Sigachi Industries saw a 10% increase in its share price on November 29 due to the announcement of its Certificate of Suitability (CEP) filing for Propafenone Hydrochloride.

This certification, granted by the European Directorate for the Quality of Medicines & Health Care (EDQM) to Trimax Biosciences Pvt Ltd, a subsidiary of Sigachi, will allow the company to export the Active Pharmaceutical Ingredient (API) to Europe and other regions that recognize the CEP.

At 11:40 AM, Sigachi's shares were trading 8% higher at Rs 55, resulting in a year-to-date gain of 7%. However, this performance is lower than the 10% increase seen in the Nifty 50 index during the same period.

After experiencing negative monthly returns from August to October, the stock has rebounded with a 12% increase in November.

Propafenone Hydrochloride is a crucial treatment for cardiac arrhythmias, with a current global market size of $1.2 billion. It is projected to reach $2.1 billion by 2032, reflecting a compound annual growth rate (CAGR) of 7%. This growth is driven by the increasing prevalence of cardiovascular diseases, the growing adoption of generic medications, and rising healthcare expenditures worldwide.