Bata India surges; parent raises stake in company

Bata India Ltd stocks surge 4.3 per cent after its parent Bata B N B V bought 608,657 shares of the company at Rs 888.05 per share via a bulk deal on Tuesday, as per the Bombay Stock Exchange data.

The bulk deal raises parent company's stake to 52.95 per cent from 52.01.

"Bata's parent company believes that the growth has bottomed out for its Indian arm, the creeping acquisition endorses that," an analyst tracking the company at a domestic brokerage house said.

Copyright: Thomson Reuters 2013