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Just Dial off day's high post clarification

11 November 2017

Shares of Just Dial surged 20 per cent to Rs551 on the NSE in early morning trade today after the reports, which say Google has been talking to Just Dial for an acquisition for some time.

Just Dial's stock closed at Rs 500.30 - 9% higher than the previous session's closing on the Bombay Stock Exchange (BSE).

Over the steep rise in the stock value, the National Stock Exchange (NSE), earlier in the day, sought a clarification from Just Dial on the reports of takeover talks with Google.

"It may take some more time before the discussions are finalised", the banker has been quoted as saying in the report.

Just Dial share price was off day's high in afternoon after its clarification.

In its response to a query from the stock exchange, the company denied being in discussion with Google for the sale of its business and termed the newspaper report as "factually incorrect".

Just Dial Limited is a Mumbai-based company providing local search related services in India.

Google has expanded its services in India by including business listings on Google Map and launch of Google Tez mobile payment app.

Just Dial had reported of being in talks with Google for a collaboration to enhance user experience.

Just Dial recently reported around 26.50 per cent jump in standalone net profit at Rs37.5 crore for the September quarter. In the first quarter, the company posted Rs 38.16 crore profit after tax. The company had reported total operating revenue of Rs. 194.5 crore for Q2FY18, a growth of 7.9 per cent YoY and 2.3 per cent QoQ.

Ravi Adusumalli, managing partner at SAIF Partners, has left the board of Just.

Just Dial off day's high post clarification