Sasken Comm hits new high
Sasken Communication has hit a new high today at Rs.353. Though it has come off this high and is at Rs.340 levels, this is still over 3% higher than yesterday’s close.
The stock is in the limelight after the company stated that Spreadtrum in USA has remitted an additional royalty amount of around Rs.131 crore. This is the second tranche of the royalty payment due to the company for software intellectual patent. Sasken had received the first tranche on 13th August of Rs.43 crore – total royalty to be paid by Spreadtrum was Rs.174 crore.
This payment was expected as the company had own an arbitration in its favor in a case against Spreadtrum, after which it was declared that Sasken was to receive a payment of $31.7 million within 30 days. The additional payment could have included the penalty on account of the delay.