Sasken Communication Technologies is locked in upper circuit for second day in a row, up 20% at Rs 319 after winning an arbitration award of $31.7 million (about Rs 190 crore) from US-based Spreadtrum Communications Inc.
On July 1, 2014, Sasken Communication Technologies said that the award recognizes that the agreement between the parties is in full force and as a result, Spreadtrum has been directed to pay $31.7 million within 30 days, towards royalties and interest on unpaid royalties.
Further the arbitrator had directed Spreadtrum to continue to provide royalty reports and pay the contracted royalties on an ongoing basis, it added.
The stock is currently trading at its fresh 52-week high, rallied 44% from Rs 221 in past two trading sessions on BSE.
The counter has seen over ten-fold jump in trading volumes with a combined 1.47 million shares changing hands so far. There are pending buy orders for around 20,000 shares on BSE and NSE.
On July 1, 2014, Sasken Communication Technologies said that the award recognizes that the agreement between the parties is in full force and as a result, Spreadtrum has been directed to pay $31.7 million within 30 days, towards royalties and interest on unpaid royalties.
Further the arbitrator had directed Spreadtrum to continue to provide royalty reports and pay the contracted royalties on an ongoing basis, it added.
The stock is currently trading at its fresh 52-week high, rallied 44% from Rs 221 in past two trading sessions on BSE.
The counter has seen over ten-fold jump in trading volumes with a combined 1.47 million shares changing hands so far. There are pending buy orders for around 20,000 shares on BSE and NSE.
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