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Synopsis Just Dial has called for a board meeting on Friday July 16 to “evaluate” fund raising proposals. A formal announcement is expected today. Reliance in advance talks to buy Justdial, formal announcement likely on July 16 Even as the Future Group buyout remains caught in legal crosshairs with Amazon, Asia’s richest man Mukesh Ambani is making a move on his next strategic target. Ambani’s telecom to petrochemicals conglomerate, is in advance negotiations to buy Just Dial (JD) from its founding promoters in a $800-$900 million transaction, said multiple sources aware. The transaction, once successful, will help, Reliance Retail leverage the merchant database of the 25-year old information search and listings company as well as its pan India network, to further accelerate its own local commerce and payments play. ....
Shares of Indian information technology (IT) companies were off to a firm start in Friday s trade, drawing strength from an excellent set of numbers reported by the global behemoth in the consulting and IT services Accenture. While the Nifty IT index was trading over half a per cent higher in early deals, most stocks, barring Wipro, gained up to 2 per cent. Shares of TCS, Infosys, Tech Mahindra, Mindtree and Coforge even logged fresh 52-week highs. Accenture on Thursday report better-than-expected third-quarter numbers with 16 per cent year-on-year (YoY) growth in revenue. The company also raised its fiscal 2021 (company follows January to December financial calendar) growth guidance to 10-11 per cent. This is up from the 6.5 per cent and 8.5 per cent it had guided in the last quarter. ....