 "Sasken Communication hits 52-week high on royalty from Spreadtrum")
Sasken Communication Technologies has rallied 6% to Rs 347 in otherwise weak market after the company said that Spreadtrum has remitted an additional amount of USD 21.49 million (approx. 131 crore).
In August 13 this year, the company had received the first tranche of $7 million (about Rs 43 crore) of the total $31.7 million that Spreadtrum Communications Inc has to pay as royalty for software intellectual patent provided by it.
On July 1, Sasken had informed the exchanges that it had received the arbitration award in its favour in a case against Spreadtrum Communications in the US and will receive a payment of $31.7 million within 30 days from Spreadtrum.
The stock opened at Rs 340 and touched a 52-week high of Rs 353 on NSE. A combined 229,081 shares changed hands on the counter in early morning deals on NSE and BSE.
In August 13 this year, the company had received the first tranche of $7 million (about Rs 43 crore) of the total $31.7 million that Spreadtrum Communications Inc has to pay as royalty for software intellectual patent provided by it.
On July 1, Sasken had informed the exchanges that it had received the arbitration award in its favour in a case against Spreadtrum Communications in the US and will receive a payment of $31.7 million within 30 days from Spreadtrum.
The stock opened at Rs 340 and touched a 52-week high of Rs 353 on NSE. A combined 229,081 shares changed hands on the counter in early morning deals on NSE and BSE.
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