 "DVR shares rally; Tata Motors DVR surges 8%")
Shares with differential voting rights (DVRs) have rallied by up to 14% on the Bombay Stock Exchange (BSE) after the exchange has announced new norms for considering DVRs in the indices, including Sensex and BSE 100.
Tata Motors DVRs, Future Retail DVRs, Jain Irrigation Systems DVRs and Gujarat NRE Coke DVRs have rallied between 8 to 14% on BSE.
S&P BSE Indices, the index provider for the BSE, has announced the inclusion of DVRs into the main indices, including the S&P BSE Sensex, S&P BSE 100, S&P BSE 200 and S&P BSE 500. The inclusions would be effective from the next rebalancing of the indices, in June, said a release by the exchange on Wednesday.
DVRs differ from a common equity share of a company in terms of dividend and voting rights. Typically, DVRs trade at a discount to the common share as they carry less voting rights. DVRs, securities with lower voting rights, earn higher dividend than ordinary shares.
Among the individual stocks, Jain Irrigation Systems DVRs has surged 14% to Rs 54.05. The stock hit a high of Rs 55.80 on BSE.
Tata Motors DVRs has rallied 8% to 378 on BSE. It opened at Rs 366 and hit a high of Rs 384 on BSE. The trading volumes on the counter more than doubled with a combined 1.73 million shares changed hands till 0935 hours on BSE and NSE.
Future Retail DVRs (8% at Rs 58.75) and Gujarat NRE Coke DVRs (13% at Rs 3.09) too rallied on back of heavy volumes on BSE.
Tata Motors DVRs, Future Retail DVRs, Jain Irrigation Systems DVRs and Gujarat NRE Coke DVRs have rallied between 8 to 14% on BSE.
S&P BSE Indices, the index provider for the BSE, has announced the inclusion of DVRs into the main indices, including the S&P BSE Sensex, S&P BSE 100, S&P BSE 200 and S&P BSE 500. The inclusions would be effective from the next rebalancing of the indices, in June, said a release by the exchange on Wednesday.
DVRs differ from a common equity share of a company in terms of dividend and voting rights. Typically, DVRs trade at a discount to the common share as they carry less voting rights. DVRs, securities with lower voting rights, earn higher dividend than ordinary shares.
Among the individual stocks, Jain Irrigation Systems DVRs has surged 14% to Rs 54.05. The stock hit a high of Rs 55.80 on BSE.
Tata Motors DVRs has rallied 8% to 378 on BSE. It opened at Rs 366 and hit a high of Rs 384 on BSE. The trading volumes on the counter more than doubled with a combined 1.73 million shares changed hands till 0935 hours on BSE and NSE.
Future Retail DVRs (8% at Rs 58.75) and Gujarat NRE Coke DVRs (13% at Rs 3.09) too rallied on back of heavy volumes on BSE.