Small-cap stock under ₹100: Sigachi Industries Limited, a small-cap stock priced under ₹100, rose over 7% on Friday, November 29 after the company revealed that Trimax Biosciences Pvt Ltd, a group company, made its first Certificate of Suitability (CEP) filing for Propafenone Hydrochloride.
Sigachi Industries has received a communication from the European Directorate for the Quality of Medicines & Health Care on its latest CEP Filing submission. Achieving the certificate of suitability for this API will enable the company to export this product to Europe and other CEP-accepting countries, said the company in an exchange filing on Friday.
Following this development, Sigachi Industries share price was trading in the green, up 7.37 per cent at ₹54.80 at 12:23 pm on the BSE.
Amit Raj Sinha, Managing Director and CEO of Sigachi Industries, commented, "The submission of our first CEP filing is a testament to Trimax Biosciences’ commitment to quality, compliance, and innovation in the API domain. This achievement not only strengthens our position in the pharmaceutical supply chain but also aligns with our vision of providing reliable and sustainable pharmaceutical solutions on a global scale."
Propafenone Hydrochloride is a widely used API for treating cardiac arrhythmias. The global market for this compound is valued at $1.2 billion and is expected to grow at a compound annual growth rate (CAGR) of 7%, reaching $2.1 billion by 2032. Factors such as the rise in cardiovascular diseases, increased adoption of generic drugs, and higher healthcare spending are driving this growth, the company said.
The company is committed to delivering excellence through advanced manufacturing capabilities and catering needs of highly regulated markets, including the EU, ensuring compliance and highest quality standards, it added.
Founded in 2010, Trimax Biosciences is a subsidiary of Sigachi Industries. It focuses on the development and manufacture of APIs, intermediates, and advanced intermediates. The company operates a USFDA-approved facility in Raichur, Karnataka, adhering to stringent global standards, including cGMP and WHO-GMP guidelines, as per the exchange filing.
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