Friday, 24 November, 2017

Google Acquisition Buzz Boosts Just Dial Shares

Just Dial rallies 20% on takeover talks by Google Google Acquisition Buzz Boosts Just Dial Shares
Theresa Hayes | 10 November, 2017, 20:56

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.

Just Dial's stock hit a 52-week high of Rs 619.45 on March 17, 2017 and 52-week low of Rs 318.20 on December 27, 2016.

Online local business search engine Just Dial Ltd saw its stock surge 9% to close at Rs 500.30 on the BSE on Friday, after a media report suggested that the company was in takeover talks with US Internet giant Google, a subsidiary of parent Alphabet Inc.

Following the company's detailed explanation - denying claims that Google proposed to acquire it - Just Dial's gains reduced - trading at Rs 492.25 at 12:11, against the days highest Rs 549.85.

"With respect to recent news item captioned "Google, Just Dial in deal talks". The firm started offering local searches in 1996 and is now the leading local search engine in India, with services offered on a variety of platforms - Internet, mobile, voice calls and SMSes. It had posted a net profit of Rs29.6 crore in the corresponding quarter a year ago. In the first quarter, the company posted Rs 38.16 crore profit after tax.

The company's revenue from operations stood at Rs194.4 crore in Q2FY18 as against Rs180.3 crore in the year-ago period, up 7.9 per cent. Just Dial Company is now trading at Rs 526.15, up by 14.63 % from its previous closing of Rs 459 on the BSE.

Just Dial had 10,892 employees at the end of September, 2017 quarter.