Connect with us

Business

LOLC Holdings’ positive numbers boost bourse

Published

on

By Hiran H. Senewiratne

CSE trading started on a positive note and continued that way for around half an hour yesterday as a result of top blue- chip company LOLC Holdings showing positive numbers in its internal financial statement. But the CSE later turned negative following data released on the state’s latest tax revision, stock market analysts said.

LOLC Holdings, which has interests in financial services, leisure and property, including foreign operations, reported profits of Rs 39 billion for the March 2022 quarter, up 442 per cent from a year earlier. As a result, other companies also started performing well during the early part of the day, stock analysts said.

Several stock market investors are worried about the Corporate Gain Tax that has been increased to 30 per cent while previously in 2019 it was 24 per cent. Further, other tax systems, such as, the Inland Revenue Tax, Withholding Tax and the Value Added Tax are also likely to be revised, stock analysts added.

Further, Lanka IOC share prices also appreciated with the latest fuel price hike due to the increase in global oil prices, which recorded US $ 120 per barrel. Its shares increased by six per cent or Rs 3.80. Its share prices shot up to Rs 59.50 from Rs 55.70.

Amid those developments stocks slipped within the first hour of trade yesterday as a liquid index fell over 1 per cent, dragged down by weak sentiments following the decision to hike rates to 2019 levels.

The main All- Share Price index fell by 43.4 points and the liquid S&P SL20 index slipped 1.1 per cent or 21.4 points. Market generated a turnover of Rs 1.2 billion with a single crossing. The crossing was reported in Cargills, which crossed 150,000 shares to the tune of Rs 24.2 million; its shares traded at Rs 161.

In the retail market top seven companies that mainly contributed to the turnover were; Browns Investments Rs 310 million (30.8 million shares traded), Expolanka Holdings Rs 207 million (979,000 shares traded), LOLC Holdings Rs 66.2 million (111,000 shares traded), Lanka IOC Rs 65 million (1.1 million shares traded), LOLC Finance Rs 51.4 million (5.9 million shares traded), Aitken Spence Rs 40 million (476,000 shares traded) and Dialog Rs 31.7 million (4.3 million shares traded). During the day 77 million share volumes changed hands in 14000 transactions.

It said high net worth and institutional investor participation was noted in Commercial Bank, JKH and Printcare. Mixed interest was observed in Expolanka Holdings, Lanka IOC and JKH, while retail interest was noted in Browns Investments, LOLC Finance and SMB Leasing voting and nonvoting.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments), while the sector index lost 2.21 per cent. The share price of Browns Investments decreased by Rs. 40 cents (3.85 per cent) to close at Rs. 10.

The Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) while the sector index decreased by 2.91 per cent. The share price of Expolanka Holdings lost Rs 6.50 (2.92 per cent) to close at Rs. 216.25.

Separately Royal Ceramics announced an interim dividend of 75 cents per share, while Malwatte Valley Plantations and United Motors Lanka announced their final dividends of 12 cents and 50 cents per share respectively.

Yesterday, the Central Bank announced the US dollar rate. The buying rate was Rs 355.12 and the selling rate Rs 365.09

Top losers were Expolanka, John Keells and Commercial Bank.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

USD 57.4m power investment opens new route for SME energy savings

Published

on

A rooftop solar panel in Sri Lanka

By Ifham Nizam

A USD 57.4 million investment package is set to reshape the economics of electricity for small and medium-sized businesses, while creating a stronger platform for private investment in rooftop solar and other distributed renewable-energy projects.

The financing package—comprising a USD 35 million concessional loan from the Asian Development Bank (ADB), a EUR 15.4 million grant from the European Union (EU), equivalent to USD 16.94 million, and a USD 5.5 million grant from the Japan Fund for the Joint Crediting Mechanism (JFJCM)—will finance a five-year programme to modernise the electricity distribution system from 2026 to 2030.

For the business community, one of the most significant elements is the planned introduction of Virtual Net Metering (VNM), which will be implemented in the country for the first time.

The EU-funded component will support 25 MW of aggregated rooftop solar PV capacity, specifically aimed at helping reduce the electricity-bill burden of small and medium-scale entrepreneurs.

The move could open a new investment channel for SMEs that have traditionally faced difficulties in absorbing high energy costs and making the upfront investment required for renewable-energy systems.

Rather than viewing rooftop solar simply as a household energy solution, the programme positions distributed solar as an important business-cost management tool.

