 "Sasken Communication hits 52-week high; surges over 30% in two days")
Shares of Sasken Communication Technologies were trading higher by 12% to Rs 426, extending its previous day’s 20% surge on the BSE, on hopes of a special dividend.
The stock hit a 52-week high of Rs 431 on the BSE in intra-day deal, surging 36% in past two trading sessions from Rs 316 on March 11. At 12:29 PM, the S&P BSE Sensex was down 0.78% or 196 points at 24,611.
The trading volumes on the counter jumped more than 10-fold with a combined 2.53 million shares representing 14% of total equity of Sasken changed hands on the BSE and NSE so far.
Sasken Communication Technologies 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.
The licensee will pay Sasken $ 45 million as damage/compensation before March 31, 2016 towards this settlement. The formal settlement document is expected to be finalized in the next few days, Sasken said in a statement.
Post announcement, the company said the board meet will be held on March 17, 2016 to consider among other things, a proposal for an interim and / or special dividend.
Earlier, the board meeting of the company has to be held on March 14, 2016 to consider a proposal for payment of interim dividend.
The stock hit a 52-week high of Rs 431 on the BSE in intra-day deal, surging 36% in past two trading sessions from Rs 316 on March 11. At 12:29 PM, the S&P BSE Sensex was down 0.78% or 196 points at 24,611.
The trading volumes on the counter jumped more than 10-fold with a combined 2.53 million shares representing 14% of total equity of Sasken changed hands on the BSE and NSE so far.
Sasken Communication Technologies 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.
The licensee will pay Sasken $ 45 million as damage/compensation before March 31, 2016 towards this settlement. The formal settlement document is expected to be finalized in the next few days, Sasken said in a statement.
Post announcement, the company said the board meet will be held on March 17, 2016 to consider among other things, a proposal for an interim and / or special dividend.
Earlier, the board meeting of the company has to be held on March 14, 2016 to consider a proposal for payment of interim dividend.