JustDial – Staggering Surge

Justdial is an Indian internet technology company that provides local search for different services in India over the phone, website and mobile apps. Founded in 1996 by V. S. S. Mani, the company is headquartered in Mumbai, India. In addition to its headquarters, Justdial has offices in Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, New Delhi, Hyderabad, Jaipur, Kolkata, and Pune. In 2020, Justdial had a database of approximately 29.4 million listings and 536,236 active paid campaigns. On 16 July 2021, Reliance Retail acquired a 66.95% stake in Justdial for ₹3,497 crores.

Shares of JustDial had soared to the day’s high of ₹ 389.85 by 9.98% yesterday. The company’s board will be meeting next week to plan for a proposal regarding the buyback of shares.

Considering volumes, 12.20 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day.

Justdial said in a BSE filing “With reference to the earlier intimation of the meeting of the board of directors to be held on July 24, 2017. The board will also consider a proposal for buyback of equity shares of the company at the said meeting.”

JustDial Weekly Candlestick Chart on Sharekhan’s TradeTiger

JustDial share price seems to be lingering around the 61.8% retracement level as the price takes immense support to withhold this level. The company is performing poorly since the beginning of 2021, and it has weak fundamentals.

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