As the markets closed, DVRs or Differential Voting Right shares for companies like Tata Motors DVR, Jain Irrigation Systems DVR and Future Retail DVR had a field day, as stock prices rallied after BSE's announcement regarding rules for considering differential voting rights shares in S&P BSE Benchmark Indices.
Tata Motors DVR closed at 6.62% up from its previous close of Rs. 350.50, at Rs. 373.70. The total traded quantity during the intraday trade is 5.27 lakh, as against the bi-weekly average of 0.90 lakh. Spurt in Volume was by more than 5.86 times
Jain Irrigation Systems' DVR registered spurt in Volume by more than 9.60 times, as the prices surged 5.49% from its previous close of Rs. 47.40 to a share price of Rs. 50. During the day, the prices touched a high of Rs. 55.80 and a low of Rs. 50.10.
Gujarat NRE Coke Ltd surged 19.78% at Rs. 3.27, as it breached the upper circuit. The spurt in Volume is by more than 8.06 times.
Future Retail DVR closed at Rs. 55.75, 2.11% up from the previous close of 54.60. Spurt in Volume was by more than 3.69 times.
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.