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Mumbai: Nothing ventured, nothing gained: That's what money managers are telling HNI debt clients to convince them to climb steep risk and financial commitment ladders in search of higher yields.The risk matrix involves mandating contribution thresholds significantly above the ordinary, helping create an exclusive market for the debt to underpin double-digit returns from instruments that are far from liquid.Such deals recently include Shapoorji Pallonji's structured trade paper, with a minimum ticket size of ₹10 crore. The Pharmeasy transaction, too, is being hawked with a minimum deal size of ₹5 crore.These minimums are not mandated by regulations: HNIs can invest with far smaller sums, but are going for larger commitments instead as issuers target a narrow investor class. 124080732"Private debt transactions are usually done via a private placement mode, which restricts the number of investors and so, the average ticket size is higher," said Sahil Kapoor, head - Products, 360 ONE Wealth.API Holdings, the parent of PharmEasy, recently raised ₹1,689 crore through two tranches of unlisted NCDs to refinance debt. The structure offered coupons of 11.10% and 14.5% over three years, secured by pledges of listed ThyroCare shares and unlisted AIPL shares.HNIs with a minimum ticket size of ₹5.1 crore per PAN could buy these papers from wealth funds. These products have limited liquidity and are riskier than investment-grade debt.Know Your RisksHence, they can be offered only to investors who understand the risk associated with these instruments, said Kapoor. Earlier this year, a part of Shapoorji Pallonji Group's ₹28,500-crore debentures were marketed to wealthy clients in the secondary market with a ₹10 crore minimum investment.“Issuers are increasingly setting higher minimum ticket sizes for investors in their bond issuances, as they prefer sophisticated and institutional investors, who are not sentiment driven and who don’t start exiting their holdings, even at a discount, on the first sign of unfavorable news and who the issuer can reach out to for a rational hearing, in case of any dispensations they may need in facility terms,” said Nachiket Naik, head —private credit, Axis MF. In both cases, issuers are debt-laden or cash-burning companies, while investors are lured by the promise of double-digit returns. “HNIs are being taxed at the highest slab rate, achieving a posttax return of 7-8% requires targeting 12-13% yield, making traditional mutual fund avenues less attractive,” said Swati Singh, executive director & head — Fixed Income at AVENDUS Wealth. “This gap is driving demand for structured debt among HNIs and family offices, as valuation constraints and limited issuers make these deals one of the few viable channels for investment, yielding better post-tax returns.” With limited scope for secondary market transactions, investors are often forced to hold until maturity or restructuring. While the deals promise double-digit yields and exclusivity, inadequate transparency increase the risks of concentration, and illiquidity, leaving retail and HNI participants exposed compared with institutional players equipped to underwrite and monitor such exposures. “Bespoke debt instruments, such as Shapoorji Pallonji and PharmEasy issuances, are increasingly marketed to HNIs, but they carry risks for non-institutional investors since unlike listed bonds,” said an investor

Mumbai: The Indian rupee hit a fresh record low at 88.7975 per dollar on Tuesday, making it the worst performing currency among its Asian peers for the day.The rupee is under pressure because of a sharp rise in US visa fees, which is seen threatening the country's IT sector and remittances, compounding pressures from high tariffs and weak foreign investment into the domestic equity market.The double-whammy of visa fees and higher US tariffs has exerted pressure on the rupee, which has fallen 3.5% against the dollar since the start of 2025, the worst performing in Asia. 124080707Thai Baht, which is the second-best performing currency appreciating over 7%, rose to four-year year high two weeks ago because of a sharp jump in gold exports. The rupee opened lower on Tuesday despite a weaker dollar index in the early Asian trade. Within minutes it breached its previous record low of 88.4550 per dollar hit about a fortnight ago.Intraday, it fell more, and stop-losses were triggered once it crossed 88.50 level. It settled at 88.7550 per dollar on Tuesday compared with the previous close of 88.3075/1$.124080709"The hike in H-1B visa fees sparked worries over remittances and potential equity outflows from India's IT sector. Overall, in the last three months, domestic equity FPI outflows have been worth ₹60,000 crores backed by global trade uncertainties and India-US tariff uncertainty continue to prevail," said Kunal Sodhani, head-treasury at Shinhan Bank.According to experts, India is likely to be disproportionately impacted by the H-1B visa fee hike, as it accounts for a large share of applicants. The $100,000 fee may hit project delivery, thereby impacting revenues of IT companies. Meanwhile, lower deployment of workforce may lead to slowdown in remittances inflows.Currency dealers said the Reserve Bank of India likely stepped in to stem the volatility, but its presence was limited. Reuters reported on Tuesday that the central bank likely sold dollars via state-run banks near the 88.50 level to support the rupee before allowing it to slide further."RBI was conspicuous by its absence in the fall of rupee, probably trying to help exporters to some extent to mitigate the aftereffects of the tariffs on the Indian exports," said Finrex Treasury Advisors.With no concrete outcome on the India-US bilateral trade talks, treasury officials and currency dealers are seeing the possibility of the rupee hitting 89 per dollar level in the near term.

