Shares of Ion Exchange (India) soared 3.5 percent in opening trade to hit a 52-week high of Rs 602 on December 6 after the company received a favourable verdict in an arbitration case filed by Ethigen Inc.
Ethigen Inc had filed an arbitration claim of $18,00,000 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 (ICC) tribunal has delivered the arbitration award, rejecting Ethigen's claim for damages against Ion Exchange and also rejecting all other claims and requests of the parties.
At 09.17 am, shares of Ion Exchange were trading at Rs 593.05, up 2.1 percent on the NSE. The market capitalization of the company was Rs 8,673 crore. The stock has also been a multibagger, surging 114 percent year-to-date.
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Ion Exchange recorded a combined operating income of Rs 533 crore for the September quarter, up almost 19 percent on a consolidated basis year over year. The EBITDA margin was recorded at 11.33 percent, with the reported EBITDA of Rs 60.4 crore representing a year-over-year growth of about 13 percent. The business declared a net profit of Rs 42.40 crore, a 10 percent increase over the previous year.
This calendar year, the Mukul Mahavir Agrawal portfolio stock has increased by 108 percent. After the September quarter, Agrawal owned 18,00,000 shares, or 1.23 percent of the firm.
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