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CNBC TV18 reported on August 17, citing sources, that footwear major Bata India is in talks with German sportswear giant Adidas for a strategic partnership.
Bata has not confirmed the development but the Bombay Stock Exchange has sought a clarification from the company on a CNBC-TV18 report
Bata India has clarified that it "continues to explore opportunities for strategic collaborations and tie-ups". This comes after media reports that Bata is in talks with Adidas over a potential strategic partnership for the Indian market. Bata India's shares on Thursday closed 5.3% higher at Rs 1,733.75 apiece in a downcast Mumbai trading as BSE Sensex had plunged 388 points.
Despite weak market conditions, Bata India maintained its strong momentum throughout the day. In the short-term period, the stock has seen strong price volume reversal formation. The texture of the pattern suggests positive sentiment is likely to continue in the near future.
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