This S&P BSE Smallcap Stock Jumped 12% on Wednesday within the first hour of markets opening after an announcement regarding its new partnership with global chipmaker Qualcomm.
The company has a market cap of Rs. 1,764 crore and is 3% away from its 52 week high, trading at Rs. 1174.40 versus Rs. 1069.65 at closing on Tuesday. The stock is seeing volumes that are over 45x the monthly average, trading 10% and 29% respectively above its 20 day and 200 day moving averages.
In a filing dated 3rd October 2023 Sasken Technologies Ltd (“Sasken”) stated that it is excited to announce a collaboration with Qualcomm Technologies, Inc., a pioneer in wireless technologies, through the Qualcomm® IoT Accelerator Program.
This collaboration marks a significant milestone in the realm of Internet of Things (IoT) innovation and underscores both companies’ commitment to shaping the future of connected devices and services.
This collaboration aims to address the challenges faced by various industries in their IoT endeavors, such as achieving seamless integration, scalability, and security. By leveraging Sasken’s end-to-end IoT capabilities and Qualcomm Technologies’ industry-leading wireless technologies, the collaboration is poised to empower businesses with innovative solutions that drive efficiency, productivity, and transformative growth.
“The Qualcomm IoT Accelerator Program is designed to create a robust ecosystem of connected IoT devices, driven by collaborations that can transform industries, business models, and experiences,” stated Atul Suri, VP, Strategy and Analysis, global head of business development and partnerships, Qualcomm Technologies, Inc.
Abhijit Kabra, CEO, Sasken Technologies Ltd said on the matter, “This collaboration with Qualcomm Technologies is a testament to our decades old relationship and shared vision of leveraging IoT to revolutionize industries and enhance people’s lives. By combining Sasken’s deep expertise in IoT solutions with industry-leading innovations from Qualcomm Technologies, we are poised to create transformative solutions that will drive meaningful change across sectors.”
Sasken Technologies Limited provides product engineering and digital transformation services in India, North America, Europe, and internationally. The company’s shareholding comprises 43% promoter holding, 38% public holding and 19% FII holding as of June Quarter FY24.
Written by Sandeep R
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