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Economic Times
10-06-2025
- Business
- Economic Times
India's Next Big Themes: AI, Semiconductors & Defense to lead wealth creation says Manish Jain
Manish Jain from Mirae Asset Capital Markets highlights AI, defense, digital economy, semiconductors, and renewables as key sectors for long-term wealth creation in India. He suggests that tariff war fears are not the main volatility driver, but geopolitics and earnings shocks could be. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads In this edition of ETMarkets Smart Talk, Manish Jain, Chief Strategy Officer & Director at Mirae Asset Capital Markets, shares his insights on the emerging megatrends that are set to reshape India's investment landscape over the next artificial intelligence and semiconductors to defense and renewables, Jain believes these sectors hold the key to long-term wealth creation He also delves into the current market volatility, the evolving IPO landscape, and why India is poised for a multi-year growth story driven by innovation, digital transformation, and strategic modernization. Edited Excerpt -A) Last week, during our Invest India Global Conference in Mumbai, I mentioned that tariff war-related fears will not be the main driver of volatility going forward. On tariffs, the world is now tuned for sudden news and adjustments thereof.A 10% tariff tax is universal to other countries as well. The impact of the tariff war on India's GDP is limited. The impact on markets is more sentimental and consensus GDP is projected to grow at around 6.5%, which is expected to be better than last year's print of 6.3%. Bilaterally, India is at an advanced stage of discussion with the US and the UK. India is also negotiating with the EU and New seem to have bottomed out. Now, any earnings shock could be a factor for volatility. Geopolitics has become very complex. This could drive volatility. COVID could be another reason for increased volatility going forward.A) Gold is part of the portfolio. I have increased the allocation. Cash levels vary, but I try to keep cash at around 10% to take advantage of any opportunities that volatility may stocks and ETFs (including Bitcoin ETF) are part of the portfolio. I'm also evaluating UAE markets to see if they present good yields on bonds and REITs.A) For 478 companies in the Nifty 500, Revenue/EBITDA/PAT grew by 6%/11%/12% YoY. Ex-financials, growth was 6%/9%/15% YoY. EBITDA/PAT margins improved by 120/60 bps to 23.8%/10.5%.The highest earnings growth was observed in Metals, PSU Banks , Healthcare, Telecom, Internet Services, Chemicals, Transportation, and Capital Goods . Earnings were dragged by Oil & Gas (ex-OMCs), Private Banks, and Infrastructure A) It's difficult to talk about specific names. Any business with a cash-generating ability would be on the radar. Sustainable EPS growth and growing market share would be the criteria for selecting IPO companies from the lot.A) On a selective basis, I see it as a long-term opportunity. Sometimes, we have seen mainboard activity reduce, but SME IPOs have still gone have more bankers coming in to place SME IPOs, and this is a space that has grown tremendously, even though there is less liquidity and a much higher application a good issue, even for a smaller fund raise, there is enough and more liquidity to fill these IPOs.A) A lot is happening in India in the next 5–7 years. So many things are doubling, including GDP.I would keep an eye on 4–5 sectors:– India's AI market is projected to grow at a CAGR of 25–35%. It's expected to raise India's annual growth rate by 1.3% and add a trillion dollars to the economy in the next 10 defense budget is USD 75 billion, ranked 4th highest globally. We have a target of USD 6 billion in exports and USD 35 billion in production in the next 5 years. Digital Economy – In the next 5 years, India's DE is projected to contribute nearly one-fifth or 20% of the country's overall economy. DE industries have grown at 17% vs the economy's 12% growth rate—outpacing traditional and chips—not from potatoes but from silicon. The semiconductor market is expected to double to USD 100 billion in the next 5 is targeting 500–600 GW of RE in the next 5–7 years. Green hydrogen is something to keep an eye on. India is targeting 5 million tonnes per year in the next 5 years.A) In the recent conflict between India and Pakistan, assets and weapons used by the armed forces were mostly made indigenously with limited foreign have delivered the desired outcomes and successfully demonstrated capabilities at par with global defense products, proven capabilities of the equipment are a major deciding factor while acquiring the assets. Following the conflict, Indian defense equipment is now in high demand, and enquiries have also increased from various recent rally in the defense sector was backed by expectations of new defense orders under emergency procurement. The development of new-age weapons is also expected to see strong growth over the next 1–3 government is expected to announce the process to fast-track the acquisition programme. In the longer term, the modernisation programme will pick up year's defense budget may see an increase in the allocation of funds towards modernisation, acquisition of assets, IAF fleet strength, etc.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Time of India
10-06-2025
- Business
- Time of India
India's Next Big Themes: AI, Semiconductors & Defense to Lead Wealth Creation: Manish Jain
