Business
ACL Cables launches new Mercury range for circuit protection devices, enhancing portfolio

ACL Cables PLC, the nation’s No. 1 cable manufacturer introduced ‘Mercury’ its latest range of circuit protection devices comprising of trip switches – miniature circuit breakers (MCB) and residual-current devices (RCD), and isolator main switches, enhancing its existing portfolio.
Mercury is being introduced and positioned to facilitate the price conscious customer segment within the market, also as an attractive and safe value for money circuit protection device. However, the current range recognised by customers as the VS series will be rebranded as Venus.
Manufactured according to stringent quality standards on par with the prevailing Venus range, the new Mercury device is also attractively priced.
The Mercury range consists of Single Pole MCB of 6, 10, 16, 20 and and 32 amperes and double pole 40 amp, 30 milliamp RCD and double pole 40 ampere isolators. The products are available in grey and yellow packaging.
The range is produced under strict supervision to comply with the best local and international standards on par with IEC 60898-1 i.e. standards published by the International Electrotechnical Commission (IEC) which are developed in a consensus process by experts from the participating countries.
ACL Cables initially commenced its distribution of circuit protection devices in 2014 and to-date the company has successfully completed six years.
Elaborating on the new product range Suren Madanayake, Managing Director ACL Cables PLC stated, “As a brand that always understands our customers and consumers we realised the need to facilitate a product that provides value for money. Mercury was purely designed based on extensive market research was untaken during the past six years and the product development process began as per such findings. This provided valuable insights on diverse customer needs in various geographical areas and as to how we should adopt our products accordingly. As a result we were able to design a product range of similar quality as our prevailing line but at a lower cost to match the requirement of such customer segments.”
Madanayake added, “I believe that Mercury series will provide positive results by creating high market acceptance. I would like to thank my research and development unit, factory personnel, sales and marketing teams for their collective collaboration and efforts in paving the way to launch Mercury to the market. I believe that all our prevailing customers as well as potential customers will purchase Mercury, ensuring this innovative range is a success too.”
Mercury circuit protection devices are currently available for purchase in the market through ACL Cables’ nationwide dealer and distributor network.
Business
Cabinet approves rationalization of VAT exemptions and abolition of SVAT System

The Cabinet of Ministers granted concurrence to the resolution forwarded by the Minister of Finance, Economic Stabilization and National Policies to remove most of the releases from Value Added Tax (VAT), further retaining releases that ease the pressure on low – income families to secure the fundamental sectors of the economy as well as the releases for sectors such as education, health and agriculture, as well as to revise the provisions applicable for the Value Added Tax (VAT) act so that the Simplified Value Added Tax (SVAT) methodology can be canceled with effect from 01.01.2024 by introducing a more formal methodology for repaying the Value Added Tax (VAT) and to instruct the Legal Draftsman to prepare a draft bill for the purpose.
Business
Venora Lanka Power Panels to set up assembly plant in Australia

By Hiran H.Senewiratne
Sri Lanka- based, export- oriented manufacturer, Venora Lanka Power Panels (Pvt) Ltd, with a state of the art electric panel factory at the Export Processing Zone, Biyagama, will set up an assembly plant in Australia.
“Once we set up the electric panel assembly plant in Australia, we will export all our panels from Sri Lanka and that plant will do 30 percent value addition to the product to supply that market, the company’s chairman/ Managing Director, engineer Sagara Gunawardena told The Island Financial Review.
Gunawardena said that the company is a value- addition assembly plant and he would be investing AUS $ 2 million for the project to be set up in Melbourne and hire 100 engineers and other professionals. He explained that the venture has enormous potential.
Venora Lanka provides power panels to mega projects in Sri Lanka and exports to Bangladesh, Maldives, Kenya, Ethiopia, Seychelles and Myanmar. Panel assembling is strictly in compliance with IEC 61439 standards, it was explained.
Gunawardena added: ‘I firmly believe that, being a truly customer focused organization, every employee and every process in the organization has to be aligned behind delighting customers. Therefore, at a time when the country is facing a major dollar crisis, my company would be aiming at bringing dollars into the country, while providing employment for local professionals, especially engineers.
‘At Venora Lanka we do not try to change customers’ mindsets. Instead, we take time to understand what they really want and focus our brand on delivering that. Venora is values- driven first and cost- driven second – creating a unique brand proposition.
‘Since the US dollar rate has come down, it is our concern that importers and suppliers do not change their prices, which is really affecting the manufacturing sector.
Company sources added: ‘The company has several wings of operation, such as local and overseas projects, switch board assembling, telecommunication infrastructure installations, earthing, lighting and surge protection, incorporating world renowned brands.
‘Venora Lanka Power Panels is the first Sri Lankan company to receive the licence, in accordance with the UK Trade Mark Act 1994, to use the trade mark “Best Enterprise”. It won a global award at the event, ‘Golden Awards for Quality and Business Prestige’, held in Geneva, Switzerland, in 2015.
‘Within a short span of time, with the perfect blend of progressive thinking and expertise, Venora Group has expanded to consist of, Venora International Projects, Venora Telecom, Venora Industrial Solutions and Venora Lanka Power Panels (BOI approved). Further, Venora has established its overseas presence through Venora Engineering Kenya and Venora Engineering Myanmar.’
Business
Share market moves into positive territory; indices up

By Hiran H. Senewiratne
CSE trading got off to a positive note yesterday but during the last session of the day the momentum slowed. However, the market is now moving towards positive territory following the Central Bank announcement of a downward trend in interest rates, market analysts said.
Amid those developments the market witnesses improvements in both indices and in the turnover.
The All- Share Price Index up by 12.8 points and S and P SL 20 rose by 6.97 points. Turnover stood at Rs 710 million with one crossing. The crossing was reported in JKH which crossed 430,000 shares to the tune of Rs 60.2 million; its shares traded at Rs 140.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 212 million (1.5 million shares traded), Access Engineering Rs 44.7 million ( three million shares traded), Lanka IOC Rs 34.5 million (264,000 shares traded), Browns Investments Rs 28.6 million (5.3 million shares traded), LOLC Finance Rs 23.8 million (4.7 million shares traded), Capital Alliance Rs 22.9 million (615,000 shares traded) and First Capital Holdings Rs 19.2 million (574,000 shares traded). During the day the 31.4 million shares volumes changed hands in 9000 transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 285.16 and the selling rate Rs 298.85.
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