Heard on the street: Bata up 6% on strong volumes

Bata up 6% on strong volumes

The shares of Bata India — the biggest footwear retailer in the country — rose 6% to Rs 387.55, its highest-ever closing, on Thursday backed by volumes higher than the two-week daily average. According to dealers, “Tumbleton” was a buyer in the stock on Thursday.

Some analysts are optimistic about the company’s prospects given its increased focus on wholesale selling and efforts to control costs, including the voluntary retirement scheme. The company’s net profit in the second quarter declined 20% to Rs 20.72 crore from a year earlier

Barclays eyes 26% stake in India Infoline

The Axis Bank-Enam deal has revived rumours about acquisitions of some other listed broking firms by large banks. The buzz is that Barclays Bank is looking to buy 26% stake in the Mumbai-based broking outfit, India Infoline. Both the firms are mid-way through the negotiation process, a few brokers and a couple of merchant bankers told ET. India Infoline plans to use the sale proceeds to expand its broking and asset management businesses.

India Infoline officials denied any such development. “We’re not talking to anybody regarding a stake-sale,” said an India Infoline spokesperson. Barclays Bank officials could not be reached for comments. Shares of India Infoline ended 1.8% higher at Rs 116 on Thursday.

Contributed by Harish Rao and Shailesh Menon