Wednesday, October 17, 2012

Big Movers: SatCon Technology Corporation (NASDAQ:SATC) & Sify Technologies Limited (NASDAQ:SIFY)

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.

Should Investors Buy SIFY after Today’s Gain? Find Out Here

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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