Published: Sun, November 12, 2017
Science | By Eileen Rhodes

Just Dial Share Surges on takeover News with Internet Gaint Google

Just Dial Share Surges on takeover News with Internet Gaint Google

After having jumped to INR 549.85, 19.79 per cent higher than the previous session's closing, Just Dial's shares pared most of the intra-day gains to trade almost 6 per cent higher at INR 488 (1:35 pm on BSE) after the company denied the buzz that Google is set to acquire it.

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

U.S. internet giant Google, a subsidiary of parent Alphabet, is in talks with Mumbai-based service engine Just Dial to acquire its business.

However, after the shares zoomed both the BSE and NSE sought clarification from Just Dial on the media report.

A Google spokesperson told VCCircle in an emailed response that the company didn't comment on rumours.

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Just Dial was founded in 1996 by VSS Mani in Mumbai and provides search services through its app, website and mobile. "As of now, there is no proposal in respect of acquisition of Just Dial by Google and news published in Business Standard is factually incorrect", the company said in a stock exchange filing.

Meanwhile, reports have been doing the rounds on social media that Google was likely to invest in Bangalore-based hyperlocal delivery startup Dunzo Digital Pvt. Ltd.

Just Dial recently reported around 26.50 per cent jump in standalone net profit at Rs 37.5 crore for the September quarter.

E-mail queries to both companies were not immediately answered. In the first quarter, the company posted Rs 38.16 crore profit after tax.

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