Just Dial rose 3.13% to Rs 1,789.40 at 9:48 IST on BSE after the company said its board approved increasing the shareholding limit of foreign institutional investors in the company to 75% from 49%.
The company made the announcement after market hours on Tuesday, 19 August 2014.
Meanwhile, the BSE Sensex was down 22.11 points, or 0.08%, to 26,398.56.
On BSE, so far 18,000 shares were traded in the counter, compared with an average volume of 63,957 shares in the past one quarter.
The stock hit a high of Rs 1,795 and a low of Rs 1,755 so far during the day. The stock hit a record high of Rs 1,894.70 on 5 August 2014. The stock hit a 52-week low of Rs 627.50 on 20 August 2013.
The stock had outperformed the market over the past one month till 19 August 2014, rising 11.72% compared with 3.04% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 43.58% as against Sensex's 8.45% rise.
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The large-cap company has an equity capital of Rs 70.17 crore. Face value per share is Rs 10.
In a communiquto the BSE, Just Dial said its board has decided to seek shareholders' approval for increasing the aggregate shareholding limit of foreign institutional investors/foreign portfolio investors in the company from the existing 49% to 75%.
Further, the company's board also approved acquisition of Just Dial Inc from Just Dial Global, subject to necessary approvals and also decided to explore business opportunities in global markets.
Net profit of Just Dial rose 0.29% to Rs 28.11 crore on 29.14% rise in net sales to Rs 135.03 crore in Q1 June 2014 over Q1 June 2013.
Just Dial provides local search related services to users in India through multiple platforms such as the internet, mobile internet, over the telephone (voice) and text (SMS).
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