Sasken Communication Technologies jumped 16.54% to Rs 368.50 at 13:11 IST on BSE after the company said it has reached a settlement with a Chinese semiconductor vendor in an ongoing dispute.
The announcement was made during market hours today, 14 March 2016.Meanwhile, the S&P BSE Sensex was up 86.29 points or 0.35% at 24,804.28.
On BSE, so far 1.54 lakh shares were traded in the counter as against average daily volume of 11,670 shares in the past one quarter. The stock hit a high of Rs 378.90 and a low of Rs 324 so far during the day. The stock had hit a 52-week high of Rs 419.40 on 26 November 2015. The stock had hit a 52-week low of Rs 176.20 on 25 March 2015. The stock had outperformed the market over the past one month till 11 March 2016, surging 23.71% compared with the Sensex's 7.7% rise. The stock had, however, underperformed the market in past one quarter, sliding 12.82% as against Sensex's 1.3% fall.
The small-cap company has equity capital of Rs 17.72 crore. Face value per share is Rs 10.
Sasken Communication Technologies (Sasken) said that it has reached a settlement in an ongoing matter pertaining to the unauthorized use of Sasken's Protocol Stack IP, by a Chinese semiconductor vendor. This settlement brings to an end, the ongoing arbitration and terminates all ongoing obligations of the parties under the relevant agreements, Sasken said. The licensee will pay Sasken $45 million as damages/compensation before 31 March 2016, towards this settlement. The formal settlement document is expected to be finalized in the next few days, Sasken said in a statement.
Sasken Communication Technologies' consolidated net profit rose 6.63% to Rs 11.25 crore on 1.22% decline in net sales to Rs 126.25 crore in Q3 December 2015 over Q2 September 2015.
Sasken is a leader in providing engineering R&D and productized IT services to global tier I customers in the communications & devices, retail, insurance and independent software space.
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