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CSE achieves milestone of Rs. 5 trillion closing market capitalization

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By Hiran H.Senewiratne

The CSE has achieved a significant milestone of Rs. 5 trillion closing market capitalization with bullish investor sentiment being sustained yesterday, stock market analysts said.

CSE would have closed even on the previous day on the milestone as the ASPI recovered mid-day after falling in early trading but couldn’t sustain the rally. However, market capitalization amounted to Rs. 5 trillion yesterday, stock market analysts said. Year-to-date (YTD) the CSE’s value is up by a whopping 69 per cent. Thanks to the sustained bullish sentiment among local investors, market capitalization yesterday was around 30 per cent of GDP as against 20 per cent last year.

The market closed on the up yesterday while posting a healthy Rs. 10 billion in turnover, with over 350 million shares traded with four crossings. Crossings were reported in Chevron Lubricants, which crossed two million shares to the tune of Rs 213 million, its shares traded at Rs 106.50, Expolanka Holdings 500,000 shares crossed for Rs 140.5 million, its shares traded at Rs 281, Softlogic Holdings 1.8 million shares crossed for Rs 26.1 million, its shares traded at Rs 14.50 and Hayleys Fabriks 625,000 shares crossed for Rs 24.6 million, its shares traded at Rs 39.50.

Both induces moved upwards. The All- Share Price Index went up by 238 points and S and P SL20 rose by 70.2 points. Top seven contributors to the turnover were Expolanka Holdings Rs 1.7 billion (6.2 million shares traded), Browns Investments Rs 1.6 billion (119 million shares traded), LOLC Holdings Rs 586 million (three million shares traded), Expack Corrugated Cartoons Rs 411 million (17.1 million shares traded), Hayleys Rs 366 million (3.3 million shares traded) and LOLC Finance Rs 282 million (10.2 million shares traded).

Another looming milestone though is the negative year to date net foreign outflow, which is nearing Rs. 50 billion. As of the previous day, it amounted to Rs. 49.87 billion. This is on top of a record Rs. 51 billion outflow last year. With a month more, the 2021 figure is likely to be a new high, market sources said.

Amid those developments the stock market was positive at the outset and during the first half of the session profit takings were noted and later on the market reached 200 points and gained by 2.13 percent. Yesterday heavy buying behaviour was noted in Expolanka Holidings, which became the largest listed compnay in the stock market. its share price appreciated by seven percent or Rs 18. Its share price moved to Rs 283 from Rs 263.50 while contributing 150 points to the All- Share Price Index. Most profitable listed corporate Expolanka Holdings saw its market value surpass the half-a-trillion mark to close yesterday at Rs. 515.1 billion or over 10 per cent of the CSE’s total.

Last year, Expolanka was ranked at number 13 with a market capitalization of only Rs. 56.7 billion and 2020 closing price of Rs. 29. Yesterday’s standing reflects a near ten-fold increase, or up by Rs. 460 billion, year-to-date. Expolanka, which has been the most consistent performer this year, saw 7.22 million shares change hand via 4,714 trades for Rs. 1.86 billion.

Analysts said if one had invested Rs. 1 million in Expo shares in November 2020 (at Rs. 26 per share) the value of that would have been worth over Rs. 10 million as of now.

Further, several LOLC Group of companies, LOLC Holdings, Browns Investments and Brown and Company share prices gained significantly. LOLC Holdings share price appreciated by Rs 75 or 8 per cent. Its share price shot up to Rs 983 from Rs 907.25, Browns Investments share price appreciate by six per cent or 80 cents. Its share price shot up to Rs 14.10 from Rs 13.30 and the Brown and Company share price appreciated by Rs 21.25 or nine per cent. Its share price shot up to Rs 277 from Rs 248.25. During the day 350 million share volumes changed hands in 62000 transactions.

Yesterday, the US dollar rate was Rs 202.72, which was the controlled price of the Central Bank.



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Cavinkare Lanka unveils Meera Facewash – unique combination of natural actives

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FMCG Major’s latest product for the Sri Lankan market, Meera Facewash was unveiled in an official event at Colombo. Celebrating the young contemporary Sri Lankan woman, Meera facewash will be introduced in three different variants providing functional solutions to everyday skincare problems – Red Sandal (for soft skin), Neem & Tea Tree (for pimple clear skin) and Wild Turmeric (for clear skin).

