Just Dial surges over 10% on heavy volumes

The stock surged 14% to Rs 391 on the BSE, its sharpest intra-day gain in past 10 months.

Just Dial has surged 14% to Rs 391 on the BSE, its sharpest intra-day gain in past 10 months, on back of heavy volumes. Earlier, on March 4, 2016, the stock rallied 16% during intra-day trade.

At 11:50 am; the stock was up 13% at Rs 388 as compared to 0.85% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than five-fold with a combined 5.55 million shares changing hands on the BSE and NSE so far.

Just Dial has called a  Court convened meeting on Tuesday, January 17, 2017 to consider and approve the demerger and transfer of the data & information division of Just Dial Global Private Limited (JDGPL) to Just Dial, on a going concern basis.

The board on August 16, 2016 had already approved a draft scheme of arrangement between Just Dial and JDGPL for demerger of data and information undertaking of JDGPL into the company.

The proposed demerger would enable Just Dial’s Search Business to effectively utilize the operational, financial, personnel and management bandwidth of the demerged undertaking and derive operating and financial synergies, the company said in a statement.

The stock hit a 52-week low of Rs 318 on December 27, 2016, fallen 65% from its 52-week high of Rs 903 touched on April 4, last year. The stock hit a record high of Rs 1,895 on August 2014.

Just Dial had reported 27% year on year drop in its standalone net profit at Rs 30 crore for the second quarter ended September 30, 2016.