By Hiran H. Senewiratne
Trading activities at the CSE were extremely bullish throughout yesterday mainly due to anticipated positive quarterly results from some corporates. Buying interest was witnessed in most counters in the market. Expolanka Holdings, Vallibel One, Kelani Cables and Watawala Plantations share prices significantly appreciated, market analysts said.
Amid those developments, the All-Share Price Index of the CSE ended at a record all time high, surpassing 10000 points and closing at the 10,074 .96 level. Consequently, both indices moved upwards; the All- Share Price Index moved up by 131.58 points and S and P SL20 rose by 46.89 points.
Turnover stood at Rs 6.81 billion with five crossings. Those crossings were reported in JKH, which crossed 650,000 shares to the tune of Rs 91 million, its shares traded at Rs 140, HNB (Non-Voting) 655,000 shares crossed for Rs 89.7 million, its shares traded at Rs 137, Expolanka Holdings 200,000 shares crossed for Rs 44.7 million, its shares traded at Rs 224, Hayleys PLC 300,000 shares crossed for Rs 30.9 million, its shares traded at Rs 103 and Amana Bank 7.3 million shares crossed for Rs 26.3 million, its shares fetching Rs 3.50.
In the retail market, five companies that mainly contributed to the turnover were; Expolanka Holdings Rs 2.3 billion (10.5 million shares traded), Vallibel One Rs 410 million (six million shares traded), Browns Investments Rs 393 million (36.8 million shares traded), ACL Cables Rs 279 million (five million shares traded) and LOLC Holdings Rs 275 million (425,000 shares traded). During the day 235 million share volumes changed hands in 42000 transactions.
During the day, price appreciations were noted in Expolanka, which appreciated by Rs 15.75 or eight percent. Its share price moved up to Rs 224.74 from Rs 209, thus contributing 70 points to the All -Share Price Index. Vallibel One share price appreciated by 9 percent or Rs 5.50. Its share price shot up to Rs 69.50 from Rs 64, Kelani Cables shares increased 24 percent or Rs 36.50. Its share price moved up to Rs 191.75 from Rs 155.25 and Watawala Plantations shares appreciated by 10 percent or Rs 5.90. Its share price moved up to Rs 66 from Rs 60.10.
Lanka Credit and Business Finance Ltd. (LCBF) is one of the newest entrants to the Non-Banking Financial Institution (NBFI) sector in Sri Lanka, having commenced operations in 2018 with the acquisition of a distressed entity under the supervision of the Central Bank of Sri Lanka (CBSL) and will go for an IPO. LCBF is to infuse a further Rs. 200 million via the IPO in the event of an under-subscription. Applications for the offer are being accepted now and the IPO will open today.
Yesterday, the US dollar rate was Rs 201.98, which was the controlled rate set by the Central Bank of Sri Lanka to prevent price escalation of essential consumer products.
ComBank partners with PayHere to offer Q+ users a unique eCommerce experience
The Commercial Bank of Ceylon has partnered with PayHere, Sri Lanka’s largest Aggregated Internet Payment Gateway Service, to offer users of its Q+ Payment App a unique, user-friendly and secure eCommerce experience.
Commercial Bank customers can now conveniently pay for their purchases via the Q+ app to over 3300 registered PayHere Online Payment Service enabled merchants. The Bank’s Credit, Debit and Prepaid Card holders who pay through Q+, the fastest-growing QR app in the country, will not be required to tap in their card details as this information is already stored on the app, the Bank said.
Payments to PayHere merchants via the Q+ Online Pay facility will enhance customer convenience as the transaction will only require the entering of users’ mobile numbers registered with the app. Disbursements via Q+ require authentication using a static PIN which ensures the safety and security of transactions, making the Q+ App more secure than a normal card as the customers’ sensitive data is not transmitted to merchant websites.
TAMAP drives Stakeholder Forum for Good Agriculture Practice
The inaugural meeting of the GAP Stakeholder Forum was held with the support of the Technical Assistance to the Modernisation of Agriculture Programme (TAMAP) at the Department of Agriculture in Peradeniya on 17 November 2021. Prof. Udith K Jayasinghe, Secretary Ministry of Agriculture, graced the occasion as the Chief Guest.
The Good Agricultural Practices (GAP) programme, introduced by the Department of Agriculture in 2016, was a promising step taken to minimise adverse impacts of agriculture on the ecosystem and human health while meeting steadily rising demand for food. Although the programme had an encouraging start, the overall conversion of farmers to implementing GAP remained low. Over the past six years, 1500 farmers registered as GAP producers out of the 1.8 million farmers in Sri Lanka. To align with the current policy of the Sri Lankan Government to improve ecological friendliness of farming, it is important to transform all production units towards GAP farms.
