Justdial Denies to Google Offer, Stock Gets almost 20% Raise

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Shares of Just Dial advanced almost 20 per cent in early trade on Friday after reports that the internet giant Google is in talks with the local search engine provider to acquire its business.

It hit a high of Rs 549.85 during the day, up nearly 20% from the previous close of 459, before paring some gains.

The Stoke Exchange said, "With respect to the recent news item captioned "Google, Just Dial in deal talks".

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"It may take some more time before the discussions are finalised", he added.

Business Standard reported on Thursday that Just Dial was in talks to acquire Just Dial.

Following the company's detailed explanation - denying claims that Google proposed to acquire it - Just Dial's gains reduced - trading at Rs 492.25 at 12:11, against the days highest Rs 549.85. In a clarification, the company later said, "As mentioned during our previous media, investor and analyst interactions, Justdial, as part of its regular business, does meet various relevant corporates for exploring any business/strategic opportunities and tie-ups".

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Just Dial share price was off day's high in afternoon after its clarification. Google has teamed up with UrbanClap, Faasos, Freshmenu, Holachef and Box8 to provide services, putting it in competition with Just Dial.

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

However, revenue for the past two quarters stood at Rs 194 crore (September quarter) and Rs 190 crore (April quarter).

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