DVR shares up 13% post capital reduction decision

New Delhi: Tata Motors DVR is up more than 13 per cent in trade after the announcement of capital reduction by the company. Tata Motors DVR is trading at Rs423 up 13.43 per cent on BSE on Wednesday.

V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said Q1 results of Tata Motors and their decision to cancel DVR shares and the good results of L&T and the share buyback news are sentiment positive, he added. Tata Motors approved capital reduction of DVR shares at 23 per cent premium to the last closing price, resulting in 4 per cent EPS accretion (to close in 12-15 months.)