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Similarly, Tracxn Technologies, whose IPO opened on Monday, is commanding a premium of Rs 8-10, about 10-12 per cent higher than its price band of Rs 75-80. The majority of brokerages have advised to avoid the issue.

TCS Q2 Results: TCS CFO Samir Seksaria said the company is steadily making its way towards achieving operating margin priority for the year, aided by leverage from good growth, the flattening of the workforce pyramid, steadily improving productivity and currency support.

The Nifty Realty index closed 0.98 per cent down at 434.25.

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"We would like to inform you that at the Board Meeting held today, the Directors have declared a second interim dividend of Rs 8 per equity share of Re 1 each of the company," TCS said in an exchange filing while announcing its quarterly results.

"Paper companies will show very good earnings and we believe FY23 will be a great year for them. We should see record earnings in most of the names, which we have not seen earlier."

The overall structure shows that the index is likely to witness consolidation in the range of 17,000-17,500 in the coming sessions. Indicators such as RSI and MACD are indicating neutral views as of now in the daily chart.Options data suggests a broader trading range between 16,800 to 17,700 zones while an immediate trading range is between 17,000 to 17,500 zones, said Chandan Taparia of Motilal Oswal.

Also, the company plans to use Rs 149.30 crore towards investment in its arm Kaynes Electronics Manufacturing Pvt Ltd for setting up a new facility at Chamarajanagar in Karnataka. It will use up to Rs 114.74 crore for funding working capital requirement and general corporate proposes.

Rupee has weakened over 11% so far this year, with the central bank defending the rupee via dollar sales that have depleted its forex reserves to the lowest level in over two years.

The Nifty Realty index was trading 0.8 per cent down at 435.05.