Just Dial says no proposal of acquisition of business by Google

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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 stock opened at 504 level and hit a high of 549 in early morning trade.

It hit a high of Rs 549.85 during the day, up nearly 20% from the previous close of 459, before paring some gains.

The Business Standard had reported yesterday that the internet giant was in talks with Just Dial for an acquisition since the last two months. "In this regard, Exchange have advised the Company to provide clarification/confirmation on the news item in detail", NSE said in a statement. The stock, despite surge, was still far lower than its 52-week of Rs 619 that it had achieved on March 17 this year.

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

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The Mumbai-based company started offering local search services in 1996 under the Just Dial brand and is now the leading local search engine in India. 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.

The NSE sought clarification from Just Dial on the media report.

The company had posted net profit after tax of Rs 37.46 crore in the second quarter of 2018 fiscal. The company had reported total operating revenue of Rs. 194.5 crore for Q2FY18, a growth of 7.9 per cent YoY and 2.3 per cent QoQ.

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