Small-cap stock Balaxi Pharma jumps 7% after this overseas business update

  • Small-cap pharma stock opened with an upside gap at 120.90 apiece and touched an intraday high of 129.45 per share during Tuesday deals

Asit Manohar
Updated25 Jun 2024, 02:54 PM IST
The small-cap pharma company is successfully developing new sales channels through direct sales to hospitals in Angola.
The small-cap pharma company is successfully developing new sales channels through direct sales to hospitals in Angola.(Photo: iStock)

Stock market today: Balaxi Pharma shares witnessed strong buying interest among Indian stock market bulls. The small-cap pharma stock opened upside at 120.90 per share and touched an intraday high of 129.45 apiece, recording an intraday high of over 7 percent during Tuesday deals. During the opening bell, the small-cap stock was one of the newsmakers as the company had informed Indian exchanges about the breakthrough in overseas business.

The small-cap pharma company is successfully developing new sales channels through direct sales to hospitals in Angola. It has made a notable entry into the tender business for pharmaceutical formulations in the Latin American markets.

Breakthrough in the Angola market

In a strategic move to strengthen its footprint in the African continent, Balaxi Pharmaceuticals has strategically tied up with approximately 50 hospitals across Angola and is working towards having tie-ups with more than 150 hospitals across the country. This expansion into the hospital business not only marks a significant milestone for the company but also demonstrates our long-term vision and commitment to the African market. It allows us to directly supply high-quality pharmaceutical products to healthcare providers in the region, enhancing the availability of essential medicines in Angola and positioning Balaxi as a key player in the country's healthcare sector.

Entry into Latin America business

Balaxi Pharmaceuticals has also made a significant entry into the tender business by securing a tender in a key Latin American market. This tender, valued at USD 0.8 million, marks the company's first foray into the large tender business in Latin America. This achievement underscores Balaxi's growing international presence and its capability to meet the stringent requirements of large-scale pharmaceutical supply contracts.

Speaking on these overseas business updates, Ashish Maheshwari, the visionary Managing Director of Balaxi Pharmaceuticals Limited, shared his insights on this development: "Expanding distribution through hospitals channel in Angola represents a pivotal step in our mission to improve access to affordable and quality healthcare in Angola. By directly engaging with hospitals, we ensure that our products reach the patients who need them the most, thereby contributing to better healthcare outcomes." This personal touch from our leader underscores our commitment to our mission and the importance we place on improving healthcare access.

"Securing our first tender in a key Latin America market is a testament to our commitment to expanding our global footprint. This success in the Latin American market diversifies our revenue streams and validates our strategic approach to entering new geographies with high growth potential. Also, once the new plant is up and running, tender market opportunities in other ROW and semi-regulated markets will be pursued aggressively," added Ashish Maheshwari.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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First Published:25 Jun 2024, 02:54 PM IST
HomeMarketsStock MarketsSmall-cap stock Balaxi Pharma jumps 7% after this overseas business update

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