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A ‘Super September’ for CSE as turnover tops Rs. 3 billion yet again

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By Hiran H.Senewiratne 

The CSE gathered more momentum yesterday with over Rs. 3  billion turnover yet again and both indices rose in what some brokers hail as ‘Super September’, stock market analysts said.

The market was strong and steady and was driven by mainly retail investors. The banking sector appeared to be more attractive which was dull for a couple of weeks. It was witnessed that banking stocks appreciated by more than Rs. 4 or more and this gave a big boost to the S and P SL20 index which rose by three percent. All Share Price Index was up by 81.44 points and  S and P SL20 rose 77.92 points. 

Along with the Rs. 3.4 billion turnover one crossing took place, which was reported from Melstacorp. It is said that 893,000 shares belonging to Melstacorp crossed to the tune of Rs. 31.2 million and its share price traded at Rs. 35.

In the retail market top five companies that mainly contributed to the day’s turnover were;  Hayleys Fabrics Rs. 271 million (12.9 million shares traded), Tokyo Cement (Non Voting) Rs. 270 million (six million shares traded), Tokyo Cement (Voting) Rs. 254 million (4.7 million shares traded), Melstacorp Rs. 200.7 million  (5.8 million shares traded) and Commercial Bank Rs. 174 million (2.2 million shares traded). During the day, 146 million share volumes changed hands in 27512 transactions.

There was a 17 percent  unusual price appreciation witnessed in Hayleys Fabrics during the day. According to stock brokers there was no reason for the price appreciation for  Hayleys Fabrics, which started trading at Rs. 18.90 and at the end of the day it moved up to Rs. 22.10.  

High net worth and institutional investor participation was noted in Hatton National Bank, Ceylon Cold Stores, Melstacorp and John Keells Holdings. Mixed interest was observed in Expolanka Holdings, Tokyo Cement Company and ACL Cables, while retail interest was noted in Lanka IOC, Hayleys Fabrics and Renuka Agri Foods. 

Turnover increased by 10.2 percent  relative to the previous day, while the crossings amounted to 15.0 percent of the day’s total turnover.



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Rootcode wins Startup of the Year and People’s Choice Award at SAARC Startup Awards 2022

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Rootcode, one of Sri Lanka’s leading tech companies, recently took home the “People’s Choice Award” in addition to being bestowed with the “Startup of the Year” title at the SAARC Startup Awards 2022. This regional recognition marks a significant milestone for the Sri Lankan tech space and workforce. Rootcode’s mission to build great tech is well underway, and it is gaining traction faster than ever.

This is the first time a Sri Lankan tech company has made a name for itself in the regional competition, and it is a watershed moment that has focused the global spotlight on Rootcode’s distinct approach to fostering innovation in Sri Lanka. This is also the first time that a Sri Lankan company was able to take home two awards of those presented at the SAARC Startup Awards.

Global Startup Awards SAARC celebrates the spirit of entrepreneurship and promotes bridging boundaries through innovation in its regions, which include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, by recognizing them with its most prestigious awards program, attended by top-notch entrepreneurs, corporates, investors, and ecosystem builders from Nordic, Central Europe, SAARC, and ASEAN regions.

Every year, the SAARC Startup Awards bring together hundreds of South Asian startups, entrepreneurs, investors, co-working spaces, and accelerators to provide a platform to highlight trailblazers in the region’s startup world. Rootcode was chosen ahead of dozens of other regional tech startups in the competition.

Sri Lanka is a relative newcomer to the South Asian startup fraternity, and Rootcode’s ability to represent the country on the global stage not long after its inception is remarkable.

“We are extremely humbled and honored by the support shown to us at the SAARC Startup Awards 2022, and being recognized under two categories is a huge milestone for us,” said the CEO and Founder of Rootcode Labs, Alagan Mahalingam. “We have always been driven forward by excellence, collaboration, and integrity, which I believe is the reason why we have come so far and why Rootcode continues to grow every day.”

Rootcode is driven by its focus on helping businesses build great tech not just locally but globally, and its achievement at the SAARC awards stands as a testament to that. Despite the challenging times, this is a win for Sri Lanka.

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INSEE Cement felicitates Sri Lanka’s youngest Commonwealth medallist

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INSEE Cement awarded aspiring wrestler, Nethmi Ahimsa Fernando, who won a Bronze Medal for Sri Lanka at the recently concluded Commonwealth Games in Birmingham, LKR 1 million cash reward, to support her to pursue her passion. Suranga Kumara, her coach, also received LKR 250,000 cash reward, in appreciation of his contribution towards Nethmi’s recent achievements. INSEE Cement has also pledged to support Nethmi’s aspiration to represent Sri Lanka at the 2024 Olympic games, while also providing the entire cement requirement for the completion of her new house, which is presently under construction, in collaboration with the Manusath Derana initiative.

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Textile maker Teejay knits strong start to 2022-23

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Q1 revenue more than doubles to Rs 23.9 billion

Teejay Lanka PLC has made a positive start to 2022-23 posting Group revenue of Rs 23.9 billion for the three months ending 30th June 2022. The Group achieved nearly half its full-year revenue of 2021-22 in just the first quarter of the new financial year as a result of the low base of the previous financial year due to the impacts of COVID, the depreciation of the Rupee and the passing on of yarn price increases during the last quarter.

In a filing with the Colombo Stock Exchange (CSE), Sri Lanka’s largest textile manufacturer said it had also recorded significant growth in pre-tax and net profit at both Group and Company level in the quarter reviewed.According to interim financial statements, Group profit before tax for the three months grew by more than Rs 1 billion or 291% to Rs 1.5 billion, while Group net profit for the period was up 301% to Rs 1.2 billion.

At Company level, revenue improved by 108% in the quarter under review to Rs 12.9 billion, while profit before tax grew by 323% to Rs 1.5 billion, and net profit increased by 311% to Rs 1.3 billion.

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