Bata India extends recent slide

Meanwhile, the S&P BSE Sensex was down 309.44 points, or 1.59%, to 19,131.63.

On BSE, 80,596 shares were traded in the counter as against an average daily volume of 35,592 shares in the past one quarter.

The stock hit a high of Rs 876.15 and a low of Rs 797 so far during the day. The stock had hit a record high of Rs 989 on 3 October 2012. The stock had hit a 52-week low of Rs 688.25 on 20 March 2013.

The stock outperformed the market over the past one month till 10 June 2013, rising 7.78% compared with the Sensex's 3.19% decline. The scrip also outperformed the market in past one quarter, gaining 11.19% as against Sensex's 1.23% fall.

The mid-cap footwear retailer has an equity capital of Rs 64.26 crore. Face value per share is Rs 10.

Shares of Bata India slipped 9.58% in three trading days from a recent high of Rs 888.10 on 6 June 2013.

Recently, a domestic brokerage had initiated coverage on the Bata India stock with a buy rating citing strong earnings and growth visibility. The brokerage said that Bata India's focus is on aggressive growth by expanding presence in Tier II, III cities and rural India. The brokerage expects the company's margins to increase on the back of outsourcing of certain manufacturing operations and control over employee costs.

Bata India's net profit rose 6.8% to Rs 38.46 crore on 11.9% growth in net sales to Rs 453.63 crore in Q1 March 2013 over Q1 March 2012.

Bata India is the largest footwear retailer in India, enjoying a large market share in the organized sector.

Powered by Capital Market - Live News