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 Internet specialist Sify Technologies (Nasdaq: SIFY) skyrocketed more than 60% on positive fiscal second-quarter results, all but confirming earlier hopes the stock had become oversold.

So what: Revenue rose 5.7% to $37.1 as the company's net loss fell from $2.74 to $1.39 a share. Earnings before interest, taxes, depreciation, and amortization (EBITDA) tripled from the year-ago period as management cut costs.

Now what: In a statement, Sify Chairman and Managing Director Raju Vegesna spoke of a positive outlook for growth in India, leading other regional tech names such as Rediff.com (Nasdaq: REDF) to similar rallies.

I can see the point. India is a massive growth market. But with the stock trading for more than 4 times sales and management's limited success at achieving growth, Sify is probably too risky -- and too pricey -- for most investors' portfolios. Do you agree? Would you buy shares of Sify Technologies at current prices? Please weigh in using the comments box below.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.