Bata India snaps four-day wining streak; adds over 6% in four days

Bata India slips 1.53% to Rs 1,809.60, amid some bit of profit booking.

The stock had advanced 6.02% in the past four sessions to end at Rs 1,837.65 yesterday, from its recent closing low of Rs 1,733.30 recorded on 8 September 2021.

The scrip has gained 35.87% in the past one year, underperforming the market as the benchmark Sensex added 50.48% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 63.690. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 1677.33, 1596.25 and 1555.43, respectively.

The Life Insurance Corporation of India has sold 25.75 lakh shares, equivalent to 2.004% stake, of the company in the open market between 31 March 2021 and 14 September 2021.

Following the sale, LIC held 83.56 lakh shares, equivalent to 6.501%, of the company as on 15 September 2021. Prior to the said sale, it held 1.09 crore shares, equivalent to 8.505%, of Bata India.

Bata India is the largest footwear retailer in India, offering footwear, accessories and bags across brands such as Bata, Hush Puppies, Naturalizer, Power, Marie Claire, Weinbrenner, North Star, Scholl, Bata Comfit and Bubblegummers.

The footwear maker reported a consolidated net loss of Rs 69.4 crore in Q1 FY22, lower than net loss of Rs 100.8 crore posted in Q1 FY21. Total income jumped to Rs 279.2 crore in Q1 FY22 from Rs 187.1 crore in Q1 FY21.

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