Sasken Comm continues winning run; shares surge nearly 11%

Extending the rally for second day, shares of Sasken Communication today soared over 10 per cent as the company has reached a settlement with a China-based semiconductor vendor over use of its technology.
The stock jumped 10.17 per cent to settle at Rs 418 on BSE. Intra-day, it soared 13.6 per cent to Rs 431.
At NSE, shares of the company surged 10.64 per cent to close at Rs 418.45.
The stock had gained 20 per cent in the previous session also.
"We wish to inform you that we have reached a settlement with Spreadtrum Communications and Beijing UniSpreadtrum Technology in connection with the unauthorised use of Sasken's protocol stack IP, by the said companies," the company had said in a regulatory filing yesterday.

This settlement brings to an end the ongoing arbitration and terminates all ongoing obligations of the parties under the relevant agreements, Sasken said.
"Spreadtrum will pay Sasken USD 45 million as damages/ compensation before March 31, 2016 towards this settlement. The formal settlement document is expected to be finalised in the next few days," it added.