Small-cap stock under ₹100: Sigachi Industries Limited, a small-cap stock priced under ₹100, saw its shares rise by over 7% on November 29, Friday. Sigachi, in an exchange filing, revealed that Trimax Biosciences Pvt Ltd, a Sigachi Group company, has made its first Certificate of Suitability (CEP) filing for Propafenone Hydrochloride, on November 29.
Sigachi Industries share price was trading in the green, up 7.37 per cent at ₹54.80, on November 29, at 12:23 pm, on BSE.
Amit Raj Sinha, Managing Director and CEO of Sigachi Industries, commented on the development, said, “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.”
A growing market opportunity
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 added.
Strategic step forward
Commenting on the development, Amit Raj Sinha, Managing Director and CEO of Sigachi Industries, said, in an exchange filing.
The move aligns with Sigachi’s efforts to diversify its revenue streams and expand its footprint in highly regulated markets like the European Union, the company added.
About Trimax Biosciences
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.
