Shares of Just Dial were trading at Rs 545.90 apiece at noon, up around 19 per cent from its previous day's closing. 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. "In this regard, Exchange has advised the Company to provide clarification or the confirmation on the news item in detail".
Both the companies entered into exclusive talks about two months ago, the Business Standard reported quoting an investment banker familiar with the discussions.
The stock of Just Dial witnessed a surge of 20 per cent during the early hours of trade on Friday. It 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.
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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 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. 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's core listing business has been facing tough competition from companies like Zomato and Practo in the recent times.
While Just Dial posted a net profit of Rs 38.16 crore after tax in the first quarter of 2018 fiscal, it posted a net profit of Rs 37.46 crore in the second quarter.