Sasken Technologies moves higher on the BSE
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Sasken Technologies is currently trading at Rs. 1774.00, up by 31.85 points or 1.83% from its previous closing of Rs. 1742.15 on the BSE.
The scrip opened at Rs. 1806.30 and has touched a high and low of Rs. 1830.00 and Rs. 1753.00 respectively. So far 2254 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1950.00 on 03-Jul-2024 and a 52 week low of Rs. 1131.10 on 04-Dec-2023.
Last one week high and low of the scrip stood at Rs. 1844.95 and Rs. 1654.45 respectively. The current market cap of the company is Rs. 2734.55 crore.
The promoters holding in the company stood at 43.11%, while Institutions and Non-Institutions held 19.64% and 37.25% respectively.
Sasken Technologies is planning to acquire hardware and software services business of Borqs Technologies, Inc. (Borqs) a global provider of embedded software and products for the Internet of Things (IoT).
This strategic move is aligned with Sasken’s 60x4x3 strategy to drive growth, innovation, and competitiveness in the market. The acquisition will enable Sasken to support customers in designing, developing, and commercializing connected devices from concept to market. It includes ideation, IP development, software and product realization, and hardware supply chain management. Working closely with chipset partners, Sasken will create a range of connected devices, including mobile phones, tablets, smartwatches, and various IoT products.
Sasken will assume control of Borqs hardware and software services business assets and operations, without any associated liabilities. The total consideration, inclusive of earn-outs, management incentives, and other payouts, shall not exceed $40 million. Earnouts are linked to performance of target entities in 2025. The transaction is expected to be complete by the end of 2024 and the companies together will continue investing in innovation to develop cutting-edge solutions that align with customers’ strategic goals.
Sasken Technologies is a specialist in Product Engineering and Digital Transformation providing concept-to-market, chip-to-cognition R&D services to global leaders in Semiconductor, Automotive, Industrials, Consumer Electronics, Enterprise Devices, SatCom, Telecom, and Transportation industries.