In this edition of ETMarkets Smart Talk, Manish Jain, Chief Strategy Officer & Director at Mirae Asset Capital Markets, shares his insights on the emerging megatrends that are set to reshape India's investment landscape over the next decade. From artificial intelligence and semiconductors to defense and renewables, Jain believes these sectors hold the key to long-term wealth creation . He also delves into the current market volatility, the evolving IPO landscape, and why India is poised for a multi-year growth story driven by innovation, digital transformation, and strategic modernization. Edited Excerpt - Q) What is fuelling volatility on D-Street – are tariff war fears still playing spoilsport? A) Last week, during our Invest India Global Conference in Mumbai, I mentioned that tariff war-related fears will not be the main driver of volatility going forward. On tariffs, the world is now tuned for sudden news and adjustments thereof. A 10% tariff tax is universal to other countries as well. The impact of the tariff war on India's GDP is limited. The impact on markets is more sentimental and news-driven. FY26 consensus GDP is projected to grow at around 6.5%, which is expected to be better than last year's print of 6.3%. Bilaterally, India is at an advanced stage of discussion with the US and the UK. India is also negotiating with the EU and New Zealand. Earnings seem to have bottomed out. Now, any earnings shock could be a factor for volatility. Geopolitics has become very complex. This could drive volatility. COVID could be another reason for increased volatility going forward. Q) How are you managing volatility in your portfolio? Have you made any recent tweaks? A) Gold is part of the portfolio. I have increased the allocation. Cash levels vary, but I try to keep cash at around 10% to take advantage of any opportunities that volatility may present. US stocks and ETFs (including Bitcoin ETF) are part of the portfolio. I'm also evaluating UAE markets to see if they present good yields on bonds and REITs. Q) What are your thoughts on the March quarter results from India Inc.? Any notable winners or laggards? A) For 478 companies in the Nifty 500, Revenue/EBITDA/PAT grew by 6%/11%/12% YoY. Ex-financials, growth was 6%/9%/15% YoY. EBITDA/PAT margins improved by 120/60 bps to 23.8%/10.5%. The highest earnings growth was observed in Metals, PSU Banks , Healthcare, Telecom, Internet Services, Chemicals, Transportation, and Capital Goods . Earnings were dragged by Oil & Gas (ex-OMCs), Private Banks, and Infrastructure . Q) We're seeing increased activity in the IPO market. What's your take on the companies getting listed – any names that look interesting? A) It's difficult to talk about specific names. Any business with a cash-generating ability would be on the radar. Sustainable EPS growth and growing market share would be the criteria for selecting IPO companies from the lot. Q) The SME space has seen more interest in 2025 compared to mainboard IPOs. Do you think there's froth building in this space or do you see it as a long-term opportunity? A) On a selective basis, I see it as a long-term opportunity. Sometimes, we have seen mainboard activity reduce, but SME IPOs have still gone through. We have more bankers coming in to place SME IPOs, and this is a space that has grown tremendously, even though there is less liquidity and a much higher application size. For a good issue, even for a smaller fund raise, there is enough and more liquidity to fill these IPOs. Q) Where do you currently see value in the market for long-term investors? A) A lot is happening in India in the next 5–7 years. So many things are doubling, including GDP. I would keep an eye on 4–5 sectors: 1. AI – India's AI market is projected to grow at a CAGR of 25–35%. It's expected to raise India's annual growth rate by 1.3% and add a trillion dollars to the economy in the next 10 years. 2. Defense – Our defense budget is USD 75 billion, ranked 4th highest globally. We have a target of USD 6 billion in exports and USD 35 billion in production in the next 5 years. 3. Digital Economy – In the next 5 years, India's DE is projected to contribute nearly one-fifth or 20% of the country's overall economy. DE industries have grown at 17% vs the economy's 12% growth rate—outpacing traditional sectors. 4. Semiconductors – Wafers and chips—not from potatoes but from silicon. The semiconductor market is expected to double to USD 100 billion in the next 5 years. 5. Renewables – India is targeting 500–600 GW of RE in the next 5–7 years. Green hydrogen is something to keep an eye on. India is targeting 5 million tonnes per year in the next 5 years. Q) What's your outlook on the defense sector? Several stocks witnessed a double-digit rally following recent geopolitical tensions between India and Pakistan. A) In the recent conflict between India and Pakistan, assets and weapons used by the armed forces were mostly made indigenously with limited foreign content. These have delivered the desired outcomes and successfully demonstrated capabilities at par with global standards. For defense products, proven capabilities of the equipment are a major deciding factor while acquiring the assets. Following the conflict, Indian defense equipment is now in high demand, and enquiries have also increased from various countries. The recent rally in the defense sector was backed by expectations of new defense orders under emergency procurement. The development of new-age weapons is also expected to see strong growth over the next 1–3 years. The government is expected to announce the process to fast-track the acquisition programme. In the longer term, the modernisation programme will pick up speed. Next year's defense budget may see an increase in the allocation of funds towards modernisation, acquisition of assets, IAF fleet strength, etc.
