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A integrated Internet, network and electronic commerce services Company in India, offering end-to-end solutions with a comprehensive range of services delivered over a common Internet backbone infrastructure.
Sify Limited popped 30% in mid-September when Rediff.com spiked 60%. They are both based in India and tend to "speculate" together. I left Sify Limited alone as far as downthumb in mid-September and focused on Rediff. This time it looks like I caught both of them. Sify Limited is the root cause of this round. Rediff.com is simply along on the speculative ride.Sify reported a rare net profit this past quarter. 1.6 Million short shares got caught. My issue with the spike/reported profit is that it includes a ONE TIME gain, without which Sify would have recorded another quarterly loss. Sify's share price is not too far from book price and on the surface looks "okay". However, receivables continue to mount as does accounts payable. Speculators/daytraders spiked this up above $6 quickly twice the last two years. This could spike more. I believe it will fade when shorts get done covering/reloading. Those who followed me on BIOF and are still smarting may not want to play here unless your willing to take a ride.
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