Don’t miss the latest developments in business and finance.

Sasken Communication gains after board declares special dividend

The stock rallied 10% from intra-day low after the company declared a special dividend of Rs 25 per share plus Rs 4 as interim dividend.

Sasken Communication gains as board declares special dividend
SI Reporter Mumbai
Last Updated : Mar 17 2016 | 12:21 PM IST
Sasken Communication Technologies has moved higher by 4% to Rs 424, bouncing back nearly 10% from intra-day low on the BSE, after the company announced a special dividend of Rs 25 per share along with interim dividend of Rs 4 per share. The stock will turn ex-dividend on March 28, 2016.

The board of directors of the company at its meeting held on March 17, 2016, has declared payment of interim dividend of Rs 4 per equity share of Rs 10 each (40%); and special dividend of Rs 25 per equity share of Rs 10 each (250%), Sasken said in a statement.

The dividend will be disbursed on and from March 31, 2016, it added.

In past four trading sessions, the stock rallied 34% from Rs 316 on March 11, after Sasken on Monday said it has reached a settlement with China-based semiconductor vendor Spreadtrum wherein the latter will pay USD 45 million as damages to it for unauthorised use of its protocol stack IP.

At 12:12 PM, the stock was trading at Rs 418 after hitting a low of Rs 386 on the BSE in intra-day trade. The trading volumes on the counter more than doubled with a combined 1.7 million shares changed hands on the NSE and BSE so far.
 

More From This Section

First Published: Mar 17 2016 | 12:15 PM IST

Next Story