Just Dial advances as board approves buyback proposal

Just Dial gained 3.01% to Rs 390.50 at 09:45 IST on BSE after the company's board approved a proposal of buyback of equity shares from the open market through stock exchanges mechanism.

Meanwhile, the S&P BSE Sensex was up 8.56 points, or 0.03% to 32,254.43. The S&P BSE Small-Cap index was off 11.55 points, or 0.07% to 16,024.21.

On the BSE, 4.71 lakh shares were traded in the counter so far, compared with average daily volumes of 2.13 lakh shares in the past one quarter. The stock had hit a high of Rs 372.90 and a low of Rs 364 so far during the day. The stock hit a 52-week high of Rs 619.45 on 17 March 2017. The stock hit a 52-week low of Rs 318.20 on 27 December 2016.

The small-cap company has equity capital of Rs 69.55 crore. Face value per share is Rs 10.

Just Dial's board of directors approved the proposal to buyback shares from its shareholders/beneficial owners other than those who are promoters, members of the promoter group and persons in control, from the open market through stock exchanges mechanism for a total amount not exceeding Rs 83.91 crore, and at a price not exceeding Rs 700 per share.

The maximum buyback size represents 9.998% of the aggregate of the company's share capital and free reserves based on the standalone audited financial statements of the company as at 31 March 2017. The announcement was made after market hours yesterday, 24 July 2017.

Just Dial's net profit fell 1.98% to Rs 38.16 crore on 5.71% increase in total income to Rs 216.65 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Just Dial is a leading local search engine in India.

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