DVRs or Differential Voting Right shares for companies like Tata Motors DVR, Jain Irrigation Systems DVR and Future Retail DVR are having a field day at the market, as stock prices have rallied after the BSE announced rules for considering differential voting rights shares in S&P BSE Benchmark Indices.
Currently, Tata Motors DVR is trading at 7.08% up from its previous close of Rs. 350.50, at Rs. 375.30. Jain Irrigation Systems' DVR has surged 7.59% from its previous close of Rs. 47.40 to a share price of Rs. 51.00. Gujarat NRE Coke Ltd is trading up by 8.06% at Rs. 2.95. Future Retail DVR is trading up by 5.31% from the previous close of 54.60 at Rs. 57.50.
Differential Voting Right Shares are similar to common equity (ordinary) shares listed and traded on the stock exchange, except in respect of dividend and voting rights.
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.