Studies showed that to achieve this goal, the GAP implementation strategies needed to be updated and infused into the mainstream agriculture, facilitating a quick transformation of the current approach towards a macro-level system. Therefore, the requirement for a rapid strategizing of such an approach followed by periodic review of GAP performance arose. This initiated the need for a stakeholder forum.
The key purpose of the forum is to provide a common platform for key stakeholders to meet in formulating a strategy to mainstream SL GAP, propose a way forward for implementation such recommendations, and to regularly review program performance and adopt remedial action to achieve GAP objectives.
Prof. Udith K Jayasinghe, Secretary Ministry of Agriculture who chaired the Forum in his opening statement commented, “GAP programme has emerged a solution to challenges faced by Sri Lankan agriculture today to improve safety of users and ensuring good environmental performance. Reinforced by facilitating legislation and approved national standards, GAP programme provides a strong foundation towards addressing above concerns.”.
Over forty participants were present at the forum, representing the various stakeholder groups comprising producers, distributers, SL GAP team, academics, and market players. Ms D. S. Ratnasinghe, Addl. Director (Agribusiness) and Dr W. M. W. Weerakoon, National Coordinator outlined the status of the GAP programme and the challenges faced.
The deliberations during the forum were broken down into five main areas: Technical, financial, institutional, and social problems faced by GAP stakeholders on maintaining production, supply, product quality, and consumer trust. Gaps in technology transfer and adoption, marketing and quality control measures and means for increased rate of adoption and GAP farm certification; Gaps in current GAP process and procedures, user friendliness and applicability; Future technological needs towards increasing production, productivity, product quality and ecosystem sustainability; and Policy needs for increased adoption of GAP to mainstream GAP into national agriculture agenda.
Prof. G. Pushpakumara, Faculty of Agriculture, University of Peradeniya and Ms Jayantha Ilankoon, ADG (Dev) moderated the forum through group activity, outcome presentations and strategic discussions on the way forward.
Concluding the forum, Dr Nihal Atapattu, stated, “TAMAP, along with the European Union that provided the funding support is very pleased to have assisted to launch several interventions that would promote recognition of GAP as a premier means of strengthening Sri Lankan agriculture in sustainably meet requirements of the domestic and export markets. TAMAP expects that the Stakeholder Forum launched today will be a milestone event in advancing GAP to achieve its potential in Sri Lanka”.
HNB’s commitment to expand e-commerce and digital payments wins Daraz award
HNB has been recognized by Daraz for exceptional contribution to its growth, in an independent endorsement of Sri Lanka’s leading private bank’s commitment to expand e-commerce and digital payments throughout the country.
The award, for the ‘Card Base with Highest Overall Growth’, was presented to HNB at the ‘Daraz Payment Partner Performance Awards 2021’. HNB, which ranks among Daraz’s best banking partners, recorded the highest growth on total payment volume, buyer engagement and total transactions month-on-month, for both credit and debit cards for the year 2020-2021.
“This award is an important validation how the local economy – both businesses and consumers – are benefiting from HNB’s cohesive programme to drive greater adoption of e-commerce and digital payments,” HNB Head of Cards, Gauthami Niranjan said. “These efforts are particularly significant at present, given how digital and contactless payments can assist in reducing the spread of the pandemic and support the Bank’s and the country’s vision to transform Sri Lanka to a cashless economy.”
Currently, HNB Cardholders enjoy multiple offers on Daraz, Sri Lanka’s leading online marketplace, a wholly-owned subsidiary of global e-commerce giant, the Alibaba Group. These include zero-interest instalment plans up to 48 months with attractive discounts for HNB Credit and Debit Cards and 10% off site-wide on Daraz for all HNB Credit Cards on purchases made during Saturdays. In addition, HNB tied up with Daraz for its 11:11 and Black Friday sales, which provided HNB Cardholders access to a range of offers and massive discounts.
HNB has been a pioneer in Sri Lanka’s banking industry in the digital banking and digital payments space. These include the launch of digital wallet and payment app, HNB SOLO and introducing Asia’s first-ever fitness-linked savings product in the form of the HNB FIT Savings Account.
With 254 customer centres across the country, HNB is one of Sri Lanka’s largest, most technologically-innovative banks, having won local and global recognition for its efforts to drive forward a new paradigm in digital banking. HNB has a national rating of AA- (lka) by Fitch Ratings (Lanka) Ltd. The bank was also ranked among the World Top 1,000 Banks list compiled by the prestigious UK-based Banker Magazine for five consecutive years. HNB was also declared Best Sub-Custodian Bank in Sri Lanka at the Global Finance Awards 2020.
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