Bata India stock up nearly 3 per cent despite dip in Q2 profit

Bata India today reported a 36.35 per cent fall in net profit at Rs 34.59 crore for the second quarter ended September 30, 2016-17.

New Delhi, Nov 25:  Shares of footwear major Bata India today rose by nearly 3 per cent even as the company reported 36.35 per cent fall in net profit for the September quarter. The stock gained 2.34 per cent to settle at Rs 413.25 on BSE. Intra-day, it went up by 3.60 per cent to Rs 418.35.

On NSE, it jumped 2.58 per cent to close at Rs 412.95. Value-buying is likely to have helped the stock gain some ground after falling over 4 per cent in the past two trading sessions. Bata India today reported a 36.35 per cent fall in net profit at Rs 34.59 crore for the second quarter ended September 30, 2016-17.

The company had posted net profit of Rs 54.35 crore in the year-ago period. However, its total income from operations increased by 1.56 per cent to Rs 583.74 crore from Rs 574.73 crore during the same period a year ago, Bata India said in a BSE filing. It had also made an exceptional income of Rs 31.75 crore during the September quarter of last financial year, the company said.