Just Dial stock soars after media report suggests acquisition by Google

Just Dial says no proposal of acquisition of business by Google

Just Dial stock soars after media report suggests acquisition by Google

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.

After having jumped to Rs 549.85, 19.79% higher than the previous session's closing, Just Dial's shares pared most of the intra-day gains to trade 7.56% higher at Rs 493.65 (1.50 pm on BSE) after the company denied that Google is set to acquire Just Dial. "In this regard, Exchange have advised the Company to provide clarification/confirmation on the news item in detail", it said. Meanwhile, the BSE earlier in the day sought clarification from Justdial with reference to news that Google and Justdial are in deal talks. "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".

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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 Indian based company Justdial, established by V.S.S. Mani Just Dial's Mumbai branch is reported to be in attainment by Google. 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).

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The company had posted net profit after tax of Rs 37.46 crore in the second quarter of 2018 fiscal.

The stock is now trading at Rs 488.7, up by Rs 29.7 or 6.47% from its previous closing of Rs 459 on the BSE.

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