By Hiran H.Senewiratne
Two of Sri Lanka’s oldest and most respected finance companies, Associated Motor Finance Company PLC (AMF) and Arpico Finance Company PLC(AFC) joined strengths officially at the CSE on April 1.
The months-long process for this landmark merger was officially completed in full compliance with the protocols. The merged entity will forge ahead as AMF, with the combined strengths of the two companies and a clear vision to rise high in Sri Lanka’s financial services industry, stock market analysts said.
CSE gained further momentum yesterday with both indices up, amid improved turnover reaching Rs. 5.16 billion with five crossings. The market witnessed buying interest for several selected stocks, especially manufacturing sectors counters. Both indices moved upwards. All Share Price Index was up by 22.99 points and S and P SL20 up by 22.33 points.
Crossings took place in HNB, which crossed 13.36 million shares to the tune of Rs. 1.73 billion, its shares trading at Rs. 130, Expolanka one million shares crossed for Rs. 47.5 million and its shares traded at Rs. 47.40. Haycarb 300,000 shares crossed for Rs. 34.5 million, its shares traded at Rs. 115, Royal Ceramic 101,000 shares crossed for Rs. 32.3 million, its shares traded at Rs. 320 and LOLC 68000 shares crossed for Rs. 20.4 billion, its shares fetching Rs. 300.
In the retail market, five companies that contributed to the turnover were, Dipped Products Rs. 528 million (9.3 million shares traded). Royal Ceramic Rs. 324 million (1.03 million shares traded), Hayleys Rs. 283 million (3.8 million shares traded), Expolanka Rs. 218 million (4.5 million shares traded), LOLC Rs. 203 million (675,000 shares traded). During the day 97.7 million share volumes changed hands in 25530 transactions.
Manufacturing sector counters witnessed some appreciation of its stocks during the day. Melstacorp contributed the highest points to the All Share Price Index, which was 5.33 points. Its share price moved up by Rs. 2 or 4 percent. Its share started trading at Rs. 47 and at the end of the day it moved to Rs. 49. Royal Ceramic contributed 4.63 points to the All Share Price Index. Its shares appreciated by 6 percent or Rs. 18. Its shares started trading at Rs. 301 and at the end of the day they moved up to Rs. 320 and HNB, contributed four points to the All Share Price Index. Its shares moved up by Rs. 4 or 3 percent. Its shares started trading at Rs. 126 and at the end of the day they moved to Rs. 130.
Even though the current positive movement in the market is encouraging, it is believed that market momentum will gather pace after the Sinhala and Tamil New Year holidays.
Consequently, it is better for investors to start accumulating a well-diversified portfolio of stocks which are cash generative, have strong earnings and revenue growth attributes and possess the ability to outperform over the longer term, market analysts said.
Galadari Colombo awarded ‘SLIM People’s Hotel Brand of the Year 2021’
The Galadari Colombo was given a thumbs up from the people as the People’s Hotel Brand of the Year for the second time running at the recently concluded SLIM (Sri Lanka Institute of Marketing) People’s Awards 2021.
The uniqueness of the SLIM People’s Awards is the fact that it is awarded by the public which shows the popular choice of the Sri Lankan people.
This is the 15th successful running of the much-anticipated event conducted by SLIM in association with Nielsen which is globally renowned for its measurement and consumer insights.
Having stood the test time of time in the hospitality industry for more than 3 decades the Galadari Colombo is hopeful to remain in the hearts of its people as a brand that is trustworthy and dedicated to service.
Expatriates’ organization painting competition for Sri Lankan children from care homes highlights close India-Sri Lanka ties
Celebrating 75 years of India’s independence in Sri Lanka, Sri Lankan children from care homes converged in Colombo from all across Sri Lanka over 10-11 April 2021 for the final round of the nationwide painting competition organized by Colombo Expatriates Cultural Association (CECA) – a voluntary organization of expatriates consisting of mainly Indians – with support of the High Commission of India, Ministry of Education of government of Sri Lanka and several other partners.
Prof. G.L Peiris, Minister of Education was the Chief Guest and Gopal Baglay, High Commissioner of India was the Guest of Honour at the final round. Several other dignitaries including State Minister Piyal Nishantha were also present. The dignitaries lauded the effort as a shining example of strong people-to-people ties between India and Sri Lanka and stressed the enormous significance of the enriching experience for the children.
The competition was held in three categories – Sub Junior, Junior and Senior. The first round of the competition had seen enthusiastic participation of 4,375 students from child care homes across Sri Lanka. Contestants from all provinces who had produced sixty best paintings were invited along with one care-giver for the final round held in Colombo on April 10 at Hotel Taj Samudra. While top three winners in all the three categories were awarded SLR 100,000, SLR 75,000 and SLR 50,000 respectively in addition to various other gifts, certificates and medals, all the 60 finalists received cash awards, desktop computers, and other gifts contributed by various sponsors.
