Sasken Comm at 20% upper circuit

Sasken Communication Technologies has hit a 20% upper circuit at Rs.265.55, a new high with volumes jumping up over 14 times.

The stock has hit a new high on the back of the statement issued by the company today morning. It has stated that it has received arbitration award in its favor in the matter of Spreadtrum Communications Inc. In the Press Release, the company has said that the award recognizes that the agreement between the parties is in full force and as a result, Spreadtrum has been directed to pay US $31.7 million within 30 days, towards loyalties and interest on unpaid loyalties and further continue to pay royalties for the Foreground IP provided by the company