Buy Bata India, target Rs 580: Gaurang Shah

Gaurang Shah of Geojit BNP Paribas Financial Services has Buy call on Bata India Ltd. with a target price of Rs 580.0. The current market price of Bata India Ltd. is 501.65. Time period given by analyst is Long Term, when Bata India Ltd. price can reach defined target. Bata India amongst the footwear category has been a consistent performer of late there has been some amount of consolidation that is happening numbers were a slightly lower than what the expectation was but Gaurang Shah believes there is tremendous amount of scope of scaling it upwards and with the discretionary spend likely to go up especially from the semi-urban and rural India we expect the stock to deliver great set of numbers.