Connect with us

Business

Stock trading hamstrung by pitfalls in M-E peace effort

Published

on

CSE activities yesterday were not very strong due to the absence of progress in the US-Iran peace deal, market analysts said.

Owing to that both indices moved downwards. The All Share Price Index went down by 57.96 points, while the S and P SL20 declined by 25.77 points.

Turnover stood at Rs 4.92 billion with five major crossings. Those crossings were; Seylan Bank 26.6 million shares crossed to the tune of Rs 2.76 billion; its shares traded at Rs 26.60, Ceylon Land and Equity 14 million shares crossed to the tune of Rs 154 million; its shares traded at Rs 11, Digital Mobility Solutions 330,000 shares crossed for Rs 54.1 million; its shares traded at Rs 164, Sampath Bank 250,000 shares crossed for Rs 37 million; its shares sold at Rs 149.75 and JKH 1 million shares crossed for Rs 20.6 million; its shares traded at Rs 20.60.

In the retail market top seven companies that mainly contributed to the turnover were; Digital Mobility Solutions Rs 119 million (725,000 shares traded), Commercial Bank Rs 74.5 million (355,000 shares traded), Colombo Dockyard Rs 58.8 million (413,000 shares traded), Ceylon Grain Elevators Rs 53 million (110,000 shares traded), CIC Holdings (Non-Voting) Rs 45.3 million (1.6 million shares traded), CIC Holdings Rs 43.9 million (1.3 million shares traded) and JAT Holdings Rs 43.5 million (one million shares traded). During the day 185 million share volumes changed hands in 27859 transactions.

It is said that the banking sector counters led the market, especially with the Seylan Bank crossing, which contributed more than half to the day’s turnover. Further, manufacturing sector counters, especially JKH, also performed well.

Hikkaduwa Beach Resorts said it has temporarily shut down operations for refurbishment and operational improvements within the property. The stock was down 1.61 percent at Rs 6.10.

Yesterday the rupee was quoted at Rs 321.40/90 to the US dollar in the spot market, from Rs 321.70/90 on Friday, dealers said, while bond yields were broadly steady.

A bond maturing on 15.12.2028 was quoted at 9.75/85 percent.

A bond maturing on 15.10.2029 was quoted at 9.90/10.00 percent.

A bond maturing on 01.07.2030 was quoted at 10.10/15 percent, up from 10.05/15 percent.

A bond maturing on 15.03.2031 was quoted at 10.15/25 percent.

A bond maturing on 15.12.2032 was quoted at 10.70/80 percent.

A bond maturing on 01.11.2033 was quoted at 10.90/11.05 percent.

The telegraphic transfer rates for the American dollar were 318.3000 buying, 325.3000 selling; the British pound was 431.7273 buying, and 443.1725 selling, and the euro was 372.0629 buying, 383.6027 selling.

By Hiran H Senewiratne



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