Just Dial at new high, stock surges over 40% in one month

The stock has surged 11% to Rs 950 on the Bombay Stock Exchange.

Just Dial has surged 11% to Rs 950, also its new high since listing in June this year, on back of heavy volumes on the Bombay Stock Exchange (BSE).

A combined 216,015 shares already change hands on the counter till 1055 hours against an average sub 50,000 shares that were traded daily in past two weeks on the BSE and NSE.

Shares of the company providing local search services over the phone, web, mobile and SMS has rallied 41% in past one month from Rs 676 on September 3, as compared to less than 10% rise in benchmark index S&P BSE Sensex and BSE-500 index.

The average delivery volumes of the stock in past two months has increased to nearly 50% from an average less than 40% in earlier two months.

The overseas investors are bullish on the stock, raising their holding in the company by nearly four percentage points post listings. The foreign institutional investors (FIIs) total holding in the company had increased to 18.77% as on June 30, 2013 against 14.85% on date of listing, the BSE data shows.

Meanwhile, the stock has surged 97% against its issue price of Rs 483 per share offered to the retail investors. The company had issued shares at price of Rs 530 per share to institutional investors.