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All 30 stocks on the Sensex ended in the red. ONGC, M&M, Bajaj Finserv, Axis Bank & Kotak Mahindra Bank lost around 6%.
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Investors on Dalal Street witnessed wealth erosion of over Rs 5.54 lakh crore on Friday as market participants preferred to book profits, amid weak global cues and concerns over hardening bond yields in the US and India.
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RailTel is a debt-free company and pays consistent dividends.
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Shares of the company traded over 5% higher at Rs 74.20 after the announcement of the buyback.
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A spike in domestic and global bond yields spoiled investors’ appetite for risky assets on Friday.
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Benchmark equity indices BSE Sensex and NSE Nifty cracked more than 3% on Friday following subdued global cues.
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Seven companies including RailTel, Nureca, Heranba, IRFC, Indigo Paints, Home First Finance and Stove Kraft have raised around Rs 8,000 crore through an initial public offering in 2021 so far.
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Dilip Buildcon has been declared as L-1 bidder for the tenders floated by the NHAI on Hybrid Annuity basis in the state of Tamil Nadu and Union Territory of Puducherry.
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IndusInd Bank lost 3.43% today to trade at Rs 1071.65.
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The stock opened for trading at Rs 109 on the National Stock Exchange, compared to the issue price of Rs 94, marking a premium of 16%. On the BSE, RailTel opened at Rs 104.60, at a premium of 11.28%.