Alphabet Inc flagship Google is reported to be in talks to acquire Mumbai-based search engine firm Just Dial.
Shares of Just Dial soared to day's high of Rs 551.25 on Friday, registering an over 20 per cent rise from its closing price of Rs 459 yesterday after a media report said the local service search provider was in talks with search giant Google for possible sale of business.
Just Dial was trading 13.86 per cent up at Rs 522 around 9.35 am (IST) on BSE. The intra-day gains settled at 9% reaching a share price of $7.6 (INR 500.30).
It hit a high of Rs 549.85 during the day, up nearly 20% from the previous close of 459, before paring some gains. Quoting an investment banker close to the development, the report said, "It may take some more time before the discussions are finalised".
Business Standard reported on Thursday that Just Dial was in talks to acquire Just Dial.
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JustDial, however, has since dismissed speculations about a potential buyout, adding, "We would like to clarify that as of now there is no proposal with respect of the acquisition of our business of Just Dial by Google".
In its Q2FY18 earning report Just Dial has reported a Traffic (Unique Visitors) of 105 million, up 37.1 per cent YoY and 4.5 per cent QoQ.
An acquisition of Just Dial will help Google get a huge database of small businesses in India that can be incorporated into its Maps app. So, Areo and JustDial are competitors.
JustDial was founded in 1994 by VSS Mani. The firm started offering local searches in 1996 and is now the leading local search engine in India, with services offered on a variety of platforms - Internet, mobile, voice calls and SMSes.
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