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CEAT to save the country Rs 11 billion in forex

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CEAT Kelani Holdings has announced that in response to the government’s policies to develop domestic industry, it has stepped up capacity utilisation across all its manufacturing plants to supply the full domestic requirement of truck and bus tyres, thereby helping to conserve much-needed foreign currency for the country.

Rising to the challenge of the temporary import restrictions in place, the company which already manufactures the majority of Sri Lanka’s tyre requirements said it could supply 100 per cent of the passenger bus and goods transport sectors’ tyre needs through domestic production.

This would represent a saving of Rs 11 billion a year in foreign exchange through import substitution, the company said.

“The role of local industry is primarily to supply domestic needs and export surplus production, which CEAT Kelani Holdings has done very successfully for many years,” the company’s Managing Director Mr Ravi Dadlani said. “We have periodically invested in expanding capacity and product range and now export to 16 countries. However, although we can supply 100% of the truck and Bus tyre requirement with current production, we also have the option if the need arises, to shift some of our export volumes of markets that have not yet opened up to cater to the domestic market and support the government’s effort to reduce foreign exchange outflows.”

Elaborating on the company’s capacity to meet additional domestic demand created by the restriction of imports, Dadlani disclosed that CEAT Kelani can currently produce two million tyres annually in many categories with an imminent addition within next few of weeks of a further 200,000 car and van radial tyres since new machinery is being installed pending the arrival of foreign technologists to commission the new capacity.

“It is also our opinion that in many applications it is cost-beneficial and a viable alternative to replace imported 10.00 R20 Radial Truck and Bus tyres with locally produced 10.00-20 Heavy Duty 18 PR Bias-ply tyres,” Mr Dadlani said, pointing out that with its ability to be re-treaded multiple times in a lifespan due to its robust heavy duty nylon construction, users can enjoy a lower cost per km from CEAT Truck and Bus tyres. He said this alternative, in addition to saving much-needed foreign exchange to the country, would also support the local tyre re-treading industry which currently is in need of more good quality nylon tyre casings for its growth.

Truck Bus tyres that fit 20-inch rims are among those that have been categorised as restricted for import at present, along with Car radial tyres that fit rims of 12, 13 and 14 inches.

CEAT Kelani has also announced that it has kept the prices of its tyres unchanged since December 2019 to support customers and the economy.

In July the Company launched ‘CEAT LYFMAX’ – a heavy-duty 10.00 R-20 size Bias-ply tyre for trucks, engineered and built specifically for users who consider heavy load-carrying capability with higher mileage a priority. Each tyre weighs a solid 52kgs (115 pounds) and has been extensively tested and benchmarked against two of the top imported brands attributed with load-carrying credentials in the local market.

CEAT Kelani Holdings is considered one of the most successful India – Sri Lanka joint ventures in the manufacturing sector. The joint venture’s cumulative investment in Sri Lanka to date totals Rs 8 billion, inclusive of Rs 3 billion committed in January 2018 for expansion of volumes, technology upgrades and new product development. The company’s manufacturing operations in Sri Lanka encompass pneumatic tyres in the radial (passenger cars, vans and SUVs), commercial (Bias-ply and radial), motorcycle, three-wheeler and agricultural vehicle segments.



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Newly developed Sathosa Motors Service Complex to service all vehicle brands

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Sathosa Motors PLC and its new state-of-the-art vehicle service complex, is now serving not just Isuzu but also any brand of vehicle.

Pioneering automotive specialist, Sathosa Motors is the sole authorized agent for the world-renowned Isuzu brand, but the newly developed service complex will now undertake all kinds of services required for any brand of vehicle.

 The internationally trained specialists are ready to serve you at the Sathosa Motors Service Complex now on weekdays from 8.00 am to 5.00 pm and on Saturday from 8.00 am to 1.00 pm at No 25, Vauxhall Street, Colombo 02.

Sathosa Motors PLC guarantees its customers reliable and convenient service and will undertake vehicle inspections, periodic maintenance, body and under carriage washing, interior cleaning and beautification, engine tuning, error diagnosis, accident repairs, air condition repairs, and many more at a highly affordable rate.

