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Market Live: Sensex, Nifty see consolidation | ina000003197

Cadila Healthcare shares hit fresh record high of Rs 510, up 4 percent intraday on receiving establishment inspection report (EIR) from the US health regulator for Baddi unit.bonaz capital
“This receipt of EIR indicates the successful closure of inspection points (483s) raised based on the inspection carried out between February 21 and March 1,” the Ahmedabad-based pharma company in its filing.
In addition, its group company has received final approval from the US Food & Drug Administration to market Mirtazapine Orally Disintegrating tablets USP in strengths of 15 mg, 30 mg and 45 mg.
11:30 am New foray: Multi-business conglomerate, ITC, has now forayed into the frozen foods market with the launch of frozen prawns under the ITC MasterChef brand created earlier in the year to roll out export quality spices. The frozen prawns market, currently dominated by brands like IFB, Sumeru, Cambay Tiger, among others, is estimated to be worth Rs 300-crore.bonaz capital
Starting with New Delhi and Hyderabad, ITC plans to sell its frozen prawns in seven metro cities covering 200 top retail outlets in each city, by year-end. The 200-gram packs are priced between Rs 185 and Rs 350 and they will also be sold on online like BigBasket. The company even plans to take care of the delivery if required.
As part of its strategy to enter one new category every quarter, the salt-to-cigarette company next plans to launch vegetable and fruits later this year before moving on to sauces, dips and condiments. However, ITC may consider creating a new brand for fresh vegetables, fruits and organic products. The ITC MasterChef brand will cover only processed and frozen foods.
11:15 am Market Check: Benchmark indices were sluggish after opening at record highs, as consolidation mode set on the Street on Tuesday.
The Sensex was down 48.12 points at 31261.37, while the Nifty was down 12.75 points at 9662.35. The market breadth was negative as 907 shares advanced against a decline of 1,310 shares, while 138 shares were unchanged.
IT stocks Tata Consultancy Services (TCS), Infosys and HCL Technologies gained the most on both indices, while ITC, ONGC and Indiabulls Housing Finance lost the most.