Just Dial trims intraday rally after clarification

Just Dial was up 6.56% to Rs 489.10 at 14:28 IST on BSE, trimming intraday rally after the company in a clarification to the exchanges stated that there is no proposal as of now in respect of its acquisition by Google, as published in media.

The clarification was issued by the company during market hours today, 10 November 2017.

Meanwhile, the S&P BSE Sensex was down 23.50 points or 0.07% at 33,227.43. The S&P BSE Mid-Cap index fell 21.06 points or 0.13%, underperforming the Sensex.

The stock surged on heavy volumes. On the BSE, 31.82 lakh shares were traded on the counter so far as against average daily volumes of 2.91 lakh shares in the past one quarter. The stock was volatile. The stock surged as much as 19.79% at the day's high of Rs 549.85 so far during the day. The stock rose 1.75% at the day's low of Rs 467.05 so far during the day. The stock had hit a 52-week high of Rs 619.45 on 17 March 2017 and a record low of Rs 318.20 on 27 December 2016.

The stock had outperformed the market over the past one month till 9 November 2017, advancing 11.06% compared with the Sensex's 4.41% rise. The stock had also outperformed the market over the past one quarter, gaining 27.06% as against the Sensex's 4.57% rise. The scrip had also outperformed the market over the past one year, advancing 21.43% as against the Sensex's 22.01% rise.

The mid-cap company has equity capital of Rs 67.36 crore. Face value per share is Rs 10.

Earlier during the day, there was speculation in the media that Google is in talks with Just Dial to buy the latter's business.

Just Dial's net profit rose 26.5% to Rs 37.46 crore on 7.8% growth in net sales to Rs 194.47 crore in Q2 September 2017 over Q2 September 2016.

Just Dial is a leading local search engine in India.

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