Rediff.com India (REDF) Continues Recent Upside Momentum
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After taking a breather yesterday, India-based Internet company Rediff.com India Ltd. (Nasdaq: REDF) is continuing its recent upswing.
Shares of REDF are up 7 percent today to $4.77 and up 134 percent over the last month.
REDF rival Sify Technologies Limited (Nasdaq: SIFY) has also been on a major upswing, with shares rising 45 percent over the last month.
There are a couple theories as to the recent activity:
1. The valuations are catching up with the success of recent Indian IPO MakeMyTrip Limited (Nasdaq: MMYT), which is up 140% since coming public in mid-August.
2. As infrastructure builds, the wireless opportunity presents itself and smartphone use could see rapid growth in the populous country.
Shares of REDF are up 7 percent today to $4.77 and up 134 percent over the last month.
REDF rival Sify Technologies Limited (Nasdaq: SIFY) has also been on a major upswing, with shares rising 45 percent over the last month.
There are a couple theories as to the recent activity:
1. The valuations are catching up with the success of recent Indian IPO MakeMyTrip Limited (Nasdaq: MMYT), which is up 140% since coming public in mid-August.
2. As infrastructure builds, the wireless opportunity presents itself and smartphone use could see rapid growth in the populous country.
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