In addition, genuine spare parts, as well as lubricants and industrial services are available at discounted prices at the Service Complex.

Sathosa Motors PLC aims to provide high quality services at all times and all services are carried out strictly under health guidelines due to the prevailing COVID-19 pandemic situation.

Sathosa Motors announces that it has decided to keep all branches of the Sathosa Motors service network open to continue to serve its customers.

 

(Sathosa Motors)

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CSE trading bullish despite rupee hitting historic low against dollar

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By Hiran H.Senewiratne 

CSE trading activities were bullish despite Sri Lanka’s rupee registering a historic slump against the US dollar   at 202/205 to the one month dollar in mid morning trade yesterday, after opening at around 200/203.The stock market moved up, though, anticipating March quarterly results to be exceptional. This is expected to be particularly true of the Hayleys Group and Expolanka. Accordingly, investors seem to be re-entering the market after January, stock market analysts said.

Further, approval of the US $ 500 million Chinese loan and the fact that the Port City Bill has been tabled in parliament have lifted investor sentiment in a significant direction of the stock market, market analysts said. Amid those developments, both indices moved upwards, especially the All Share Price Index went up by 1.22 percent. The All Share Price Index rose by 92.35 points and S and P SL20 went up by 19.21 points. Turnover stood at Rs. 4.72 billion with four crossings. 

Those crossings were reported in JKH, which crossed 922,000 shares to the tune of Rs. 137.8 million, its shares traded at Rs. 149.25, Commercial Bank 950,000 shares crossed for Rs. 82.7 million, its shares traded at Rs. 87, HNB 155,000 shares crossed for Rs. 26.5 million, its shares traded at Rs. 132 and Ceylon Cold Stores 33,500 shares crossed for Rs. 20.1 million, its shares fetching Rs. 600.

In the retail market, five companies that mainly contributed to the turnover were, Browns Investments Rs. 793.6 million (123.1 million shares traded), LOLC Rs. 463.4 million (1.32 million shares traded), Royal Ceramic Rs. 442 million (1.2 million shares traded), Hayleys Rs. 442 million (five million shares traded), Dipped Products Rs. 372.3 million (6.2 million shares traded). During the day 197.3 million share volumes changed hands in 30480 transactions. 

The market was quite bullish from the beginning and LOLC Group companies led the market. It is said that LOLC contributed 25.5 points to the All Share Price Index. Browns Investments 9.8 points and Vallibel One contributed 8 points to the All Share Price Price Index while Commercial Leasing contributed six points.    

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‘Embark on that long-awaited getaway with Emirates and enjoy special fares’

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Emirates is launching seasonal fares that enable aspiring globetrotters to plan exciting adventures around the world as well as for students preparing to travel overseas. With Emirates’ generous booking policies, customers have the option to lock in these special fares and extend ticket validity for up to three years, enjoying greater flexibility and confidence when planning travel during unprecedented times.

Travellers in Sri Lanka can look forward to flight deals on all routes in Emirates’ global network, with return fares starting at only Rs 68,700 in Economy Class or Rs 257,500 in Business Class. These special seasonal fares are available for bookings made from 13 to 26 April 2021, and are valid for travel between 16 April and 30 September 2021*.

Featured destinations and starting Economy Class fares include: US$ 342 (about Rs 68,700 at current exchange rates) to Dubai, US$ 654 (about Rs 131,300) to Milan, US$ 644 (about Rs 129,300) to Paris, US$ 1,117 (about Rs 224,200) to New York, US$ 1,303 (about Rs 261,500) to Toronto and US$ 966 (about Rs 193,900) to Nairobi.

Special Business Class fares start at US$ 1,283 (approximately Rs 257,500) to Dubai, from US$ 3,127 (about Rs 627,600) to Milan, US$ 2,860 (about Rs 574,000) to Paris, US$ 3,618 (about Rs 726,100) to New York, US$ 3,654 (about Rs 733,300) to Toronto and US$ 2,179 (about Rs 437,300) to Nairobi. All fares in Rupees are subject to the rate of exchange on the day of purchase.

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