another expensive lesson for pre-market buyers not knowing the stock
this is an shady Indian company which has never lived up to any expectations, there's no analyst coverage anymore and the stock is major.
it is majority owned by the CEO and his brother who issued themselves 125 million shares at a 70% discount to market value two years ago - see related WSJ story
there are 178 million shares outstanding making this company 5x the size of fellow Indian underperformer REDF
cash while slightly up from last quarter is still low at $17 mln
KPMG declined to audit the company anymore last year so don't trust the numbers
so don't get trapped here - the stock is showing huge volume but continues to decline which is a very bad sign given the good news
would watch for the company to deliver sustainable improving results over the next couple of quarters but at this point the stock should be sold
Absolutely no evidence the company is "shady". The accounting is lock solid. Eevenues are way up y.o.y. Bernanke will not let the markets fall placing a safety net under micro caps like SIFY. No reason at all SIFY isn't trading above its 52 week high of $3.10. Should be well north of $5 on momentum alone. Today's report should be pushing SIFY in $6-$8 range.
The only thing shady are the short sellers. peddling fear and misinformation trying to steal $5 shares for $2.