Tata Motors DVR has surged 6.4% to Rs 232, its record high on the National Stock Exchange (NSE), on the back of heavy volumes.
The stock opened at Rs 221 and touched a low of Rs 220 so far. Till 1050 hours, a combined 2.21 million shares already changed hands on the counter as against an average sub 2 million shares traded daily in the past two weeks on the NSE and BSE.
Tata Motors DVR shares are classified as "A" shares, carrying differential voting rights. Tata Motors DVR has 10% of the ordinary voting rights and higher dividend per share, by 5%, than the aggregate dividend rate for main shares.
An analyst at Angel Broking has recommended a 'Buy' on Tata Motors DVR, with a target price of Rs 365.
The stock is currently trading at a steep discount of 44% to the main shares of Tata Motors. However, internationally, the main shares and their DVRs usually trade at parity or at a lower discount. This leads us to assume that the discount gap at which Tata Motors DVR is trading will reduce, going forward, the analyst said in a note.
Meanwhile, Tata Motors is also trading higher by 2.5% at Rs 414 on the NSE. The stock hit a record high of Rs 421 on March 4, 2014.
The stock opened at Rs 221 and touched a low of Rs 220 so far. Till 1050 hours, a combined 2.21 million shares already changed hands on the counter as against an average sub 2 million shares traded daily in the past two weeks on the NSE and BSE.
Tata Motors DVR shares are classified as "A" shares, carrying differential voting rights. Tata Motors DVR has 10% of the ordinary voting rights and higher dividend per share, by 5%, than the aggregate dividend rate for main shares.
An analyst at Angel Broking has recommended a 'Buy' on Tata Motors DVR, with a target price of Rs 365.
The stock is currently trading at a steep discount of 44% to the main shares of Tata Motors. However, internationally, the main shares and their DVRs usually trade at parity or at a lower discount. This leads us to assume that the discount gap at which Tata Motors DVR is trading will reduce, going forward, the analyst said in a note.
Meanwhile, Tata Motors is also trading higher by 2.5% at Rs 414 on the NSE. The stock hit a record high of Rs 421 on March 4, 2014.
