April 22, 2018

Justdial Denies to Google Offer, Stock Gets almost 20% Raise

10 November 2017, 08:55 | Lucia Cruz

Just Dial shares soar amid reports of takeover by Google

Just Dial Shares Still 8% Higher After Surging 20% High In Intraday Trading

The Stoke Exchange said, "With respect to the recent news item captioned "Google, Just Dial in deal talks".

The share prices increased to Rs 551.25 on the National Stock Exchange (NSE) in early morning trade, a gain of 19.99 per cent. "In this regard, Exchange has advised the Company to provide clarification or the confirmation on the news item in detail".

Earlier in the day, Business Standard reported citing an anonymous investment banker that Google and Just Dial had entered into exclusive talks for a takeover about two months ago. The stock, despite surge, was still far lower than its 52-week of Rs 619 that it had achieved on March 17 this year.

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

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Shares of Just Dial advanced almost 20 per cent in early trade on Friday after reports that the internet giant Google is in talks with the local search engine provider to acquire its business. Just Dial's search service is available to users across multiple platforms, such as the internet, mobile Internet, over the telephone (voice) and text (SMS).

On November 6, 2017, Just Dial reported about 26.5 per cent rise in standalone net profit at Rs 37.5 crore for the September quarter. Just Dial Company is now trading at Rs 526.15, up by 14.63 % from its previous closing of Rs 459 on the BSE.

Its revenue from operations during the quarter under review stood at Rs 194.4 crore as against Rs 180.3 crore in the year-ago period, up 7.9 percent, it added.

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