For SMEs, which operate with considerably tighter margins than many large corporates, electricity expenditure can have a direct impact on competitiveness, cash flow and the ability to expand operations.

By allowing electricity generated from qualifying rooftop solar installations to be applied through a virtual net-metering arrangement, the programme is expected to broaden the economic benefits of solar power beyond individual premises.

The financial significance of the scheme extends beyond the initial 25 MW.

By establishing the infrastructure and regulatory framework required to manage aggregated distributed generation, the project could help create greater investor confidence in the development of decentralised renewable-energy assets.

The investment therefore has the potential to leverage additional private capital into the renewable-energy sector rather than functioning solely as a government-funded infrastructure programme.

The financing package is particularly notable because a substantial portion comes in the form of grants and concessional funding, reducing the cost of financing technologies that would otherwise require significant upfront capital.

The ADB loan will support the wider modernisation programme, while the EU and Japanese grant components will help finance renewable-energy integration and technologies designed to strengthen the grid.

At EDL, the investment will upgrade the existing CEBAssist platform with Advanced Metering Infrastructure (AMI), a Distributed Energy Resource Management (DERM) system and distribution control centres supported by an Advanced Distribution Management System (ADMS).

These systems will give the utility real-time visibility of electricity consumption and distributed generation, allowing it to manage an increasingly decentralised power system more efficiently.

That digital infrastructure is critical to the business case for expanding rooftop solar.

As more SMEs and other consumers generate their own electricity, the distribution network needs to know where generation is taking place, how much electricity is entering the grid and how those flows are affecting local network conditions.

Continue Reading

Business

Renault Experience Centre opens at Majestic City

Published

on

Renault has taken another significant step in its return to the Sri Lankan market with the opening of the Renault Experience Centre at Majestic City, Colombo, offering customers an opportunity to discover the brand and experience its latest models.

The Centre was officially declared open by Jawahar Ganesh, Group Managing Director of Associated Motorways (Private) Limited, accompanied by Prasanna de Silva, Director – Sales, AMW. The occasion was attended by AMW management and staff, members of the media, customers, well-wishers and other invited guests.

Located at the lobby of Majestic City, the Centre features three Renault models being introduced to the Sri Lankan market – the Renault Kwid, Renault Kiger and Renault Triber. Visitors can explore the vehicles, learn about their features and specifications, and take advantage of test drives available at the location.

Adding to the convenience for customers, AMW has ample stocks of Renault vehicles available in Sri Lanka, allowing customers to take delivery of their chosen vehicle without having to wait for months for it to arrive. Subject to completion of the necessary documentation and registration, customers can look forward to driving away in their new Renault within as little as one day, making the purchase experience faster and more convenient.

Customers can also enjoy greater peace of mind with a three-year manufacturer warranty, supported by dedicated Renault aftersales facilities to provide professional service and support throughout their ownership journey.

Commenting on the opening, Jawahar Ganesh, Group Managing Director of AMW, said, “We are delighted to welcome Renault back to Sri Lanka and to open the Renault Experience Centre at Majestic City. Renault is a brand with an exceptional heritage, a strong global presence and a reputation for innovation and distinctive automotive design. Through AMW, we are bringing that heritage and experience closer to Sri Lankan customers”.

Continue Reading

Business

Dialog and Indira Cancer Trust continue breast cancer awareness initiative through Yeheli.lk

Published

on

From left to right: Dr. Sanjeeva Gunasekera, President of the Sri Lanka College of Oncologists (SLCO), and Supun Weerasinghe, Director / Group Chief Executive of Dialog Axiata PLC, illuminate the Dialog Corporate Head Office in pink, joined by Dr. Lanka Jayasuriya Dissanayake, Chairperson of the Indira Cancer Trust, alongside representatives of the Indira Cancer Trust and the leadership of Dialog Axiata PLC, in support of Breast Cancer Awareness Month.

Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, marked the beginning of Breast Cancer Awareness Month by illuminating its Corporate Head Office in pink, in partnership with the Indira Cancer Trust, to stand in solidarity with individuals and families affected by breast cancer and encourage greater awareness, regular screening and early detection.

 Building on previous breast cancer awareness campaigns conducted through Dialog’s Yeheli.lk platform in collaboration with the Indira Cancer Trust, this year’s initiative will continue throughout October under the theme, ‘A Pledge from the Heart’. As part of the campaign, members of the public can visit yeheli.lk to register for a free monthly SMS reminder and take their pledge for early detection throughout Breast Cancer Awareness Month.

Continue Reading

Trending