Buy Bata India, target price Rs 1500: IIFL

IIFL has given a buy rating to Bata India with a target price of Rs 1500. The share price moved up by 2.06 per cent from its previous close of Rs 1431.45. The stock’s last traded price is Rs 1461.

Bata India Ltd., incorporated in the year 1931, is a Large Cap company (having a market cap of Rs 18388.44 Crore) operating in Leather sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 367.87 Crore, up 172.35 % from last quarter Sales of Rs 135.08 Crore and down -49.05 % from last year same quarter Sales of Rs 721.96 Crore Company reported net profit after tax of Rs -44.32 Crore in latest quarter.


Investment Rationale
Stock has given a consolidation breakout above its 200DEMA on the daily chart.

Promoter/FII Holdings
Promoters held 53 per cent stake in the company as of June 30, 2020, while FIIs held 11.1 per cent, DIIs 21.4 per cent and public and others 14.5 per cent.