India a key beneficiary of global portfolio diversification: Jonathan Schiessl
"The move we are seeing from global and US investors to broaden out their global portfolios to not just be US plus a little bit of other stuff and certainly we are seeing that happening and there is quite a bit of money coming out and searching for homes and EM is certainly benefited from that and India remains a big beneficiary of that," says Jonathan Schiessl, Westminster Asset Management.
ADVERTISEMENT It is turning out to be a great patch for global equities. I mean, just not Indian equities, S&P 1% away from its all-time high, Nasdaq at an all-time high. The same market in the month of April and when I say same market, equities in the month of April were nervous because of tariff implementation. Is that adjustment over now?Jonathan Schiessl: You are quite right. If you look at where equities are globally and you look at the worries that markets have ingested, it is quite extraordinary really to see where we are. I think what has happened, there is certainly a case of exhaustion with regards to the constant news flow coming out of Washington, the tariffs, what is going on geopolitically in the Middle East, and investors are just for the moment ignoring it.
And obviously, as the index is pushing higher, it is sucking in more and more of the bears who are being forced to reallocate back into equities. So, it is difficult, but there are clearly a lot of concerns that still remain out there and then, obviously on top of all that we have got seasonality, usually this is, the latter half of June and the next couple of months seasonally, usually the pretty much the worst part of the year for markets.
Which have come back into India, are they a function of just the weakness in the dollar index and do you think it will continue?
Jonathan Schiessl: Yes, I mean, if you look at ETF flows, obviously they have been very positive coming into India and into emerging markets as a whole. Certainly, the move we are seeing from global and US investors to broaden out their global portfolios to not just be US plus a little bit of other stuff and certainly we are seeing that happening and there is quite a bit of money coming out and searching for homes and EM is certainly benefited from that and India remains a big beneficiary of that.
(You can now subscribe to our ETMarkets WhatsApp channel)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
13 minutes ago
- Mint
Indian stock market: Sensex, Nifty 50 rise for fourth straight month as financials, tech lead; gain 17% from April lows
Indian stock market today: The Indian stock market ended the last trading session of June in the red, as investors booked profits following the strong rally seen over the previous four sessions. Nevertheless, the market closed the month in the green for a fourth consecutive time, with the Nifty 50 ending up 3.10% and the Sensex rising 2.65%, pushing the four-month cumulative gains for both indices to over 15%. Impressively, both indices have recovered nearly 17.3% from their April lows, which is the best turnaround performance in the recent past. June can be broadly divided into two distinct halves. The first half was dominated by bears, dragging frontline indices to one-month lows. However, the momentum shifted in the second half, as positive global cues and the return of foreign portfolio investors (FPIs), joining robust domestic inflows, helped markets recover and reverse early losses. Easing tensions in the Middle East, which also triggered a sharp fall in crude oil prices, combined with the US dollar index dropping to a three-year low, has prompted overseas investors to shift their focus back to Indian equities. On Thursday, foreign investors pumped ₹ 12,594 crore into the Indian stock market, the same day when the US dollar plummeted to the lowest level since February 2022. On Friday, they continued to remain net buyers, infusing another ₹ 1,400 crore. This shift in sentiment has turned them into net buyers for the month of June, with total inflows so far standing at ₹ 8,320 crore. While the FPIs inflows remain fluctuating throughout the month, DIIs, largely led by the mutual funds continue to acquire the local equities at a rapid pace, providing cushion to the overseas investors selling. In the current month, DIIs have added over ₹ 60,000 worth of stocks. The June rally saw a shift in investor sentiment to more fundamentally strong large-cap stocks as they appear to find valuations in this segment more reasonable compared to mid- and small-cap stocks, which are trading at expensive multiples. Large-cap banks, in particular, have remained in the spotlight throughout the month as the RBI's ongoing efforts to revive credit demand by injecting more liquidity into the system have driven significant interest toward these counters. In addition, NBFC stocks have also attracted interest, boosted by the RBI's surprise 50 basis point cut in the repo rate and a 100-basis point reduction in the CRR, driving expectations that these measures could help in driving a sharp surge in vehicle and consumer durable loans. Moreover, the increase in the loan-to-value (LTV) ratio for gold loans has fueled a rally in gold-focused NBFCs, while the rate cuts have also sparked gains in real estate stocks. Overall, the RBI has provided a