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Just Dial surges 67% in 17 days after promoter buys shares via open market

Between September 25 and September 30, 2020, Anita Mani purchased 679,677 equity shares for Rs 25.33 crore, according to disclosure made by the company to stock exchange

Just Dial | Buzzing stocks | Markets

SI Reporter  |  Mumbai 

Following the sharp run-up, returns are expected to plateau.
Just Dial had also bought back 3.14 million equity shares of the company between August 4 and August 17

Shares of continued at their northward journey, ralling 14 per cent to Rs 574 on the BSE on Tuesday, on the back of heavy volumes. The stock was trading higher for the fourth straight day, surging 40 per cent during the period.

In the past 17 trading days (since September 25), the market price of has zoomed 67 per cent after its promoter & director, Anita Mani acquired more than 1 per cent stake in the company through open market.

Between September 25 and September 30, 2020, Anita Mani purchased 679,677 equity shares of for Rs 25.33 crore, according to disclosure made by the company to the stock exchange. The names of sellers were not ascertained immediately.

Anita Mani bought these shares at an average price of Rs 373 per share. Post acquisition, her holding in Just Dial has increased to 3.12 per cent from 2.02 per cent, data shows. CLICK HERE FOR FULL DETAILS

Meanwhile, Just Dial had bought back 3.14 million equity shares of the company at price of Rs 700 per share through tender offer under buyback offer between August 4 and August 17.

The company provides local search related services to users in India through multiple platforms such as Desktop/ PC website, mobile site, mobile apps, over the telephone and text (SMS). The latest version of its JD App, is an All-in-ne App, replete with features like Map-aided Search, Live TV, Videos, News, Stock quotes, etc "to make the life of the consumer infinitely smoother and more engaging".

For April-June quarter (Q1FY21), Just Dial reported 32.4 per cent year on year (YoY) decline in its total operating revenue at Rs 162 crore on account of lockdown imposed by the Government owing to Covid-19. However, net profit grew 45.5 per cent YoY at Rs 83 crore, due to higher other income of Rs 76.9 crore aided by MTM gains on investment portfolio due to decline in bond yields.

At 01:28 pm, Just Dial was trading 13 per cent higher at Rs 569 on the BSE, as compared to 0.53 per cent rise in the S&P BSE Sensex. A combined 8.68 million equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.

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First Published: Tue, October 20 2020. 13:31 IST