416"></div>In Mexico because a lot of the builders also don't speak English, you ideally want a realtor that speaks Spanish and English. I don't think we would have done it had we not had a realtor.My advice to people considering building a holiday home in Tulum is to find a reputable real estate agent. You have to trust that person and look at their credentials because you can easily get duped and get your money taken. We paid mostly in cash, wiring the money over, so getting scammed was a bit of a concern. We'd chosen a reputable builder and realtor so these were really minor worries.The realtor also sticks up for you during the building process. If I told him it was not what we wanted, he'd go out to bat for us.

We built our vacation home in Tulum, Mexico, for $350,000. Investing in the market early has pros and cons.     

<ul class="summary-list"><li>Some economists and strategists are increasingly confident that the US economy will avoid recession.</li><li>However, Zehrid Osmani is raising his recession odds over the threat of rising inflation.</li></ul>After a blowout <a target="_blank" class="" href="https://www.businessinsider.com/strong-september-jobs-employment-exceed-expectations-soft-landing-inflation-investing-2024-10">September jobs report</a>, market confidence in the US economy heightened. Goldman Sachs' chief economist Jan Hatzius lowered his recession odds from 20% to 15%, for example, citing low unemployment and strong GDP growth.Not everyone agrees with the top investment bank and market consensus, though.Zehrid Osmani, a portfolio manager at the $21 billion investment manager Martin Currie, has actually increased his recession odds. Currie now sees the likelihood of a downturn at 35%-40%, up from 20%-25%.Although a recession isn't Osmani's base scenario, his biggest concerns are persistent <a target="_blank" class="" href="https://www.businessinsider.com/inflation-fed-powell-mistake-1970s-runaway-stagflation-unemployment-interest-rates-2024-10">inflation</a> and increasing geopolitical tensions.First, inflation hasn't fully cooled, which could hamper the schedule of the Federal Reserve's rate cuts.Indeed, the latest CPI report hints that the inflation battle hasn't been decisively won, with prices rising 2.4% in the last 12 months through September, slightly above the 2.3% that economists were predicting.Osmani is keeping his eye out for one specific area: wage inflation."The vast majority of inflation comes from wage inflation in the medium term, and if you look at wage inflation, it remains somewhat elevated," Osmani said.The inflation problem isn't just confined to the US, either. It's an issue that has ramifications for the global economy. "You're looking at 4% to 5% inflation both in Europe and the US, closer to 6% in the UK," Osmani said.Geopolitical conflict is contributing to elevated inflation as well. The Russia-Ukraine war has complicated global supply chains, impacting food and energy prices. The escalating Israel-Hamas conflict has led to higher ocean shipping costs.Technology — specifically AI development — is also fueling geopolitical tensions. Osmani believes AI will increasingly become critical to corporate competitiveness, resulting in increased technological conflict. And with AI shaping up to be a trillion-dollar industry in the next decade, the stakes are high.US-China tensions are escalating over Taiwan, home to the world's largest semiconductor foundry, Taiwan Semiconductor Manufacturing Company. Taiwan produces over 90% of the world's most cutting-edge semiconductors, making it an important interest for any country or company looking to stay ahead in the AI race.In this environment, heightened uncertainty caused by these geopolitical tensions will continue to send shock waves through the market, according to Osmani. He expects the market to remain volatile for the near future.Lastly, leading indicators, especially manufacturing indicators, have been lukewarm, Osmani said.Manufacturing in the US has been on a steady decline. The sector contracted in September for the sixth month in a row, with an ISM manufacturing index reading of 47.2. A value below 50 indicates a pullback in manufacturing activity.With the Manufacturing ISM hovering at or below 50 for almost the last two years, Osmani sees a heightened risk for recession.<h2 id="55dd934c-9292-431d-8097-3486adb7388b">Where to invest</h2>Investors shouldn't panic at the possibility of a recession, according to Osmani."If there were to be a recession, we think it would be shallow and short-lived," Osmani said. "If you look at the balance sheets of the private sector, both corporates and households, they remain very solid."The companies best-equipped to deal with this period of economic uncertainty are ones with resilient earnings growth, solid balance sheets, and exposure to long-term structural growth themes in the areas of energy transition, aging population, and AI, according to Osmani.Osmani sees what he calls "seismic thematic shifts" in these areas. With over 16% of the world population reaching 65 or older by 2050, an aging population will drive demand for more robust healthcare infrastructure. Semiconductors powering the AI revolution will remain critical as the technology advances, and the industry has successfully monetized upon surging AI demand thus far. And Osmani sees potential for parts of the market driving the energy transition, such as alternative energy and electric vehicles.His top picks include Nvidia (<a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock">NVDA</a>), Microsoft (<a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock">MSFT</a>), chemical company Linde plc (<a target="_blank" href="https://markets.businessinsider.com/stocks/lin-stock">LIN</a>), and industrial manufacturing company Atlas Copco (<a target="_blank" href="https://markets.businessinsider.com/stocks/atlcy-stock">ATLKY</a>). They are all constituents of the Martin Currie Global Portfolio Trust.

