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Nov 10, 2017 12:22 PM IST | Source:

Just Dial says no proposal from Google to acquire company, stock gains trimmed

"Google, a subsidiary of parent Alphabet, has been talking to Just Dial for an acquisition for some time," a media report said.

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Just Dial share price was off day's high in afternoon after its clarification over the news that US internet giant Google showed interest to acquire the company.

The stock rallied nearly 20 percent in early trade to hit an intraday high of Rs 549.85 on the BSE, but trimmed gains.

It was trading with gains of 7.75 percent at Rs 494.55 per share at 12:17 hours IST.

"Google, a subsidiary of parent Alphabet, has been talking to Just Dial for an acquisition for some time. Both the companies entered into exclusive talks about two months ago,” Business Standard said quoting an investment banker familiar with the discussions.

“It may take some more time before the discussions are finalised,” the report added.

Just Dial, however, clarified that as of now there is no proposal in respect of acquisition of business of the company by Google and news published in newspaper is factually incorrect.

The company said as part of its regular business, it does meet various relevant corporates for exploring any business / strategic opportunities and tie-ups.

Meanwhile, Just Dial, on November 6, reported a 26.5 percent growth year-on-year in profit at Rs 37.5 crore and 7.9 percent growth in revenue at Rs 194.5 crore for the quarter ended September 2017.

At 11:40 hours IST, the stock price was quoting at Rs 540.00, up Rs 81.00, or 17.65 percent on the BSE.
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