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Saturday, Apr 10, 2004

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Rediff rides high on Nasdaq, thanks to Yahoo alliance

Raja Simhan T E

Chennai , April 9

AMERICAN depository shares (securities of a non-US company traded on an American stock exchange) of India Ltd are on a bull run on Nasdaq following the recent alliance with Yahoo! India.

Rediff's ADS (shares issues by companies in the US) soared to a 32-week high of $14.10 a share on Thursday, says information on Nasdaq Web site.

The previous high was $12.11 a share on Wednesday.

When the alliance was announced on March 31, the number of shares traded in Rediff soared to 49.74 lakh from 1.53 lakh the previous day.

However, the volumes dropped sharply to 6.02 lakh on April 8, but went up again on Thursday to touch 17.10 lakh.

Under the alliance announced a few days ago, Rediff will power Yahoo! India shopping channel, while Yahoo India will showcase a variety of Rediff contents, including sounds, wallpapers and games.

Additionally, Yahoo! shoppers will have access to Rediff's more than 100 shops across 30 product categories, and Rediff's marketplace will allow Yahoo! shoppers to choose from various secure payment options.

The day the alliance was announced, another Indian Internet service provider Sify Ltd also saw a similar pattern in its share volume and share price.

On March 31, the ADS of Sify had a record volume of 51.93 lakh at a share price $7.04 a share. However, the volume dropped to 6.01 lakh on April 4, but soared again to 21.48 lakh on Thursday.

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