A portfolio manager at a $21 billion firm warns the odds of a recession have risen to 40% from 20% as inflation and geopolitical concerns surge — and shares where he's investing

<ul><li>The finance bill has brought the debt repayment component of distribution income by <keyword id="11931834" type="General" weightage="20" keywordseo="reits" source="Orion">REITs</keyword> and <keyword id="6425787" type="General" weightage="20" keywordseo="InvITs" source="Orion">InvITs</keyword> under tax.</li><li>However, only a small portion of the amount will attract tax as the taxed amount will be calculated after deducting the cost of acquisition of units at the time of sale of units.</li><li>With this, analysts are positive REITs and InvITs and consider it as an attractive investment product.</li></ul>One of the major amendments in the finance bill softened the tax impact on unitholders of <keyword id="6425721" type="General" weightage="20" keywordseo="Real-Estate-Investment-Trusts" source="Orion">Real Estate Investment Trusts</keyword> (REITs), and Infrastructure Investment Trust (InvITs). REIT is an investment product that lets you invest in real estate without buying an actual property. REITs are companies that own commercial real estate such as office buildings, retail spaces, apartments and hotels and tend to pay high dividends. InvITs are the same, but invest in infrastructure assets instead. The finance bill has brought the debt repayment component of distribution income by REIT and InvIT under tax. Now only a portion of the amount will attract tax as the taxed amount will be calculated after deducting the cost of acquisition of units at the time of sale of units. “The amendment to the Finance Bill has led to moderation in tax incidence for repayment of capital, as the same would now be reduced from the cost of acquisition to the extent of issued capital. The amended stance substantially reduces the tax incidence, as a capital gains tax at the point of sale rather than marginal tax rate on receipt of payment,” said a report by Kotak Institutional Equities. With this, analysts are positive REITs and InvITs and consider it as an attractive investment product. Prior to the union budget FY24, the unit holder was not taxed on dividend distribution and return on capital, only the interest income was taxed at the marginal tax rate, said analysts at JM Financial. “Finance Bill 2023 has proposed that the tax will be levied on the distributed proceeds net of issue price (capital) in the hands of the REIT/InvIT unit holders, making the capital distribution tax free for an extended period of time, thus improving post-tax yield. This new amendment increases the relative attractiveness of REITs / InvITs as the major taxation overhang is removed. However, the proceeds will be taxed at slab rates and not as capital gains (10% on long-term gains and 15% on short-term gains),” said a report by JM Financial. A report by Kotak Institutional Equities says they are positive on the sector as “leasing momentum continues to be strong and current REIT prices imply attractive FY2024E yields of 7-8%. We remain positive on the sector.” The proposed amendment is largely in line with the representations made by the industry to the government. Commercial real estate in top Indian cities in 3QFY23 saw the second-highest quarterly gross absorption in the past 10 years at 20 million square feet. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/fashinza-raises-30-million-from-mars-growth-capital-and-liquidity-group/articleshow/99057241.cms">Fashinza raises $30 million from Mars Growth Capital and Liquidity Group</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-tumble-eroding-53291-crore-market-capitalisation-today/articleshow/99057169.cms">Adani group stocks tumble, eroding ₹53,291 crore market capitalisation: All ten stocks in red</a>

