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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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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