Sasken hits 52-week high; zooms 35% in one week after pact with Qualcomm

The company said its pact with Qualcomm marks a significant milestone in the realm of IoT innovation and underscores both firms' commitment in shaping the future of connected devices and services.

Shares of Sasken Technologies hit a 52-week high of Rs 1,443.05, as they rallied 10 per cent on the BSE in Tuesday’s intra-day trade. In past one week, the stock of information technology company has zoomed 35 per cent after the company announced a collaboration with Qualcomm Technologies, through the Qualcomm Internet of Things (IoT) Accelerator Program.

The stock surpassed its previous high of Rs 1,396.50 touched on October 6, 2023. It had hit a record high of Rs 1,528.95 on October 21, 2021.

Sasken in an exchange filing said this collaboration marks a significant milestone in the realm of IoT innovation and underscores both companies' commitment to shaping the future of connected devices and services.

This collaboration aims to address the challenges faced by various industries in their IoT endeavors, such as achieving seamless integration, scalability, and security. By leveraging Sasken's end-to-end IoT capabilities and Qualcomm Technologies’ industry-leading wireless technologies, the collaboration is poised to empower businesses with innovative solutions that drive efficiency, productivity, and transformative growth, the company said.

Sasken is a specialist in Product Engineering and Digital Transformation providing concept to-market, chip-to-cognition R&D services to global leaders in semiconductor, automotive, industrials, consumer electronics, enterprise devices, SatCom, telecom, and transportation industries.

Meanwhile, in past six months, the stock price of Sasken has zoomed nearly 75 per cent, as compared to 10 per cent rise in the S&P BSE Sensex.

Sasken in its FY23 annual report on growth opportunities said that industry leaders are expected to remain invested in product engineering services, also known as engineering R&D services, across all segments we operate. Complementing these investments will be the digital push that has now become enmeshed into the fabric of any product or service of human interest. Companies have not shown or signaled signs of distress.

However, senior industry executives acknowledge that headwinds may reduce the velocity or quantum of investments in programs. Notwithstanding this, they are committed to continuing to invest in technology developments that are both disruptive and game-changing, the company said.