Tata Motors DVR rises on BofA-ML report

Shares with differential voting rights DVR of Tata Motors rove over 4 per cent on a 8216;buy8217; rating report from Bank of America-Merrill Lynch,two dealers said. BofA-ML has initiated coverage on Tata Motors DVR with a target price of Rs 980. The investment bank expects the discount between DVR shares and ordinary shares will narrow as the free float of DVR is likely to increase to 22 per cent from 18 per cent on back of future bond conversions and possible offloading by Tata Sons. Currently,the Tata Motors DVR trades at a 37 per cent discount to the ordinary shares,BofA-ML said in a note. At 10:07 a.m.,DVR shares were up 3.71 per cent at Rs 816.90.