Just Dial says no proposal of acquisition of business by Google

10 November, 2017, 20:54 | Author: Oscar Goodwin
  • Just Dial Shares Still 8% Higher After Surging 20% High In Intraday Trading

Shares of local search engine Just Dial today surged almost 20% to Rs 549.85 during morning trade on Friday. "However, we would like to clarify that as of now there is no proposal in respect of acquisition of business of Just Dial by Google and the news published in Business standard dated 10 November, 2017 is factually incorrect".

Shares of Just Dial zoomed 20 per cent on the National Stock Exchange after reports of talks of an acquisition by internet giant Google. "Both the companies entered into exclusive talks about two months ago", said an investment banker familiar with the discussions. "Further, when there is any development to disclose, Just Dial shall do so at appropriate time as per Regulation 30 of the Securities and Exchange Board of lndia (Listing Obligations and Disclosure Requirements) Regulations, 2015". The stock, despite surge, was still far lower than its 52-week of Rs 619 that it had achieved on March 17 this year.

The Indian based company Justdial, established by V.S.S. Mani Just Dial's Mumbai branch is reported to be in attainment by Google. The company offers search services across multiple platforms, such as the internet, mobile internet, telephone (voice) and text (SMS). 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.

Share prices increased to Rs 549.85 on the Bombay Stock Exchange (BSE), a gain of 19.79 per cent.

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