Expect Bata India to test Rs 850 in short term: Agarwal

Bata India is expected to achieve target of 850 in the short term, so one can keep a stop loss of Rs 740, says Shubham Agarwal of Motilal Oswal Securities.

Agarwal told CNBC-TV18, "If someone wants to look with a 15-20 days kind of an horizon I think Bata India is something, which is emerging towards the long-term support area, so current level can be used as a buying opportunity. A short-term target can be seen around Rs 850 and for that we have to keep a very minimum stop loss at Rs 740, so very good risk-averse scenario. And Rs 850 is what we expect in a short run, but from a positional aspect because we expect the market to move lower we are not recommending to buy anything with a positional basis." The company's trailing 12-month (TTM) EPS was at Rs 31.97 per share. (Sep, 2012). The stock's price-to-earnings (P/E) ratio was 24.37. The latest book value of the company is Rs 84.76 per share. At current value, the price-to-book value of the company was 9.19. The dividend yield of the company was 0.77%. Disclosure: I don’t have any personal holdings, but we might have recommended some of the stocks to our clients.