Shares of Tata Motors differential voting right, or DVR, hit a 33-month high of Rs 151, as they rallied 6 per cent on the BSE in Tuesday's intra-day trade on the back of heavy volumes amid expectations of inclusion in the MSCI Smallcap index.
The stock was trading at its highest level since July 30, 2018. In comparison, the S&P BSE Sensex was down 0.72 per cent at 49,138 points at 10:07 am.
In the past two weeks, shares of Tata Motors DVR
have outperformed the index by surging 20 per cent, as against a 1.8 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped over three-fold with a combined 3.85 million equity shares having changed hands on the NSE and BSE so far.
MSCI Inc, a leading provider of research-based indexes and analytics, will announce the results of the May 2021 Semi-Annual Index Review for the MSCI Equity Indexes on May 11, 2021. All changes will be made as of the close of May 27, 2021. CLICK HERE TO READ PRESS RELEASE
According to a Business Standard report, Tata Motors DVR, Intellect Design and SKF India are among the stocks that may be added to the MSCI Smallcap index after the index provider does its semi-annual review. The review could help these stocks garner $9.2 million, $7.8 million and $7.7 million in flows, respectively, according to IIFL Alternative Research. CLICK HERE TO READ FULL REPORT