Bata India surges; parent raises stake in company

Reuters Market Eye - Bata India Ltd stocks surge 4.3 percent after its parent Bata B N B V bought 608,657 shares of the company at 888.05 rupees per share via a bulk deal on Tuesday, as per the Bombay Stock Exchange data.

The bulk deal raises parent company's stake to 52.95 percent from 52.01.

"Bata's parent company believes that the growth has bottomed out for its Indian arm, the creeping acquisition endorses that," an analyst tracking the company at a domestic brokerage house said.

(Reporting by Abhishek Vishnoi)