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“There are so many ideas in the consumption space, capital goods, defence. It is better to play those investment themes than commodities. The cycles are very short, brittle and these companies have not created significant value over the past decade or so. So rather than dabbling in commodity stocks, I would prefer to go for some of the other non commodity based businesses.”

Yen-buying intervention has been very rare. The last time Japan intervened to support its currency was in 1998, when the Asian financial crisis triggered a yen sell-off and a rapid capital outflow from the region. Before that, Tokyo intervened to counter yen falls in 1991-1992.

"Given that we just had the BOJ underpinning a very loose monetary policy and that came just after the Fed underpinned a hawkish outlook, I think the fundamentals will drive dollar/yen higher," said Rabobank head of currency strategy Jane Foley.

​Share buyback or share repurchase is a corporate action in which the company buys back its own outstanding shares for reducing the number of shares available in the open market.

Japanese shares meanwhile are no exception in being under pressure over concerns about a global economic slowdown linked to rate hikes by the Fed and other central banks, analysts said.

“Everybody is looking for that China plus destination, India clearly seems on top out there in terms of the choice for the China plus destination and that to me I think is a huge positive for India. So while the world will slow down, India will continue to get its fair share of exports purely because globally Fortune 500 companies are looking out for other destinations to outsource from.”

For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 3446.12 crore, up 4.07 per cent from last quarter total income of Rs 3311.34 crore and up 64.39 per cent from last year same quarter total income of Rs 2096.32 crore.

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The Fed issued new projections showing rates peaking at 4.6% next year with no cuts until 2024. It raised its target interest rate range by another 75 basis points overnight to 3.00%- 3.25%, as was widely expected.

“From a business and growth perspective, both the Fortis businesses look pretty solid from a medium-term perspective. There are reasonably good growth drivers and to that extent, I will recommend it to investors to use this dip as more of a buying opportunity from our end.”