Time of India
09-06-2025
- Business
- Time of India
Volatility may linger, but double-digit returns still possible in 2025: Manish Jain
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Despite global uncertainties and tariff tensions, Manish Jain , Executive Director & Head of Fund Management at Centrum Broking Ltd., remains optimistic about Indian equities delivering double-digit returns in this edition of ETMarkets Smart Talk, Jain explains why current market volatility is more range-bound than severe, how the Fed's stance and rising US bond yields are impacting sentiment, and what sectors offer the most value for long-term portfolio strategy and RBI 's rate cut outlook to sectoral plays in banks, defence, and healthcare, Jain shares a data-backed, bottom-up approach to navigating the months ahead. Edited Excerpts –A) Hi. Thanks for having me today. The current volatility in the market has not really been intense. It's been very range bound. However, what remains a cause of concern are two major global geopolitical is the India US Tariff war situation and every time that we feel the situation is settled, something new comes instance, the 50% duty on metals, the intention of which was announced last week. The second is the Russia, Ukraine war, which again keeps going back-and-forth from bad to growth in the domestic markets are yet to play out so people are waiting on the side lines for that as well. Lastly, the hardening US bods fuel a fear that globally money may move from equities to why we remain constructive on the markets and do believe that there is a double digit return to be made in this calendar year, the new term volatility may persist for the next couple of rising US yields can lead to capital outflows from emerging markets as investors seek safer returns in US bonds. How are you reading into this?A) US markets are at a very interesting juncture. This is the first time in many decades that the bond yields are hardening, and the US dollar is weakening at the same time. I do believe that the Fed will prioritise inflation over given the stagflation situation and low probability of rate cut, we are in a unique situation. So, while the yields have hardened, we do not believe that the movement is going to be immediate, and the markets are going to wait for a greater clarity to should outperform DM's in the near term, which is being reflected in the FII flows in the Indian market in the last few weeks.A) Our portfolio construction strategy continues to be bottom up, idea driven. We are overweight on NBFC, hotels, hospitals, pharma and manufacturing. Discretionary consumption is again something that we are building a position in. IT is the only space which we are our strategy remains clear, identify businesses which have a mix of value and growth and hold them from a three-year the recent volatility a number of good stocks have corrected significantly, and we are taking advantage of that situation.A) We do believe that the pain in the Indian equities market as far as earnings growth is concerned is behind us. Q2 was clearly the worst. Q3 has been better than Q2 and Q4 has been better than the current quarter, not too many stocks have disappointed the street expectations, except we do believe that Q1 FY 26 is poisoned to witness a steady double-digit earnings growth. So, in essence, we are very happy with the Q4 results.A) RBI, we do believe will do two rate cuts for this year. Inflation in India is at a multi-year low primarily driven by a strengthening rupee, declining crude prices and softening food inflation back this soft inflation footprint is here to stay for some time, paving the way for further RBI rate cuts, the Fed actions notwithstanding.A) The IPO space has been very interesting for the last couple of years primarily because this is widened the market breadth. Several news sectors have emerged for investors to play. The food tech space for is another one. So, we do continue to look at the IPO space and the recently listed companies for our portfolio and that will continue to remain a focus area for the medium IPOs help the listed market reflect the true picture of what is new India, which is moving away from the conventional old economy sectors and hence needs to be looked at SME space, which has gathered more interest so far in 2025 as compared to mainboard IPOs? Do you see froth building in this space or an opportunity for long-term investors?A) Where aware of the SME IPO space, but that's an area we've kind of stayed away from so far, primarily because it's not an area of expertise for us, and the sectors are still very nascent, and information flow tends to be a little opaque. So, that's not an area which we are focusing on, or will be focusing on any time soon.A) In the large cap space, banks definitely. Large cap banks have seen valuations come down to multi lows and more importantly, several issues like for example, deposit mobilisation, asset, quality and credit growth are now coming to an this is one area where we do see a lot of value if you have a 2-3 year investment the small cap, space we like consumption related sectors like for example, hotels. Hospitals are another sector which we find very interesting and a building position in.A) Defence is an interesting space from a long-term perspective and will continue to find traction with the valuations in the recent past had corrected to mouth-watering levels and we had bought at that point of at this moment, I think given the run-up that has happened. We are staying put and not adding more but continue to remain a good bet from a long-term perspective.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Time of India
