Stock market analyst Ashwani Gujral has maintained 'buy' rating on Bata India Ltd stock with a target of Rs 420.

According to analyst, the stock can be purchased with a stop loss of Rs 350.

The stock of the company, on Nov 16, closed at Rs 365.25 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 378.45 and a low of Rs 176 on BSE.

Current EPS & P/E ratio stood at 13.43 and 27.70 respectively.

Bata India has recorded a surge of 57.57% in its net profit for the three month period ended September 30, 2010.

The company's profit for the quarter under review was Rs 207.2 million as compared to Rs 131.5 million during the corresponding period of 2009.

Net sales of the company grew by 12.04% to Rs 2,917.8 million for July-September quarter as against Rs 2,604.3 million for the three month period ended Sep 2009.

Moreover, the largest retailer in footwear business is on an aggressive growth spree with the introduction of 70 novel stores across the country till September 2010.

Bata has planned to make a way into the Tier II & III markets across the country with currently more than 1200 stores.