The event also formed part of ‘India @ 75’ celebrations in Sri Lanka which comprise events and activities in the run up to completion of 75 years of India’s Independence in August 2022. Prime Minister of India Shri Narendra Modi had launched these celebrations in India on March 12 2021, 75 weeks before the 75th Anniversary of Independence. In Sri Lanka, formal launch of these celebrations had taken place on April 9 2021 with the inauguration of ‘India Corner’ at the Nagananda Institute for Buddhist Studies.
Chrissworld to raise Rs. 56.25 million through IPO
By Hiran H.Senewiratne
Chrissworld Ltd. (CWL), an SME company engaged in the provision of third-party logistics (3PL) services, is gearing to raise up to Rs. 56.25 million via an initial public offering (IPO) on the Colombo Stock Exchange, sources said.
The company plans to offer 7,500,000 Ordinary Voting Shares for subscription at Rs. 7.50 per share. The subscription will open on April 27, with Atara Capital Partners representing the company as managers to the issue.
Meanwhile, the CSE noted in a statement that it has approved an application submitted by Chrissworld Ltd. for the listing of its Ordinary Voting Shares by way of an offer for subscription on the Empower Board of the CSE.
The company, starting off with Rs. 6 million capital in 2019, expanded its capital to Rs. 22.5 million and projects to obtain Rs. 79 million after the IPO.
Chrissworld will be earmarking milestones with the IPO as the first to be listed on the Empower Board, CSE’s newest listing platform, dedicated to SMEs. Further, Central Depository Systems (Pvt.) Ltd., a subsidiary company of CSE, will step in for the first time as the registrar to the issue.
Amid those developments the CSE started on a bullish note yesterday and during the latter part of the day with heavy retail investor participation the CSE witnessed a bullish trend. It is said that manufacturing sector counters became the most popular stocks during the day. Notable price appreciation was reported in Hayleys Group, Royal Ceramic Group and Distilleries.
Both indices moved upwards. The All Share Price Index went up by 100.10 points and S and P SL20 rose by 49.18 points. Turnover stood at Rs. 3.51 billion with a crossing. The crossing was reported in JKH, which crossed 1.32 million shares to the tune of Rs. 199.3 million and its share price was Rs. 151.
In the retail market, companies that mainly contributed to the turnover were; Royal Ceramic Rs. 511.2 million (1.46 million shares traded), Expolanka Holdings Rs. 359.9 million (4.5 million shares traded), Hayleys Group Rs. 359.9 million (4.5 million shares traded), Dipped Products Rs. 321 million (5.5 million shares traded), JKH Rs. 290 million (1.9 million shares traded), and Haycarb Rs. 177 million (1.5 million shares traded). During the day 87.8 million share volumes changed hands in 23900 transactions.
Hayleys shares appreciated by Rs. 6 or eight percent. Its shares started trading at Rs. 75.90 and at the end of the day they moved to Rs. 82. Royal Ceramic shares appreciated by Rs. 13.5 or nine percent. Its shares started trading at Rs. 328.25 and at the end of the day they moved to Rs. 358.75. Expolanka shares appreciated by Rs. 2.70 or five percent. Its shares started trading at Rs. 49.70 and at the end of the day they shot up to Rs. 52.40 and Distilleries shares appreciated by 70 cent or 3 percent from Rs. 20.20 to Rs. 20.90
Sri Lanka’s rupee quoted steady at 202.00/203 to the one month US dollar Monday, while gilt yields remained unchanged, dealers said.
The rupee last closed in the one-week forward market at 202/203 to the US dollar on Friday. Sri Lanka markets were dull as seasonal bliss kicks in.
Six nabbed with over 100 kg of ‘Ice’
Happy New Year!
A Cabinet reshuffle needed
7-billion-rupee diamond heist; Madush splls the beans before being shot
Unfit, unprofessional, fat Sri Lankans
The Burghers of Ceylon/Sri Lanka- Reminiscences and Anecdotes
news7 days ago
UK rejects Lanka’s request for handing over of Gash dispatches to Geneva
Opinion5 days ago
Monumental blunders paralysing Sri Lanka
Editorial7 days ago
The strange case of Naufer
Opinion7 days ago
After Geneva Resolution: What Next?
Features3 days ago
How confidence has been eroded
Sports7 days ago
When ‘siri’ means failure?
Sports6 days ago
COPE exposes large scale corruption at SLC
Sports3 days ago
When failures boast of success