much-needed policy boost to the Indian stock market. Apart from the rate-sensitive stocks, tech stocks have also supported the indices to stay higher, with Nifty IT ending the month with a solid gain of 4.36%, building on a 4.3% gain in May. Among the top performers that powered the Nifty 50 higher for a fourth straight month was Jio Financial Services, which emerged as the index's top gainer with a 14% rise, driven by multiple developments that boosted demand for the stock in the Indian market. Zomato was another notable gainer, jumping over 10%. Despite rising competition in the food delivery and quick commerce space, investors continue to see the company as strongly positioned to withstand the pressure. Grasim Industries made a strong comeback in June, gaining nearly 7%, while Trent extended its winning streak to a third consecutive month, adding another 10% to its ongoing rally. Bharti Airtel shares also delivered an 8% gain during the month, crossing the ₹ 2,000 mark for the first time. Overall, 37 Nifty 50 stocks closed the month in the green, according to Trendlyne data. As the Indian stock market ended in the green for the fourth straight month, the sustainability of the rally now hinges on upcoming global developments, with tariffs taking center stage. The 90-day reciprocal tariff suspension announced by U.S. President Donald Trump in April is nearing its end. There had been growing expectations that Trump might extend the pause by a few more months. However, he downplayed media reports suggesting an extension. On Sunday, he stated that he has no plans to prolong the 90-day suspension beyond July 9, the deadline set for trade negotiations, and that his administration will begin notifying countries that trade penalties will take effect unless agreements are reached. 'Letters will start going out pretty soon,' Trump said, referring to the upcoming deadline. 'We'll look at how a country treats us—are they good, or are they not so good? Some countries we don't care about; we'll just send a high number out,' Trump told Fox News Channel's Sunday Morning Futures during a wide-ranging interview taped Friday and aired Sunday, according to the Associated Press. Those letters, he said, would include messages like, 'Congratulations, we're allowing you to shop in the United States of America. You're going to pay a 25% tariff, or a 35%, or a 50%, or 10%.' Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Time of India
13 minutes ago
- Time of India
India hardens stance on farm sector concessions as India-US trade talks stretch
India-US trade deal (Representative AI image) NEW DELHI: As India-US trade talks stretch into a new week with both sides chasing the July 9 deadline, government has hardened its stance on offering concessions in the farm sector. 'The Indian team may stay longer as crucial talks are continuing, but we don't just want to open up whatever is the demand (from the US) on agriculture as lives of millions of farmers are involved,' said a government source. Last week, India's chief negotiator Rajesh Agarwal and other officials had gone to the US on a two-day visit, but the talks have stretched as the US is also keen to conclude some deals before the pause on reciprocal tariffs – 26% in India's case -- ends in. In fact, on Thursday, US president Donald Trump had announced that a 'very big deal' with India is likely – the seventh time that he had announced an agreement. The Indian industry is also being prepared for dealing with reciprocal tariffs, in case the early tranche of the proposed bilateral trade deal does not work out. For India, a key concern is allowing lower duty import on agricultural products like maize, soybean and dairy products, which is being demanded by the US side. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending Local Enterprise Accounting Software [Click Here] Accounting ERP Click Here Undo Privately, several industry representatives have met commerce department brass and suggested that India should agree to the demands from the Trump administration, but government is keen to ensure that it is not a one-sided deal. Officials also conveyed to exporters on Monday that the limited deal, if it works out, will cover only a limited set of products with more tranches likely in the coming months. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
14 minutes ago
- Mint
Timezone steps up India expansion with ₹100 crore plan, eyes 100 centres by 2026
Gift this article New Delhi: Timezone, one of the world's largest family entertainment centre (FEC) brands and owned by Australia-based TEEG (The Entertainment and Education Group), is scaling up its India operations. The company plans to continue investing over ₹ 100 crore annually as it targets 100 locations by 2026, up from 84 currently. It sees potential to expand across more than 80 cities in the country. New Delhi: Timezone, one of the world's largest family entertainment centre (FEC) brands and owned by Australia-based TEEG (The Entertainment and Education Group), is scaling up its India operations. The company plans to continue investing over ₹ 100 crore annually as it targets 100 locations by 2026, up from 84 currently. It sees potential to expand across more than 80 cities in the country. 'We've consistently opened 10 to 12 venues every year, and we plan to continue at that pace," Abbas Jabalpurwala, CEO of Timezone India, told Mint in an interview. 