REITs and InvITs become attractive after major taxation overhang removed

<ul><li><keyword id="6354544" type="General" weightage="80" keywordseo="kkr" source="Orion">KKR</keyword> has launched HIT, which is its third investment infrastructure investment trust, in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>.</li><li>HIT’s initial portfolio comprises six road assets with a total length of more than 450 kilometers across six states in India.</li><li>The platform seeks to invest in and also acquire highway assets.</li></ul>Global investment company <keyword id="150061" type="General" weightage="20" keywordseo="Kohlberg-Kravis-Roberts" source="Orion">Kohlberg Kravis Roberts</keyword> (KKR) launched a third infrastructure investment trust in India, which is dedicated to the roads sector. Called the <keyword id="14513770" type="General" weightage="20" keywordseo="Highways-Infrastructure-Trust" source="Orion">Highways Infrastructure Trust</keyword> (HIT), this will add to KKR’s infra trust portfolio that comprises <keyword id="10737319" type="General" weightage="20" keywordseo="Virescent-Renewable-Energy-Trust" source="Orion">Virescent Renewable Energy Trust</keyword> and <keyword id="4511705" type="General" weightage="20" keywordseo="India-Grid-Trust" source="Orion">India Grid Trust</keyword>. “HIT’s launch is a significant milestone for KKR’s India infrastructure strategy as we deepen our presence in the market. Highways and roads play a critical role in driving India’s economic prosperity and connecting its citizens, and we look forward to enabling further infrastructure creation and expansion as transportation demands continue to grow,” said <keyword id="201167" type="General" weightage="50" keywordseo="hardik-shah" source="Orion">Hardik Shah</keyword>, partner at KKR. HIT’s initial portfolio comprises six road assets with a total length of more than 450 kilometers across six states in India. The assets, which include a diversified mix of toll and annuity roads, are located in Gujarat, Madhya Pradesh, Meghalaya, Rajasthan, Tamil Nadu and Telangana. “HIT is considering a pipeline of acquisition targets, including through its sponsor. The platform possesses significant growth potential and seeks to invest in high-quality assets, including through bolt-on acquisitions,” the company said in a statement. CRISIL, an S&amp;P’s India affiliate, assigned ‘provisional AAA/stable’ to HIT for its loan facilities. KKR said that HIT was launched due to the growing demand to expand India’s road network, which is said to be second-largest globally, as passenger traffic and commercial vehicle traffic continue to increase. India’s road network is responsible for 90% of total passenger traffic and the movement of almost 65% of all goods across the country. “With our dedicated platforms across transmissions, roads and renewables in place, KKR is well-positioned to collaborate with sellers in the private markets and the government through the National Monetisation Pipeline on attractive investment opportunities,” Shah added. All the three infra platforms – operate and manage 33 assets valued at over $3.8 billion across 22 states or union territories across India. KKR has over 20 investments in India with more than a dozen active portfolio companies today. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/eu-ready-to-suspend-visa-agreement-with-russia-report/articleshow/93849863.cms">EU ready to suspend visa agreement with Russia: Report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vodafone-denies-a-research-firm-report-which-said-20-mn-of-its-customers-call-data-was-leaked/articleshow/93848765.cms">Vodafone denies a research firm report which said 20 mn of its customers' call data was leaked</a>

KKR launches Highways Infrastructure Trust in India with six assets

<keyword id="12760343" type="General" weightage="20" keywordseo="National-Highways-Infra-Trust" source="Orion">National Highways Infra Trust</keyword> (<keyword id="49448" type="General" weightage="20" keywordseo="NHAI" source="Orion">NHAI</keyword> InvIT), the infrastructure investment trust sponsored by <keyword id="83263" type="General" weightage="20" keywordseo="National-Highway-Authority-of-India" source="Orion">National Highway Authority of India</keyword> (NHAI) to support the Central government's <keyword id="11929270" type="General" weightage="20" keywordseo="National-Monetization-Pipeline" source="Orion">National Monetization Pipeline</keyword>, has raised a sum of ₹1,430 crore from domestic and international investors through placement of its units, for part funding its acquisition of three additional road projects from NHAI. The placement of units with institutional investors, witnessed strong demand from both existing investors, who reposed their commitment by participating in the process, as well as new investors. The units have been subscribed by a gamut of institutional investors including Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan Board, State Bank of India, SBI Pension Fund, SBI Mutual Fund, IOCL Employee Provident Fund, L&amp;T Staff Provident Fund, Rajasthan Rajya Vidyut Karamchari Pension Fund, TATA AIG and <keyword id="5050251" type="General" weightage="80" keywordseo="star-union-daiichi-life-insurance" source="Orion">Star Union Daiichi Life Insurance</keyword>. NHAI subscribed to the units through preferential allotment to maintain its unitholding of at least 15 per cent. The units were subscribed through a book build process at Rs 109 per unit, at a premium over floor price of Rs 107.12 per unit. In addition to the above, NHAI InvIT has also filed a prospectus with SEBI for issuance of Non-Convertible Debentures (NCDs) to raise Rs 1,500 crore. The NCDs would carry a coupon of 7.90 per cent payable semi-annually and would be available for subscription by both retail and institutional investors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/recession-fears-mount-as-uk-gdp-falls-0-3-in-aug/articleshow/94823828.cms">Recession fears mount as UK GDP falls 0.3% in Aug</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-now-a-spam-factory-1-in-2-indian-swamped-with-promotional-messages-report/articleshow/94815568.cms">WhatsApp now a spam factory, 1 in 2 Indian swamped with promotional messages: report</a>

