Just Dial drops on profit taking

Just Dial lost 1.99% to Rs 499 at 15:24 IST on BSE on profit booking after the company said the Reserve Bank of India has granted in-principle approval for issuing and operating payment system for semi-closed pre-paid payment instrument service.

The announcement was made during market hours today, 8 September 2016.

Meanwhile, the S&P BSE Sensex was up 129.98 points or 0.45% at 29,056.34.

On BSE, so far 7.41 lakh shares were traded in the counter as against average daily volume of 2.54 lakh shares in the past one quarter. The stock hit a high of Rs 515.25 and a low of Rs 491.65 so far during the day. The stock had hit a 52-week high of Rs 1,076.90 on 14 October 2015. The stock had hit a record low of Rs 377.65 on 12 February 2016. The stock had outperformed the market over the past one month till 7 September 2016, surging 8.96% compared with 3.02% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 22.33% as against Sensex's 7.1% rise.

The mid-cap company has equity capital of Rs 70.57 crore. Face value per share is Rs 10.

Shares of Just Dial had surged 6.38% in two trading sessions to settle at Rs 509.15 yesterday, 7 September 2016, from its close of Rs 478.60 on 2 September 2016.

Post approval from the Reserve Bank of India (RBI), Just Dial said it will be in a position for providing payment solution to its users, which is integral part of its transaction services and JD prepaid wallet will help to provide a seamless payment experience to users. The company needs to submit certain reports to RBI upto 5 March 2017 for final authorization.

Just Dial's net profit rose 8% to Rs 38.93 crore on 6.2% growth in net sales to Rs 176.29 crore in Q1 June 2016 over Q1 June 2015.

Just Dial started offering local search services in 1996 under the Just Dial brand and is now the leading local search engine in India.

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