India's Sify Technologies Limited (ADR)(NASDAQ:SIFY) on
Wednesday reported a net profit for the quarter to September compared to a loss
a year earlier, helped by a one-time gain.
The company, which provides managed enterprises,
network and IT services, reported a profit of 612 million rupees ($11.55
million) compared to net loss of 89 million rupees a year earlier. The
September quarter included a one-time gain on 658 million rupees from its exit
from a venture MF Global Sify Securities India Pvt Ltd.
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Excluding this the net loss would have been 45 million
rupees.
Revenues during the quarter were 2.06 billion rupees,
a 13 percent rise from the 1.8 billion rupees reported in the year-ago period.
Operating profit was 161 million rupees, up from 136
million reported last year.
Total capital expenditure for the quarter was 1.34
billion rupees while cash reserves stood at 907 million rupees.
Shares of SIFY soared 18.40% to $2.71, off session
high of $3.10.
SatCon Technology Corporation(NASDAQ:SATC) on
Wednesday announced that it and its units have filed for bankruptcy under Chapter
11 of the U.S. Bankruptcy Code.
Steve Rhoades, Satcon’s President and Chief Executive
Officer, said “This has been a difficult time for Satcon. After careful
consideration of available alternatives, the Company’s Board of Directors
determined that the Chapter 11 filings were a necessary and prudent step,
allowing the Company to continue to operate while giving us the opportunity to
reorganize with a stronger balance sheet and capital structure. Our goal is for
Satcon to emerge from bankruptcy reorganization and continue to provide our
customers with the quality products that they need.”
Shares of SATC slumped 76.50% to $0.0827.
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