Google reported in talks to acquire Mumbai-based Just Dial

Google reported in talks to acquire Mumbai-based Just Dial

Google reported in talks to acquire Mumbai-based Just Dial

Shares of Just Dial zoomed 20 per cent on the National Stock Exchange after reports of talks of an acquisition by internet giant Google.

It hit a high of Rs 549.85 during the day, up nearly 20% from the previous close of 459, before paring some gains. A few months ago two companies were in exclusively talks as the Alphabet Subsidiary acquired Bangalore based artificially firm, Halli labs and now the Google is in talks to with the local search engine provider to acquire its business.

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On November 6, 2017, Just Dial reported about 26.5 per cent rise in standalone net profit at Rs 37.5 crore for the September quarter.

The company, founded by VSS Mani, put out a statement, "As mentioned during our previous media, investor and analyst interactions, Just Dial, as part of its regular business, does meet various relevant corporates for exploring any business / strategic opportunities and tie-ups". Meanwhile, the BSE earlier in the day sought clarification from Justdial with reference to news that Google and Justdial are in deal talks.

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A Google spokesperson told VCCircle in an emailed response that the company didn't comment on rumours.

Just Dial is engaged in providing search services in India.

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After having jumped to Rs 549.85, 19.79% higher than the previous session's closing, Just Dial's shares pared most of the intra-day gains to trade 7.56% higher at Rs 493.65 (1.50 pm on BSE) after the company denied that Google is set to acquire Just Dial. It had posted a net profit of Rs29.6 crore in the corresponding quarter a year ago.

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