Everest Organics up 20% on launching Posaconazole API to treat Black Fungus

Posaconazole is a triazole antifungal agent indicated for treating mucormycosis patients popularly known as Black Fungus

Shares of Everest Organics hit a 20 per cent upper circuit limit of Rs 399.50, also its record high on the BSE in Tuesday's session after the company announced a successful development of Posaconazole API (Active Pharmaceutical Ingredient) used for the treatment of Black Fungus.

The trading volumes on the counter jumped nearly 10-fold with around 76,000 equity shares having changed hands on the BSE, as against an average sub 8,000 shares that were traded in the past two weeks. There were pending buy orders for 24,195 shares, the exchange data shows.

Posaconazole is a triazole antifungal agent indicated for treating mucormycosis, popularly known as Black Fungus, as part of post-Covid complications. The company is in the advanced stage of commercializing the same, Everest Organics said in a press release.

The management said Everest has successfully, in the near past, launched and commercialized 'Oseltamivir' and 'Remdesivir' both being used for Covid-19. Now we are more confident and poised for the development of more niche products in the quickest span of time, it said.

Everest Organics is a fast-growing API and Bulk drug manufacturing company with a world-class facility and is committed to manufacturing excellent quality products and customer service. The company produces Active Pharma Intermediates "APIs". The United State Food and Drug Administration (USFDA) approved an API facility in Hyderabad that manufactures and exports various APIs products to more than 40 countries as well as caters to local demand in the market in India.

Everest Organics has a low equity base of 8 million shares, of which the promoters hold 74.15 per cent stake, while the remaining holding of 25.85 per cent is with public shareholders. The stock trading under X group consists of all those stocks which are only listed on BSE and are settled on a trade-to-trade basis.