Friday, March 29, 2024
HomeBusinessBata India Shares Jump 7% on Reports of a Likely Tie-Up With...

Bata India Shares Jump 7% on Reports of a Likely Tie-Up With Adidas; Know More – News18


Last Updated: August 17, 2023, 15:31 IST

Bata India and Adidas -- are in talks for a strategic partnership, reports claim (Image: News18)

Bata India and Adidas — are in talks for a strategic partnership, reports claim (Image: News18)

The two footwear companies — Bata India and Adidas — are in talks for a strategic partnership; Reports claimed

Bata India Ltd shares rose over 7 per cent on Thursday after reports claimed that the shoe and leather goods maker has entered talks with Adidas for a tie-up for the Indian market.

The stock is still far below its 52-week high of Rs 1,989, hit exactly a year ago on August 17, 2022. Around 15 lakh shares changed hands on the exchanges — five times more than the company’s monthly traded average.

The two footwear companies — Bata India and Adidas — are in talks for a strategic partnership and are likely at an advanced stage, CNBC-TV18 reported citing unidentified sources.

A total of 0.44 lakh shares of the firm changed hands, amounting to a turnover of Rs 7.59 crore. However, the Bata stock has lost 9.42 per cent in a year and risen 6.04 per cent in 2023.

In terms of technicals, the relative strength index (RSI) of Bata India stands at 38.5, signaling it’s trading neither in the oversold nor in the overbought territory. Bata India stock has a one-year beta of 0.6, indicating very low volatility during the period. Shares of Bata India are trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

During the April-June quarter, Bata India gained share in higher category articles in brands like Hush Puppies, Comfit, Floatz & North Star, its MD and CEO Gunjan Shah said.

Bata India had reported a consolidated net profit of Rs 106.8 crore in Q1FY24, a drop of 10.3 per cent from Rs 119.3 crore in the year-ago quarter.

The company’s revenue during the quarter rose 1.6 per cent to Rs 958.1 crore from Rs 943 crore, YoY.

Despite the steady network rollout and product revamp in the youth segment, Bata has continued to observe a decline in volumes, particularly in the value segment.

The company has 2,100 stores in close to 700 cities, with Franchise & SIS network consisting over 38 per cent. Bata India aims to expand the number of franchisee stores to 500 by 2025.



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments