Bata India rises nearly 5% after better-than-expected Q4 profit
19/05/2023 05:45
** Shares of footwear maker Bata India Ltd BATA.NS rise as
much as 4.6% to 1,596.40 rupees, marking their sharpest intraday
pct gain since July 29, 2022
** Co on Thursday reported better-than-expected Q4 profit as
raw material costs softened and demand for brands such as Hush
Puppies and Comfit rose
** BATA's consolidated profit rose 4.2% Y/Y, while rev from
ops jumped 17%
** Share price above 50-day, 100-day simple moving averages
but below the 200-day SMAs
** Stock's moving average convergence divergence (MACD) line
above the signal line since March 6, indicating a bullish bias
** More than 716,000 shares change hands by 10:02 a.m. IST,
2.1x 30-day avg of 349,530 shares
** Eleven of the 16 analysts covering the stock rate it
"buy" or "strong buy", four "hold" and one "sell"; median PT is
1,670 rupees - Refinitiv data
** Stock down ~6.1% YTD
(Reporting by Ashish Chandra in Bengaluru)
((ashish.chandra@thomsonreuters.com (+91 7982114624))