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Ratan Tata-led Tata Motors class A shares,or shares with differential voting rights (DVRs),were up as much as 13.6 percent as they continue to trade at a significant discount to Tata Motors shares,several dealers said.
At present,the discount is close to historic peak of 53 percent,according to a research note from Bank of America Merrill Lynch. …
Class-A shares seem a more attractive way to play this theme,said the bank,which has a buy rating for Tata Motors.
The bank has a price target of 195 rupees for the DVRs,based on a 35 percent discount to existing target of 300 rupees for ordinary shares.
At 1:10 p.m,the DVRs were up 12.34 percent at 151.65 rupees and Tata Motors shares were up 4.83 percent at 272.40 rupees.
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