Amidst Google's Just Dial acquisition rumours, shares jump to INR 549.85

Just Dial

Amidst Google's Just Dial acquisition rumours, shares jump to INR 549.85

Earlier in the day, Business Standard reported citing an anonymous investment banker that Google and Just Dial had entered into exclusive talks for a takeover about two months ago.

According to reports, no acquisition deal was in place and the company rebuffed suggestions but the stocks had a different story to narrate. The scrip opened at Rs 504.90 and touched a high and low of Rs 549.85 and Rs 504.25, respectively, in trade so far.

Shares of Just Dial advanced almost 20 per cent in early trade on Friday after reports that the internet giant Google is in talks with the local search engine provider to acquire its business.

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

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Later, the price dropped to INR 492.25 with the day's high being INR 549. "In this regard, Exchange has advised the Company to provide clarification or the confirmation on the news item in detail".

Abhishek Bansal, CEO of Just Dial said in response to the newspaper's email that the company does explore various strategic tie-ups and meet various companies for the same. "However, we would like to clarify that as of now there is no proposal in respect of acquisition of business of Just Dial by Google and the news published in Business standard dated 10 November, 2017 is factually incorrect".

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

The company responded to the NSE's query at 11.56 am. In the first quarter, the company posted Rs 38.16 crore profit after tax.

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