Published: Fri, November 10, 2017
Research | By Raquel Erickson

Just Dial rallies 20% on takeover talks by Google

Just Dial rallies 20% on takeover talks by Google

Buying Just Dial will give Google, owned by Alphabet Inc, a database of 20 million pan-Indian listings, the report said.

Shares of local search engine Just Dial on Friday rose 20 percent to hit Rs 549.85 after the Business Standard reported that the United States internet giant Google is in talks to acquire the company.

The BS report said citing an investment banker that Google has been talking to Just Dial for a buyout for sometime.

The Business Standard had reported yesterday that the internet giant was in talks with Just Dial for an acquisition since the last two months. However, it might require a while to finalize the deal.

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.

However, in a quick clarification, Just Dial responded, "We would like to clarify that as of now there is no proposal in respect of acquisition of business of Just Dial by Google". In a clarification, the company later said, "As mentioned during our previous media, investor and analyst interactions, Justdial, as part of its regular business, does meet various relevant corporates for exploring any business/strategic opportunities and tie-ups".

Just Dial posted a net profit of Rs 37.46 crore in the quarter ended September 2017, clocking 26% year-on-year growth over Rs 29.62 crore in the same period last year, according to stock-exchange filings made by company.

Just Dial is engaged in providing search services in India. It had posted a net profit of Rs29.6 crore in the corresponding quarter a year ago.

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