Just Dial gains after board approves share buyback proposal

Just Dial rose 1.98% to Rs 1,131.50 at 10:00 IST on BSE after the board of directors of the company at its meeting held yesterday, 4 June 2015, has approved the proposal of share buy-back from shareholders through a tender offer.

The announcement was made before market hours today, 5 June 2015.

Meanwhile, the BSE Sensex was down 48.07 points, or 0.18%, to 26,782.17.

On BSE, so far 1.38 lakh shares were traded in the counter, compared with an average volume of 93,065 shares in the past one quarter.

The stock hit a high of Rs 1,207.70 and a low of Rs 1,117 so far during the day. The stock hit a record high of Rs 1,894.70 on 5 August 2014. The stock hit a 52-week low of Rs 1,036.05 on 28 April 2014.

The stock had outperformed the market over the past one month till 4 June 2015, gaining 0.75% compared with 2.46% decline in the Sensex. The scrip had however underperformed the market in past one quarter, declining 15.72% as against Sensex's 8.74% fall.

The mid-cap company has an equity capital of Rs 70.49 crore. Face value per share is Rs 10.

Just Dial said that the board of directors of the company at its meeting held yesterday, 4 June 2015, has approved the proposal to buy-back the fully paid-up equity shares of face value of Rs 10 each of the company from the shareholders of the company on a proportionate basis through a tender offer (buy-back). The buy-back shall be up to 25% of the aggregate of paid-up capital and free reserves of the company at a maximum price Rs 1550 per share.

Just Dial's net profit rose 38.1% to Rs 47.16 crore on 33.9% growth in total income to Rs 183.51 crore in Q4 March 2015 over Q4 March 2014.

Just Dial's search service bridges the gap between the users and businesses by helping users find relevant providers of products and services quickly, while helping businesses listed in Just Dial's database to market their offerings. The company started offering local search services in 1996 under the Justdial brand and is now the leading local search engine in India.

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