NHAI InvIT raises ₹1,430 crore through follow-on issuance

<ul><li><keyword id="11681444" type="UNKNOWN" weightage="20" keywordseo="space-teleinfra">Space Teleinfra</keyword> is a shared <keyword id="35104" type="ORGANIZATION" weightage="20" keywordseo="telecom-infrastructure">telecom infrastructure</keyword> provider for <keyword id="11682648" type="UNKNOWN" weightage="20" keywordseo="voice-and-data-connectivity">voice and data connectivity</keyword>.</li><li>The transaction is funded through a combination of cash and units of <keyword id="11682646" type="UNKNOWN" weightage="20" keywordseo="tower-infrastructure-investment-trusts">Tower Infrastructure Investment Trusts</keyword> (InvITs).</li><li>The acquisition is customary to regulatory approvals and is expected to close in the second half of 2021.</li></ul> Brookfield-backed <keyword id="7887323" type="UNKNOWN" weightage="20" keywordseo="tower-infrastructure-trust">Tower Infrastructure Trust</keyword> has acquired Space Teleinfra Private Limited (<keyword id="11681445" type="UNKNOWN" weightage="20" keywordseo="stipl">STIPL</keyword>), a indoor coverage solutions provider in India, for an equity deal of ₹900 crore. The transaction is funded through a combination of cash and units of Tower Infrastructure Investment Trusts (InvITs) that will be issued to selling shareholders. InvITs is like a mutual fund, which enables direct investment of small amounts of money from which enables direct investment of money from individual and institutional investors in infrastructure. The acquisition is customary to regulatory approvals and is expected to close in the second half of 2021. Ambit Private Limited acted as the exclusive financial advisor to the Shareholders. “With the onset of 5G and data consumption trends, seamless indoor connectivity becomes as essential as outdoor connectivity and this transaction will open new horizons for STIPL to lead this opportunity further. Through our ownership of units of <keyword id="8235303" type="UNKNOWN" weightage="20" keywordseo="Tower-InvIT">Tower InvIT</keyword>, we look forward to participating in the next chapter of growth in the shared Telecom Infrastructure business,” Ankit Goel, co-founder and managing director of STIPL said. Space Teleinfra is a shared telecom infrastructure provider for voice and data connectivity. The company commenced its operation in 2016 focused on providing telecom infrastructure to the mobile network. The company claims to have a well-spread customer base across all the three significant mobile network operators (MNOs) with a pan-India presence. Tower Infrastructure Trust further expands the suite of passive telecommunication infrastructure services for its customers with this acquisition. The company aims to target macro towers to indoor solutions, which will support the acceleration of India's digital transformation. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/business/startups/news/globalbees-has-raised-150-million-in-few-months-of-launch-to-acquire-more-businesses/articleshow/84552291.cms">GlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-out-if-your-phone-is-infected-by-the-pegasus-spyware/articleshow/84578193.cms">This toolkit will tell you if your phone is infected by the Pegasus spyware</a>

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NHAI InvIT Non-Convertible Debentures listed on BSE

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SEBI extends deadline till Mar 15 to submit public comments on proposal on REITs, InvITs sponsors

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We built our vacation home in Tulum, Mexico, for $350,000. Investing in the market early has pros and cons.

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A portfolio manager at a $21 billion firm warns the odds of a recession have risen to 40% from 20% as inflation and geopolitical concerns surge — and shares where he's investing

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REITs and InvITs become attractive after major taxation overhang removed

Bhakti Makwana

KKR launches Highways Infrastructure Trust in India with six assets

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NHAI InvIT raises ₹1,430 crore through follow-on issuance

IANS

Brookfield-backed Tower Infrastructure Trust to acquire Space Teleinfra for ₹900 crore

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