WASHINGTON - Federal Reserve Chair Jerome Powell on Tuesday signaled a cautious approach to future interest rate cuts, in sharp contrast with other Fed officials who have called for a more urgent approach. In remarks in Providence, Rhode Island, Powell noted that there are risks to both of the Fed's goals of seeking maximum employment and stable prices. But with the unemployment rate rising, he noted, the Fed agreed to cut its key rate last week. Yet he did not signal any further cuts on the horizon. If the Fed were to cut rates "too aggressively," Powell said, "we could leave the inflation job unfinished and need to reverse course later" and raise rates. But if the Fed keeps its rate too high for too long, "the labor market could soften unnecessarily," he added. Powell's remarks echoed the caution he expressed during a news conference last week, after the Fed announced its first rate cut this year. At that time he said, "it's challenging to know what to do." His approach is in sharp contrast to some members of the Fed's rate-setting committee who are pushing for faster cuts. On Monday, Stephen Miran, whom President Donald Trump appointed to the Fed's governing board, said that the Fed should quickly reduce its rate to as low as 2% to 2.5%, from its current level of about 4.1%. Miran is also a top adviser in the Trump administration and expects to return to the White House after his term expires in January, though Trump could appoint him to a longer term. And earlier Tuesday, Fed governor Michelle Bowman also said the central bank should cut more quickly. Bowman, who was appointed by Trump in his first term, said inflation appears to be cooling while the job market is stumbling, a combination that would support lower rates. When the Fed cuts its key rate, it often over time reduces other borrowing costs for things like mortgages, car loans, and business loans. "It is time for the (Fed) to act decisively and proactively to address decreasing labor market dynamism and emerging signs of fragility," Bowman said in a speech in Asheville, North Carolina. "We are at serious risk of already being behind the curve in addressing deteriorating labor market conditions. Should these conditions continue, I am concerned that we will need to adjust policy at a faster pace and to a larger degree going forward." Yet Powell's comments showed little sign of such urgency. Other Fed officials have also expressed caution about cutting rates too fast, reflecting deepening divisions on the rate-setting committee. On Tuesday, Austan Goolsbee, president of the Federal Reserve's Chicago branch, said in an interview on CNBC that the Fed should move slowly given that inflation is above its 2% target. "With inflation having been over the target for 4 1/2 years in a row, and rising, I think we need to be a little careful with getting overly up-front aggressive," he said. Last week the Fed cut its key rate for the first time this year to about 4.1%, down from about 4.3%, and policymakers signaled they would likely reduce rates twice more. Fed officials said in a statement that their concerns about slower hiring had risen, though they noted that inflation is still above their 2% target.

