Mumbai: Shares of RPG Lifesciences jumped nearly 17 percent after the company announced that it has received good manufacturing practice (GMP) certificate from German authority for its formulation facility in Gujarat.
Shares of the company surged 16.95 percent to trade at Rs 273.10 on BSE.
On NSE, the shares were trading at Rs 273.05, a rise of 16.93 percent over the previous close.
In a regulatory filing, the company said the GMP certificate has been received from the Bavarian Authority as per EUGMP standards for its formulation manufacturing facility at Ankleshwar.
It added the Bavarian Authority conducted audit of the facility in early March.
"This is a major milestone for us. The certification will help in boosting sales by expanding the company's geographical presence in the European markets. It also reinforces the quality systems established by the company in line with the current stringent good manufacturing practices," RPG Lifesciences MD CT Renganathan said.
Part of the RPG Enterprises, the company is a integrated pharmaceutical firm operating in the domestic and international markets in the branded formulation, global generics, synthetic and fermentation APIs space.