Sasken Communication Technologies is locked in upper circuit of 20% at Rs 266 on NSE after the company said it has received arbitration award in its favor in the matter of Spreadtrum Communications Inc.
The award recognizes that the agreement between the parties is in full force and as a result, Spreadtrum has been directed to pay US $31.7 million within 30 days, towards loyalties and interest on unpaid loyalties and further continue to pay royalties for the Foreground IP provided by the company, Sasken said in a regulatory filing.
The stock opened at Rs 222 and touched a low of Rs 221 on NSE. At 1025 hours, a combined 701,245 shares changed hands and there are pending buy orders for 387,059 shares on NSE and BSE.
The award recognizes that the agreement between the parties is in full force and as a result, Spreadtrum has been directed to pay US $31.7 million within 30 days, towards loyalties and interest on unpaid loyalties and further continue to pay royalties for the Foreground IP provided by the company, Sasken said in a regulatory filing.
The stock opened at Rs 222 and touched a low of Rs 221 on NSE. At 1025 hours, a combined 701,245 shares changed hands and there are pending buy orders for 387,059 shares on NSE and BSE.
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