Google reported in talks to acquire Mumbai-based Just Dial

Just Dial shares soar after media report says Google may buy

The share prices increased to Rs 551.25 on the National Stock Exchange (NSE) in early morning trade, a gain of 19.99 per cent.

"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 news published in Business standard dated 10 November 2017 is factually incorrect", the company said in the clarification to the exchanges. The stock 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. The testimony cites an investment banker said to be proverbial for some time."Google has been talking to Just Dial for an acquisition for some time. In this regard, Exchange has advised the Company to provide clarification or the confirmation on the news item in detail".

Alphabet Inc flagship Google is reported to be in talks to acquire Mumbai-based search engine firm Just Dial. 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).

Just Dial's core listing business has been facing tough competition from companies like Zomato and Practo in the recent times. The stock soared as much as 9 per cent to settle at Rs 500.30 on the BSE today. In the first quarter, the company posted Rs 38.16 crore profit after tax. It had posted a net profit of Rs29.6 crore in the corresponding quarter a year ago.

However, revenue for the past two quarters stood at Rs 194 crore (September quarter) and Rs 190 crore (April quarter).

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