Bata India's drops as weak demand hurts Q1 results
07/08/2024 09:06
** Bata India BATA.NS down 3.2%, on a 4-session losing run
** Footwear retailer's Q1 profit before exceptional items
and tax fell 42%; overall profit rose on one-time gain
** Rev fell marginally, hurt by weak demand due to
elections, heat wave
** Around 1.4 mln shares traded, 2.6x 30-day avg volume
** BATA has shed 9% in 4 sessions, taking YTD losses to ~11%
** Metro Brands METB.NS , in contrast, is up 2.8% in 2024
** Still, analysts, on avg, rate both Bata and Metro the
equivalent of "hold" -LSEG data
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))