04-06-2025
- Business
- Time of India
Top metros dearer than Pune in co-living rent, except Chennai
Pune: Co-living rentals in Pune are easier on the wallets of renters compared to other metro cities in the country but are marginally costlier than those in Chennai. This is due to the correspondingly lower average rent of entry-level apartments in the city, data from real estate services firm Colliers India showed. Tired of too many ads? go ad free now The average co-living rent in Pune ranges from Rs 9,500 to Rs 15,700 per month, while the average rent of a premium co-living facility in a city like Bengaluru or Mumbai is Rs 23,700 and Rs 27,500 per month, respectively. The differential in rent between co-living and regular apartments for all cities is around 25-35%. Despite being the cheaper option, availability of co-living facilities is very limited as it is a relatively untapped market. Colliers India estimated that the overall capacity of the co-living segment is very low at 3 lakh beds compared to 5 crore migrant population moving within the country. However, it is expected to grow to 10 lakh beds by 2030 as more developers enter the segment. In Pune, developers are increasingly incorporating co-living units into standalone or mixed-use developments to cater to the growing demand, Manish Jain, president, Credai's Pune chapter, said. Co-living involves tenants sharing common facilities and spaces while having their own private rooms. It is particularly suitable for single occupants who are not immediately looking to buy a home, want to save on rent, and desire flexibility in the duration of their stay. Typically, the duration of stay ranges from eight to 12 months. "This sector has seen a rebound in Pune post-pandemic, especially during the last couple of years, with most companies from the IT sector adopting a flexible model for work from home and office," Saurabh Garg, co-founder, NoBroker, said. Tired of too many ads? go ad free now Co-living is mostly favoured among the service industry-intensive areas, such as Hinjewadi and Kharadi, on the western and eastern sides of the city, and in some pockets, including Vimannagar and Kalyaninagar. Besides single professionals, industry experts expect demand from postgraduate students, as not all educational institutes can accommodate the increasing number of students in their hostels. Rising migration to the top metro cities and the growing preference of white-collar workers for professionally managed spaces are also driving growth in the co-living sector. "With over 1,400 colleges and thriving job opportunities in areas like Hinjewadi, Kharadi, and Chakan, the city continues to attract young professionals and students aged 25–35. For this segment, co-living offers an ideal solution that is affordable, well-maintained, and in preferred locations," said Jain.
Korea Herald
28-05-2025
- Business
- Korea Herald
Mirae Asset Securities hosts Global Investment Conference in Mumbai
Mirae Asset Securities on Wednesday that it successfully hosted its second Invest India Global Conference in Mumbai, India, from April 22 to 23. The event saw participation from over 200 domestic and global institutional investors and 70 major corporations, reflecting the growing scale and influence of the company's wholesale business in India. Key investor relations meetings were held with leading firms such as the Bombay Stock Exchange, NHPC, Vedanta, Paytm, Tata Power and Adani Energy Solutions. This engagement aimed to connect global capital with India's robust growth potential. 'This conference served as a platform where global perspectives, ideas and capital intersected with India's vast opportunities,' said Manish Jain, chief strategy officer and head of wholesale business at Mirae Asset Securities India. 'We are committed to continuing our role as a bridge linking international investors with India's dynamic market.' Over the past three years, Mirae Asset Securities India has grown its transaction volume nearly threefold through deals with around 120 domestic institutional investors. Profits have also significantly increased, reinforcing the firm's plan to further expand its global investor base and strengthen its position as a key gateway for cross-border investment into India.