Meera facewash is a range of formulation that is Soap-free, Sulphate free, Paraben free and is milder on the skin. It has a unique combination of Natural actives mentioned in ancient Ayurvedic textbooks. It includes a very special product which is Salicyclic acid- free acne treatment facewash. It helps to remove 99.9% of acne causing bacteria using prebiotic technology.

Meera facewash is aimed at modern young women of Sri Lanka who hold a strong belief in traditional practices & natural ingredients. Today young women are well read, understand the importance of healthy skin and have a holistic view of how healthy skin is beautiful skin. It comes out from the confidence of understanding scientific literature that supports these natural ingredients rather than following it naively.

Virtually connecting at the event, Arun Chacko, Business Head of Personal care category (Sri Lanka, Bangladesh & Nepal) said, “With the Launch of Meera Face Wash today, we add to the hugely successful Meera portfolio of shampoos. With this, we intend to enhance the Richness of Tradition that Meera as a brand has been offering to the Sri Lankan Populace over the years. We are sure that the variants, would endear to the needs of Sri Lanka. We promise to bring more such exciting products to cater to the consumers.”

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All-time record prices for two estates

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Halpewatte Uva Estate located in Bandarawela, which is renowned for producing high quality, light liquoring bright orthodox teas established an all-time record price of Rs.1,000 per kg on a liquoring BOPSP grade in the Uva Medium Category at the tea auction held on 18th January 2022. This invoice of tea was purchased by Shan Teas (Pvt) Ltd.Halpewatte Uva Estate is managed by Halpewatte Estate (Pvt) Ltd, and the teas were marketed and sold by John Keells PLC.

Venture Estate located in Bogawantalawa which is renowned for producing high quality orthodox teas over the past years, established an all-time record price, of Rs 1,060 per kg on a liquoring FBOPF1 grade in the Western High Grown Category at this week’s tea auction held on 18th January 2022. This line of tea was purchased by Inter Tea (Pvt) Ltd. Venture Estate is managed by Madulsima Plantations PLC and the teas were marketed and sold by John Keells PLC.

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HNB-Indra Traders offer exclusive leasing solutions for unregistered vehicles, freezers and pre-owned vehicles

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Sri Lanka’s leading private sector bank, HNB PLC, partnered with local automotive giant Indra Traders to provide customers with exclusive leasing solutions for unregistered and pre-owned vehicles and freezers.

Customers can make use of exciting benefits and discounts during the promotional period from January to December 2022. HNB Executive Director Chief Operating Officer Dilshan Rodrigo and Indra Traders Managing Director Rushanka Silva participated in the special ceremony to sign the MoU at HNB Towers.

“Given the import restrictions, the market for unregistered and pre-owned vehicles has grown exponentially. Each year we offer our loyal customers the very best deals in the market. As such, we have renewed our partnership with Indra traders, renowned for its incomparable service, to offer those looking for vehicles with access to exceptional after-sales services and great discounts,” HNB Executive Director and Chief Operating Officer Dilshan Rodrigo said.

HNB will offer the prevailing interest rate for structured leases and lease facilities with a 25% residual value market value under the partnership. Customers also have access to special discounts on automobile products, servicing, spare parts, tyres, and batteries via the Prestige Prime card, with the annual fee waived off the first year.

“We are delighted to partner with HNB once again to offer our mutual customer base exciting leasing solutions and great benefits. Our continued partnership with the Bank has proven to be very beneficial to our customers, and we hope they will make use of this opportunity once again to invest in their own set of wheels,” Indra Traders Managing Director Rushanka Silva said.

Indra Traders will provide customers looking to purchase unregistered cars, vans and freezers with free insurance from SLIC for the first year. HNB customers are also eligible for discounts of up to 10% for spare parts from Indra Motor Spares and labour charges from Indra Service Park for the first year.

Customers investing in a new or unregistered passenger vehicles are eligible to have their vehicles outfitted with a free entertainment system and reverse camera. Indra Traders will also offer customers a two-year warranty for engines and gearboxes and a three-year warranty for hybrid batteries.

Notably, the company will provide free labour for services up to one year and a maximum of six services for pre-owned vehicles. A six-month warranty will also be offered for the engines and gearboxes of these vehicles.

Established in 1975, Indra Traders has diversified to various business segments in the automobile industry. A supplier of high-quality motor vehicles and related vehicles, Indra Traders today stands as not only a supplier of high-quality vehicles but also a transport solutions provider.

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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