Lytus Technologies (NASDAQ:LYT) stock is rocketing higher on Thursday after the India-based platform services company announced its entry into the data center market with Lytus Cloud.
Lytus Cloud makes use of one of the most popular open-source cloud management platforms. It also has the support of Lytus Technologies’ in-house technological expertise.
The company notes that this launch has it planning to expand its services with Lytus Cloud over the next two years. That will initially be focused on U.S. customers. However, it will grow to include other major countries in the international market.
Lytus Technologies is expecting strong demand for its Lytus Cloud service and notes it will likely boost growth for its other offerings as well. Company CEO Dharmesh Pandya says it will act as a “foundational backbone for all of our technology-driven ventures.”
How This Affects LYT Stock Today
News of Lytus Technologies entering the data center market has its shares seeing heavy trading this morning. That has more than 3.8 million shares of the stock changing hands as of this writing. For the record, its daily average trading volume is below that at around 260,000 shares.
LYT stock is up 222.5% as of Thursday morning. That’s a positive change, considering the shares were down 67.1% year-to-date when markets closed yesterday.
Investors seeking out even more of the latest stock market stories are in the right place!
InvestorPlace is home to all of the hottest stock market news worth reading about on Thursday! That includes a dive into the biggest pre-market stock movers this morning and loads of the latest earnings reports. You can get into that news down below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
