Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Indian IT services specialist Sify Technologies (Nasdaq: SIFY) surged 36% today after inking an Internet partnership with the international wholesale segment of Deutsche Telekom.

So what: The shares had been mired in a severe slump since posting disappointing fourth-quarter results at the start of the month, so today's news comes as a much-needed lift for recent shareholders. Sify said the deal will strengthen the network between India and Europe, as well as allow both companies to access high-growth markets such as South Asia, the Middle East, and Africa.

Now what: While this new Internet pact is certainly good news for Sify, I'd be cautious about jumping in at this point. Without any more details regarding the exact length and financial terms of the partnership, it's tough to tell whether today's massive rally is justified. With Sify shares still up more than 300% over the past year and as volatile as ever, it's probably not worth betting that it is.

Interested in more info on Sify? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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