Sify Puts A Post-Earnings Charge Into India ADRs (SIFY, TTM, HDB, INFY, IBN, SAYCY, WIT)
Shares of Sify Technologies (SIFY), the Indian provider of business and consumer Internet services, are soaring 19% after the company reported a second-quarter EBITDA profit of $2.8 million compared with $510,000 a year earlier as revenue climbed to $50.73 million, a 31% increase from the year-earlier period. The company’s net loss narrowed to $1.91 million from $4.05 million.
Indian stocks are responding to Sify’s good news as the India Stocks and ADRs Index is up 1.2%. Sify currently has a network presence in nearly 700 Indian cities and six data centers in the rapidly growing economic power. The company said it is looking to expand that capacity.
“Our initiative to focus on Sify software as a separate organization supporting several application services to carrier, enterprise and small business customers is seeing acceptance and gaining good traction. We believe the service offerings from Sify software will help us realize our vision of transforming from an internal support function to a significant independent revenue maker for the company,” Sify CEO Raju Vagesna said in a statement.
Sify said revenue from enterprise services surged 40% in the quarter including $10.3 million from a large U.S. telecom company Sify did not identify in its statement.
Taking a look at other Indian ADRs, Tata Motors (TTM) is up half a percent while HDFC Bank (HDB) and Infosys Technologies (INFY) are both trading higher by 1%. ICICI Bank (IBN) is up 2%. Satyam Computer Services (SAYCY) and Wipro (WIT) are among the Index laggards, each with losses of 2%.
Investors can track the India Stocks and ADRs Index for performance trends and a suite of other metrics at tickerspy.com.
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