Technical analyst Vijay Bhambwani is bullish on Bata India and has recommended 'buy' rating on the stock with an intra-day target between Rs 368-374.

According to analyst, the interested investors can buy the stock around Rs 355 with a stop loss of Rs 349.

The stock of the company, on Nov 10, closed at Rs 230 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 366 and a low of Rs 176 on BSE.

Current EPS & P/E ratio stood at 13.43 and 26.81 respectively.

Footwear maker and retailer Bata India has posted a jump of 57.68%in its net profit for the three month period ended September 30, 2010.

Country's biggest footwear maker and retailer recorded a net profit of Rs 20.72 crore as compared to Rs 13.14 crore during the same period of 2009.

Net sales of the company during the said period increased 12.04% to Rs 291.78 crore as compared to Rs 260.42 crore in the corresponding period of 2009.

For the first nine-month period ended September 30, the company's net profit zoomed 45.74% to Rs 60.95 crore from Rs 41.82 crore during the corresponding period of 2009.

The net sales of the company for the first nine month period surged 12.33% to Rs 901.00 crore as compared to Rs 802.08 crore in the same period last year.

The company also strengthened its presence by launching 71 large format stores across metropolitans and smaller cities.