Just Dial gains as foreign brokerage maintains buy rating

Just Dial rose 2.77% to Rs 1,737 at 14:43 IST on BSE on reports that a foreign brokerage has maintained buy rating on the stock citing strong traction in its local search business.

Meanwhile, the S&P BSE Sensex was down 199.40 points or 0.74% at 26,861.64.

On BSE, so far 26,000 shares were traded in the counter as against average daily volume of 32,000 shares in the past two weeks.

The stock hit a high of Rs 1,741.70 and a low of Rs 1,680.75 so far during the day.

The foreign brokerage reiterated its positive stance on Just Dial on strong traction in its local search business driven by its leadership position and synergies from expansion into Search Plus services; and of view that its marketplace business is a play on India's e-tailing growth story, according to reports.

Just Dial's net profit rose 0.29% to Rs 28.11 crore on 29.14% growth in net sales to Rs 135.03 crore in Q1 June 2014 over Q1 June 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).

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