Why Sify Technologies Stock Spiked Today

Shares of Sify Technologies Limited (NASDAQ: SIFY) skyrocketed today after a Bloomberg article said that Blackstone Group (NYSE: BX), an investment company, is considering taking a minority stake in Sify. 

The tech stock popped by as much as 94.4% today and was up by 45.1% as of 3:37 p.m. EST.

Bloomberg reported that Blackstone is in "exclusive talks" to become a minority stakeholder in the communications infrastructure company and that Sify is looking for a valuation between $1 billion to $1.2 billion. 

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Source Fool.com