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Brokerage Nuvama Institutional Equities upgraded the stock to a “buy” from a “hold” rating, citing attractive valuations, strong cash reserves, and potential for better shareholder returns.

The brokerage set a target price of Rs 1,140 per share, suggesting a 25% upside from current levels. Despite recent growth challenges, Nuvama noted that Just Dial’s core business offers a compelling valuation when adjusted for cash, which was Rs 5,060 crore as of December 2024, making up about 72% of its total market capitalization.