1. Rediff.com India (REDF) along with its subsidiaries is involved in business of providing online Internet based services, focusing on India and the global Indian community. Its operations are divided into India Online business and US Publishing business. At close last week, the stock surged 4.1%.
Indian internet companies have been faring considerably well in the past few months following favorable second quarter earnings. Rediff foresees strong growth in the long term with the National Broadband Plan to reach 160 million broadband connections by 2014. This is believes is a major step ahead in the proliferation of broadband in India and follows the recent launch of 3G services by private telecom operators in India.
Last week, Bedford assigned a neutral rating on the stock based on the companyâ¿¿s strong advertising revenues last month. Also, it added that the company announced rollout of a group deals service a Groupon-like service attracting users.