Just Dial gains after RBI allows hike in foreign holding limit

Just Dial rose 2.81% to Rs 1,610 at 9:21 IST on BSE after the RBI notified that foreign institutional investors/registered foreign portfolio investors can invest upto 75% of the company's equity capital from earlier 49%.

Meanwhile, the S&P BSE Sensex was up 293.55 points or 1.03% at 28,732.46.

On BSE, so far 7,996 shares were traded in the counter as against average daily volume of 53,000 shares in the past two weeks.

The stock hit a high of Rs 1,620.90 and a low of Rs 1,600 so far during the day.

The Reserve Bank of India yesterday, 27 November 2014, notified that foreign portfolio investors (FIIs)/registered foreign portfolio investors (RFPIs) can invest upto 75% of its equity capital from 49% earlier. Just Dial has already passed resolutions at its board of directors' level and a special resolution by the shareholders agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs, the RBI said. Total holding of FIIs in Just Dial stood at 26.64% as on 30 September 2014.

Just Dial's net profit rose 9.9% to Rs 31.49 crore on 30.8% growth in net sales to Rs 147.40 crore in Q2 September 2014 over Q2 September 2013.

Just Dial provides local search related services to users in India through multiple platforms such as the internet, mobile internet, over the telephone (voice) and text (SMS). The company has also initiated its 'Search Plus' services for its users.

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