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Shares of Just Dial today gained as the local search engine has started buying back shares.
The stock jumped as much as 3 per cent.
Just Dial will buy back 1.6 million shares from February 25 to March 10.
The stock also got a boost after the company launched JD Omni, a software technology that helps small businesses sell directly to consumers online, on Thursday.
Macquarie says they think sign-up of core search subscribers on Omni platform is critical for Just Dial as it battles hyperlocal competitors in verticals like food, home services, etc.
Just Dial stock is down about 70 per cent from its all-time high in August 2014, and about 35 per cent so far this year as of Wednesday’s close due to worries about valuations.
StarMine Intrinsic Valuation model has pegged the fair value at Rs 396, which is below the current levels of Rs 550.
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