Shilpa Medicare shares flourish 6 percent on CEP approval from EDQM

Shilpa Medicare shares rose over 6 percent in early trade on November 19, after it announced that its subsidiary Shilpa Pharma Lifesciences has received two Certificates of Suitability (CEPs) from the European Directorate for Medicines and Healthcare Quality (EDQM).
At 1.15 pm, Shilpa Medicare shares were trading over 3 percent higher at Rs 892. The stock has rallied a massive 180 percent on a year-to-date basis, outperforming the Nifty 50 by a huge margin, which gained 9 per cent during the same time period.
The first CEP received on November 18 was for Octreotide The second CEP approval received on November 19 was for Nifedipine, an active pharmaceutical ingredient (API) classified as a calcium-channel blocker.
Nifedipine is widely used for the management of hypertension and angina by relaxing the blood vessels, thereby reducing pressure on the heart and improving oxygen flow to the heart.
The company said, “CEP reflects our expertise and commitment to quality-oriented development and commercial production, meeting the expectations of global quality standards.”
Founded in 1987, Shilpa Medicare specializes in the production of niche active pharmaceutical ingredients (APIs), intermediates and formulations. The company also provides contract research and manufacturing services to select clients.