Shares of local search engine Justdial today zoomed 9 per cent amid reports of deal talks with Google, which the company later denied. Just Dial Company is now trading at Rs 526.15, up by 14.63 % from its previous closing of Rs 459 on the BSE.
If the deal materialises, Google will get access to Just Dial's database of 20 million pan-India listings, apart from the database built organically.
Just Dial recently reported around 26.50 per cent jump in standalone net profit at Rs37.5 crore for the September quarter. Google has teamed up with UrbanClap, Faasos, Freshmenu, Holachef and Box8 to provide services, putting it in competition with Just Dial. "Both the companies entered into exclusive talks about two months ago", said an investment banker familiar with the discussions.
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".
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Over the steep rise in the stock value, the National Stock Exchange (NSE), earlier in the day, sought a clarification from Just Dial on the reports of takeover talks with Google.
A Google spokesperson told VCCircle in an emailed response that the company didn't comment on rumours.
While Just Dial posted a net profit of Rs 38.16 crore after tax in the first quarter of 2018 fiscal, it posted a net profit of Rs 37.46 crore in the second quarter.