Just Dial surges 9% on Google acquisition buzz; firm says reports incorrect

NEW DELHI: Shares of Just Dial advanced 9 per cent on Friday after reports that the internet giant Google is in talks with the local search engine provider to acquire its business.

The shares had jumped as much as 19.79 per cent during the day, but later trimmed gains after Just Dial denied that it was in talks with Google for a potential sale.

Just Dial gained 9 per cent to end the session at Rs 500.30 on BSE. The scrip opened at Rs 504.90 and 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 Rs 37.5 crore for the September quarter.

It had posted a net profit of Rs 29.6 crore in the corresponding quarter a year ago.

The company’s revenue from operations stood at Rs 194.4 crore in Q2FY18 as against Rs 180.3 crore in the year-ago period, up 7.9 per cent.

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

The stock had hit 52-week high of Rs 619.45 on March 17, 2017 and 52-week low of Rs 318.20 on December 27, 2016.

On the BSE, 35.80 lakh shares were traded on the counter, compared with average daily volumes of 5.33 lakh shares in the past two weeks.