Equity Alert: Bata India up 4%; co to set up 250 stores in 3 years

[K.Karthik Raja]

Equity Alert: Bata India up 4%; co to set up 250 stores in 3 years
MUMBAI--11:45PM--Bata India rose 4% to 159 rupees on the back of
the company's expansion plans, and sale of its 'Hawai' brand to
Brazil's Alpragatas for about 39 mln rupees.
The company plans to open 250 stores over three years, the area of
which will vary from 3,000 sq ft to 10,000 sq ft.
Bata sold the brand 'Hawai' as it had started losing value with
many
unorganised units selling their own footwear under similar brand name.
The company also said the real estate project at Batanagar would
be
completed by 2013.
The stock is likely to face resistance around 162 rupees, and then
at
173-174 rupees.
So far, 535,054 shares of the company have been traded on NSE. The
stock
in not traded in the futures and options segment.