Shares of Ion Exchange were trading in the green and 3% higher on 6 December after the company received a positive verdict in an arbitration case filed by Ethigen Inc.

Ethigen Inc. has filed an arbitration claim of $1.8 million or Rs 149.56 crore for damages against Ion Exchange, alleging wrongful termination and breach of terms of the agreement.

The International Chamber of Commerce tribunal has delivered the arbitration award by rejecting Ethigen’s claim for damages against Ion Exchange and also rejecting all other claims and requests of the parties.

Ion Exchange reported a combined operating income of Rs 533 crore for the quarter ending on 30 September, marking a 19% year-on-year increase from the number reported in the same quarter last year.

The company’s EBITDA (earnings before interest, tax, depreciation, and amortisation) stood at Rs 60.4 crore, marking a 13% YoY increase.

The net profit of the company increased by 10% YoY to Rs 42.40 crore.

At 3:30 pm, the shares of Ion Exchanges closed 0.34% higher at Rs 583 on NSE.