Sify Technologie - SIFY STOCK NEWS

Sify Technologies Limited (NASDAQ: SIFY) announced the launch of Oracle Cloud Infrastructure FastConnect and Metro-XConnect services at its Rabale Data Center in Mumbai. These services offer secure connectivity and improved performance for Oracle Cloud customers in India. The collaboration enhances access to cloud applications and data with low latency and competitive pricing. With 53 data centers across India, Sify aims to facilitate hybrid multi-cloud environments, addressing enterprise security and cost management concerns.

Sify Technologies Limited (NASDAQ: SIFY), based in Chennai, India, has partnered with Commvault to enhance its data protection services. This collaboration aims to offer Data Protection as a Service, reducing service delivery costs by up to 30% while ensuring comprehensive backup and recovery across platforms. Customers will benefit from features like long-term data retention and superior deduplication. Sify’s extensive cloud service capabilities span major platforms, supported by a robust infrastructure of 10 data centers.

Sify Technologies Limited (NASDAQ: SIFY) has regained compliance with NASDAQ's minimum bid price requirements. A letter from NASDAQ confirmed that Sify's common stock maintained a closing bid price of at least $1.00 for ten consecutive business days, from July 30 to August 12, 2020. The compliance period provided by NASDAQ allowed Sify 180 days to meet this requirement following a notification on April 23, 2020, regarding non-compliance. With this news, Sify continues its focus on ICT solutions, particularly in a digitally evolving economy.

Sify Technologies reported a robust EBITDA of INR 1,153 million for the quarter ending June 2020, a notable increase from INR 874 million in the same quarter last year. Revenue decreased to INR 5,259 million from INR 5,518 million. Despite pandemic challenges, the company focused on liquidity and fiscal discipline, ending the quarter with a cash balance of INR 3,568 million. Management highlighted increased interest in their Cloud@core offerings as businesses adapt to new operational models. Key wins included significant contracts for data center migrations and cloud services.

Sify Technologies Limited (NASDAQ: SIFY) will release its unaudited IFRS financial results for the first quarter ending June 30, 2020, on July 28, 2020, before market opens. A conference call will be held at 8:30 AM ET featuring key executives including Chairman Raju Vegesna, CEO Kamal Nath, and CFO M P Vijay Kumar. Interested participants can join via dial-in numbers or listen live online. Sify, a leading ICT solutions provider in India, has a substantial customer base of over 10,000 businesses and global partnerships. For details on risks, refer to their Annual Report filed with the SEC.

Sify Technologies Limited (NASDAQ: SIFY) announced a partnership with Talview to integrate AI-enabled Remote Proctoring Solutions with its iTest platform. This integration enhances online assessments by ensuring authentic invigilation through features like facial recognition, browser policing, and real-time alerts. Sify's iTest has hosted approximately 4 million assessments in the past year, catering to the increased demand for secure online testing due to COVID-19. The partnership aims to deliver a secure, scalable, and efficient exam administration experience.

Sify Technologies Limited (NASDAQ: SIFY) recently discussed its vision for the ICT landscape in India post-Covid, emphasizing the critical role of the digital economy. Chairman Mr. Raju Vegesna highlighted that adversity provides opportunities and noted Sify's commitment to automation in its services. During the lockdown, Sify successfully maintained service levels and performed remote commissioning. With a broad customer base exceeding 10,000, Sify operates across 1,600 cities in India and has expanded into North America, the UK, and Singapore, partnering with major network operators for global solutions.

Sify Technologies reported a net profit of INR 706 Million and EBITDA of INR 4076 Million for the fiscal year ending March 2020, indicating resilient performance amid economic challenges. Revenue increased to INR 22,952 Million from INR 21,547 Million in the previous year. The company plans to conserve cash for future expansion projects, citing full taxation impacts and slow contract conclusions due to market conditions. Sify secured several key contracts in cloud services and digital certification, demonstrating potential growth areas post-lockdown.