Piramel Glass Ceylon shares up 25 per cent

By Hiran H.Senewiratne 

Piramal Glass Ceylon, the only glass bottle manufacturing company in Sri Lanka, witnessed exceptional  second quarter results which boosted its share price by 25 percent at the CSE yesterday. The company’s second quarter profits recorded a 394 percent increase as against the corresponding year, stock market analysts said. 

The company’s second quarterly results reported a profit of Rs. 360 million, against a profit of Rs. 70 million for the 2019 second quarter. Its shares started trading at Rs. 7 and at the end of the day it suddenly shot up to Rs. 8.80, which was a Rs. 1.80 increase, market sources said.   

Meanwhile,  turnover and trade at the CSE soared to new heights as investors, especially retailers and high net-worth individuals, remained upbeat on listed equities, despite a fresh COVID-19 scare in the country. 

Turnover rose to Rs. 5.5 billion, the highest since January 9 this year and 33 percent   above Monday while the number of trades was 40046, the highest since September 5, 2011.  Both indices moved upwards yesterday; the All Share Price Index went up by 87.16 points and S and P SL20 rose by 56.19 points. 

During the day four crossings took place. Vallibal Power Erathna 30 million shares crossed for Rs. 240 million, its share price traded at Rs. 8, Sierra Cables 15 million shares crossed for Rs. 90 million, per share value Rs. 6, Royal Ceramic 200,000 shares crossed for Rs. 23.2 million, per share value being Rs. 116 and Tokyo Cement 315,000 shares crossed for Rs. 20.2 million; its share price  trading at Rs. 64.

In the retail market top five companies that mainly contributed to the turnover were, JKH Rs. 713 million (5.4 million shares traded), Piramal Glass Rs. 570 million (66.4 million shares traded), Pan Asia Power Rs. 474 million (606 million shares traded), Expolanka Rs. 434 million (25.8 million shares traded) and Sierra Cables Rs. 237 million (38.2 million shares traded). During the day 465 million share volumes changed hands in 40048  transactions.

It is said that indices closed in red as a result of price losses in counters such as Carson Cumberbatch, JKH and Ceylon Cold Stores.It said mixed interest was observed mainly in Expolanka Holdings, RIL Property and Piramal Glass. Foreign participation in the market remained at subdued levels with foreigners closing as net buyers. Similarly, institutional investor participation remained subdued for the day.The Materials sector was the top contributor to the market turnover (due to Piramal Glass and Tokyo Cement Company non-voting), while the sector index gained 6.59 percent. 

Sri Lanka rupee was quoted weaker at 184.45/60 to the US dollar on Wednesday while bond yields were steady, dealers said. The rupee closed at 184.30/40 against the greenback on Tuesday.