Bata India’s Share Price Hit A Record High After Its Decline In The June Quarter Narrowed.
Bata India’s operating income increased from 1.35 billion rupees in the same period last year to 2.67 billion rupees, an increase of 98%.
The share price of footwear manufacturer and retailer Bata India rose 5.32% after narrowing its losses in the June quarter, reaching a record high of US$1,754.80. Bata India’s loss fell to 69.47 crore from a loss of 101 crore in the same period last year. Bata India’s operating income has almost doubled from 1.35 billion rupees in the same period last year to 2.67 billion rupees.
Due to the second wave of coronavirus infection and subsequent lockdown, Bata India’s point-of-sale sales remained sluggish. However, Bata India stated that despite restrictions, sales through e-commerce platforms continue to remain strong and rebound.
“Companies across the country faced some challenges in the first quarter, including our company. However, this time, we are better prepared because we have a more flexible contingency plan that helps us cleverly in the face of increased infections. Responding to the ever-changing business environment” Gunjan Shah, CEO of Bata India, said in a statement.
At 12:06 pm, Bata India’s stock price rose 0.7% to Rs 1,677, outperforming Sensex, which rose 0.4%.
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