Ace investor Radhakishan Damani and Rakesh Jhunjhunwala's trust on Tuesday bought shares in NDR InvIT Trust via block deals. Damani bought 87 lakh shares worth Rs 100 crore in the company while Aryaman Jhunjhunwala Discretionary Trust purchased 58 lakh shares at a deal size of Rs 66.70 crore.The shares were bought at price of Rs 115 apiece.NDR InvIT Trust shares today settled at Rs 120, gaining by Rs 5 or 4.35% over the Monday closing price of Rs 115.NDR InvIT Trust is sponsored by NDR Warehousing Private Limited and it engages in infrastructure investments. The entity claims to have more than 60+ Warehouses and 37 industrial parks and focuses on quality and sustainability for each of our projects.The company specializes in logistics and warehousing solutions and its 37 warehouses total approximately 19 million square feet across 15 cities as of February 28, 2025. It offers services to retail, e-commerce, 3PL, manufacturing, and imports and exports sectors.NDR InvIT Trust was listed on the NSE on February 14, 2024 and its current market capitalization is Rs 4,752.15 crore.Its shares today hit a fresh 52 week high of Rs 122. It has given returns of 16.5% in the past one year out performing the headline Nifty and BSE Sensex whose returns in the same period stand at a negative 2.41% and 2.89%, respectively.Its shares are currently trading above its 50-day simple moving average (SMA) of Rs 104.9.NDR InvIT Trust reported a consolidated net profit of Rs 38 crore in the quarter ended June 30, down 2.6% over 39.3% in the year ago period. Its total revenue in the said quarter stood at Rs 108 crore, recording a 42% jump over Rs 76 crore in the corresponding quarter of the previous financial year.Also Read: Force Motors bulk deal: BNP Paribas sells shares worth Rs 122 crore in multibagger stock(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The Trump administration is proposing a major overhaul of the selection process for H-1B visas heavily used by the tech industry, basing allocation on skill-level required and wages offered for a position instead of the current randomised lottery.The proposal released on Tuesday marks US President Donald Trump’s latest attempt to reform the H-1B program, which has recently drawn criticism from conservatives who claim that visa holders take jobs away from American workers.The administration, which made a mass deportation campaign its priority in its first months, is now pursuing major overhauls of the employment-based visa programs.Late last week, the White House issued a proclamation slapping a $100,000 fee on new H-1B petitions as a condition of entry to the US. The proclamation initially created panic among employers and workers before the administration clarified that it would only be imposed on new petitions.Both that fee, which took effect Sept. 21, and the new wage-based visa selection process are likely to face legal challenges.The H-1B visa program is capped at 85,000 new slots annually, though higher education and research institutions are exempt. Employers whose online registrations are selected in the lottery can proceed with petition filings. Rules finalised late in Trump’s first term—but later withdrawn by President Biden—would have prioritised applications based on four wage tiers to limit visas for lower-paid, less-skilled roles, while the Labor Department sought to restrict eligible occupations under the “Buy American, Hire American” agenda.Business groups warned that the first Trump wage-based proposal would eliminate prospects for employers to hire early-career professionals who’ve recently graduated from US colleges and universities. They also objected to use of DOL wage levels as a proxy for a worker’s skill level.Many attorneys also warned the proposal was unlawful, regardless of the wisdom of tying H-1B selection to wages, because the Immigration and Nationality Act calls for issuing visas in the order in which petitions are received.US Citizenship and Immigration Services overhauled the lottery process last year, giving each sponsored worker equal odds of selection—no matter how many employers made registrations on their behalf. It made that change after finding that some employers were likely gaming the lottery system by colluding to submit multiple entries without any connection to a legitimate job offer, fueling a massive surge in registrations.(With inputs from agencies)

Akasa Air on Tuesday said that its systems are facing intermittent issues and some of its online services, including booking, check-in and manage booking services, may be temporarily unavailable.The airline said that passengers with immediate travel plans are requested to reach the airport early to check-in at our counters. "We sincerely regret the inconvenience caused and want to assure you that our teams are working with our service provider to resolve the same at the earliest. For any assistance, please contact our 24x7 Akasa Care Centre on +91 9606 112131 and our team will be happy to assist you."Meanwhile, the airline started its Festive Sale on Monday. Under its festive discounts, the airline is offering up to 25% off on the basic fare for bookings on international routes.In addition to the discounted fares, the airline is offering its ancillary services at special prices across both domestic and international routes. The discounted services include in-flight meals, excess baggage, seat selection and priority check-in convenience for flyers.How to avail the discount?Use the promo code 'FESTIVE' on Akasa Air's website or mobile appWith this, the customers can enjoy up to 25% off on the basic fare for bookings on international routesSale promo code valid from September 22 to October 2, with travel starting September 25Valid for 'Saver' and 'Flexi' faresApplies to non-stop and through flights across Akasa Air's networkThe sale covers both one-way and round-trip tickets, with a minimum advance purchase of three daysAkasa Air currently six international cities, namely Doha (Qatar), Jeddah, Riyadh (Kingdom of Saudi Arabia), Abu Dhabi (UAE), Kuwait City (Kuwait) and Phuket (Thailand).Its domestic network spans across 24 destinations, namely Mumbai, Ahmedabad, Bengaluru, Chennai, Kochi, Delhi, Guwahati, Agartala, Pune, Lucknow, Goa, Hyderabad, Varanasi, Bagdogra, Bhubaneswar, Kolkata, Sri Vijaya Puram, Ayodhya, Gwalior, Srinagar, Prayagraj, Gorakhpur, Darbhanga, and Kozhikode.Akasa Air operates a fleet of 30 737 MAX aircraft, and has placed an order of 226 Boeing 737 MAX airplanes.