Northgate Technologies receives ILD License

Northgate Technologies Ltd has announced that the Company has received an approval from Government of India, Ministry of Communication and IT, Department of Telecommunication vide its letter dated January 14, 2008 for ILD services. The License Agreement will be signed after complying with the formalities within a period of three months from the date of issue of the referred letter.

Further to the letter dated October 06, 2007 in relation to the re-organization of the Northgate group businesses, the Company presently expect to incur an amount in the range of approximately INR 5.0 to 7.0 crores with respect to the reorganization of the group Companies. The expenditure has been incurred for professional fees in relation to the reorganization and is currently expected to be expensed in Q3 and Q4 of the financial year ended March 31, 2008. Other matters relating to reorganization remain as disclosed in the letter of October 06, 2007.

The Stock was trading at Rs.500, down by Rs.0.35 or 0.07%. The stock hit an intraday high of Rs.503 and low of Rs.483.05.

The total traded quantity was 19047 compared to 2 week average of 43861.

Source : Equity Bulls

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