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Just Dial stock erases gains after firm denies acquisition talks with Google, still closes 9% higher
Earlier in the day, a media report said internet search firm Google has entered talks with the local search engine to acquire its business.
Just Dial stock erases gains after firm denies acquisition talks with Google, still closes 9% higher

The Just Dial stock erased gains in afternoon trade after the Mumbai-based firm denied a report that internet search firm Google has entered talks with the local search engine to acquire its business. The stock closed 9 percent or 41.30 points higher at Rs 500 on the BSE.

The stock rose up to 20 percent or 549 level in early trade.

Earlier in the day, a media report said Google has entered talks with the local search engine to acquire its business. Later, Just Dial in a clarification said: "We would like to clarify that as of now there is no proposal in respect of acquisition of business of Just Dial by Google. Further, when there is any development to disclose, Just Dial shall do so at appropriate time as per Regulation 30 of the Securities and Exchange Board of lndia (Listing Obligations and Disclosure Requirements) Regulations, 2015."

On an year-to-date basis, the stock is up 44.01 percent. It is up 22.65 percent on yearly basis. The stock opened at 504 level and hit a high of 549 in early morning trade. It hit a 52-week high of Rs 619.45 on March 17, 2017 and 52-week low of Rs 318.20 on December 27, 2016.

The Mumbai-based company started offering local search services in 1996 under the Just Dial brand and is now the leading local search engine in India. Just Dial's search service is available to users across multiple platforms, such as the internet, mobile Internet, over the telephone (voice) and text (SMS).

On November 6, 2017, the local search engine reported about 26.5 per cent rise in standalone net profit at Rs 37.5 crore for the September quarter. The company had reported a net profit of Rs 29.6 crore in the corresponding quarter a year ago.

Its revenue from operations during the quarter under review stood at Rs 194.4 crore as against Rs 180.3 crore in the year-ago period, up 7.9 per cent. The company's cash and investments stood at Rs 1,045.3 crore as on September 30, 2017 compared to Rs 1,086.2 crore as on June 30, 2017.

Pursuant to open market buyback approved on July 24, 2017, the company has bought back 22,41,000 equity shares at an average price of Rs 374.18 per equity share aggregating to Rs 83.85 crore, Just Dial said. It had 10,892 employees at the end of September, 2017 quarter.

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