'We should close this calendar year at 92 and cross the 100-venue mark next year. What gives us confidence is that this expansion is largely funded through internal accruals—we've remained profitable throughout." Timezone has been in India for 14 years and, by its own estimates, has invested close to ₹ 800 crore in the country to date. The company typically spends ₹ 8-12 crore per centre, depending on the format. While Timezone does not disclose market-specific revenues, India is its second-largest market after Australia, in terms of both footfalls and revenue. India has emerged as one of TEEG's most important growth markets. The group, which also operates the Play 'N' Learn brand across the Asia-Pacific region, sees rising demand for high-quality social entertainment among Indian consumers. 'The Indian consumer is incredibly aware, aspirational, and eager for world-class social entertainment experiences," said Caroline Leong, group chief customer officer at TEEG, said in the same interview. 'This is no longer a metro-only market. Families, friends—even grandparents—are coming in together." TEEG is jointly owned by the LAI Group, led by the Steinberg family, and Quadrant Private Equity, which acquired a 50% stake in the Timezone business in 2017 to create the current structure. The group operates more than 300 centres across Asia-Pacific under brands such as Timezone, Zone Bowling, Kingpin and Play 'N' Learn. It has also attracted institutional debt funding, with Australian firm QIC acquiring a portion of its A$625 million debt facility. Beyond the metros Having built its early presence in top-tier malls across Mumbai, Bengaluru, Hyderabad and Delhi, Timezone is now expanding into smaller cities such as Anand, Rourkela, Siliguri, and Varanasi. 'We've identified 80 cities we want to be in. Currently, we're present in just 30. So, even if we only open one store per city, we have a solid five-year runway," said Jabalpurwala. The company's newer locations in tier 2 and 3 cities are meeting—or even exceeding—expectations in terms of revenue. 'Tier 2 and tier 3 customers are willing to pay for quality—they know what's available in Mumbai or Delhi because of social media. As long as you don't cut corners on the experience, they respond," he said. Also Read | Can a Dubai-based league take kabaddi to the Olympics? While the company does not share revenue figures, Jabalpurwala said the cost of building a centre typically ranges between ₹ 9,000 and ₹ 12,000 per sq. ft., with a targeted breakeven window of three years. 'ROI-wise, we aim for a three-year payback window, though most locations break even on cash flow within the first month," he noted. Bigger, better centres Timezone recently relaunched its first-ever location at Inorbit Mall in Mumbai's Malad as a flagship venue, spread over 23,000 sq. ft. and packed with group-friendly features—bowling alleys, a laser tag arena for 18 players, bumper cars, cricket mini-games, and a full-service café. While average store sizes range from 9,000 to 15,000 sq. ft., the brand is leaning into larger formats for key locations. This reflects a shift in consumer preferences toward immersive group experiences, particularly in the wake of the pandemic. 'Earlier, people came alone or in pairs. Now it's six, eight, even 10 people coming together. Games are designed for group play—bumper cars, laser tag, VR (virtual reality) experiences," said Leong. Dwell times have grown as a result. On average, customers now spend 60 to 80 minutes per visit, with families flocking in during weekends and holidays. Weekday traffic, too, has picked up, driven by college students and corporate groups, Leong added. Owning the experience Unlike some competitors, Timezone India is fully company-owned and operated, with no franchisees. 'Franchisees may not always uphold the brand spec or invest back in refreshing content, which is non-negotiable for us," said Jabalpurwala. Most leases are long-term—nine to 12 years—and several have already been renewed multiple times. The brand typically accounts for 3-5% of a mall's monthly footfall, and average spending per family ranges from ₹ 2,000 to ₹ 3,000 on weekends. Per-customer spending has also been growing steadily at 8–10% year-on-year, according to Jabalpurwala. What's next? TEEG is exploring the possibility of introducing Kingpin, its upscale bowling-bar format, to India. 'India is evolving fast, and we see space for all our formats eventually," Leong said, though she did not provide a timeline. To deepen customer engagement, Timezone is leaning on data and loyalty tools. Its Powercard and mobile app track detailed user behaviour and enable hyper-personalized offers. 'We have more than 2 million contactable users in India alone, and over 8 million globally. We know what they play, when they come, and what they like to eat," said Leong. While competition is intensifying from brands like Snow World, SMAAASH, and newer trampoline park chains, Timezone maintains a clear lead in the organized indoor FEC segment. It currently operates 84 centres in India, compared with fewer than 20 for SMAAASH and just two for Snow World. According to the company, it holds over 60% of the market share by venue count. Topics You May Be Interested In
