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

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

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

Shares of local search engine Justdial today zoomed 9 per cent amid reports of deal talks with Google, which the company later denied.

The extraordinary movement in Just Dial's share price prompted the National Stock Exchange to seek an explanation from the local search engine over the news report. "In this regard, Exchange has advised the Company to provide clarification/confirmation on the news item in detail", said NSE. Increased investor interest in the stock comes on the back of news report that Google is in discussion with the company for an acquisition deal. "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 scrip opened at Rs 504.9 and has touched a high and low of Rs 549.85 and Rs 467.05 respectively.

Just Dial recently reported around 26.50 per cent jump in standalone net profit at Rs37.5 crore for the September quarter.

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The Business Standard had reported yesterday that the internet giant was in talks with Just Dial for an acquisition since the last two months.

The company had reported a net profit of Rs 29.6 crore in the corresponding quarter a year ago, Just Dial had said in a BSE filing.

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.

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