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CSE bull-run continues; ASPI reaches 9950 points level

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By Hiran H.Senewiratne

Trading activities at the CSE were extremely bullish yesterday, moving up to the 10000 level. During the middle of the session profit- takings were noted and the market was able to set an all- time high record after touching the 9950 level in the All Share Price Index, stock market analysts said.

Amid those developments, Expolanka Holdings surpassed total market capitalization of Rs 408 billion, which was the highest in the CSE history, from the viewpoint of a company’s market capitalization, market analysts said. The Expolanka share price appreciated by Rs 7.50 or 3.7 percent. Its shares shot up to Rs 209 from Rs 201.50, thus contributing 32.9 points to the All Share Price Index.

Although Commercial Leasing and Finance, one of the subsidiaries of the LOLC Group, witnessed a price depreciation after recording price appreciations during the previous two days, the exceptional rally on LOLC stocks continued. This was because LOLC Group’s Singapore based subsidiary, LOLC Asia (Pvt) Ltd, had received approval from the financial services regulators in Pakistan to increase up to 100 percent its shares in PAK Oman Microfinance, by acquiring the remaining 49.9 percent shares of the company for a consideration of Pakistan Rs 1.21 billion or US $ seven million, stock market analysts said. Commercial Leasing share price went down by Rs 3 or six percent. Its shares started trading at Rs 44.40 and at the end of the day its shares depreciated to Rs 41.40.

Due to these positive market developments, the All Share Price Index went up by 33.7 points and S and P SL20 rose by 32.25 points. Turnover stood at Rs 4.5 billion with three crossings. Those crossings were reported in Melstacorp, where 500,000 shares crossed for Rs 28.2 million and its shares traded at Rs 56.50, Cargills Ceylon PLC 100,000 shares crossed for Rs 23.2 million, its shares traded at Rs 232 and Royal Ceramic 396,000 shares crossed for Rs 26 million, its shares traded at Rs 55.60.

In the retail market, top five companies that mainly contributed to the turnover were, Expolanka Holdings Rs 812 million (3.9 million shares traded), Browns Investments Rs 391 million (36.5 million shares traded), LOLC Holdings Rs 334 million (510,000 shares traded), Royal Ceramics Rs 265 million (7.4 million shares traded) and Hayleys Fabrics Rs 265 million (7.4 million shares traded). During the day, 149.4 million share volumes changed hands in 37000 transactions.

The Colombo CSE had given, in principle, approval for Sarvodaya Development Finance Ltd.’s (SDF) Rs. 1 billion Initial Public Offering (IPO). SDF will issue 22.727 million shares at Rs. 22 each with an option to issue a further 22.727 million shares at the same price in the event of an oversubscription of the original amount.

CSE said it had approved the listing of SDF shares by way of an offer for subscription on the Main Board or Diri Savi Board, as applicable. The official opening of the SDF IPO is November 23, while it will be available for subscription from October 28 onwards.

Yesterday, the US dollar rate was Rs 201.04, which was the controlled rate set by the Central Bank of Sri Lanka.



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President discusses enhancing revenue and efficiency with Sri Lanka Customs and Inland Revenue officials

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President Anura Kumara Dissanayake held a key meeting with senior officials from both the Sri Lanka Customs Department and the Inland Revenue Department at the Presidential Secretariat today (09). The discussions centered on strategies to enhance revenue generation and improve operational efficiency within both departments, in line with the government’s broader economic mandate.

During the meeting, officials from both departments presented the challenges they face in managing revenue and tackling tax evasion. They stressed the importance of strengthening coordination between the Inland Revenue Department (IRD) and Customs to effectively combat these issues. It was highlighted that better collaboration would ensure more robust enforcement of tax laws and prevent tax leakage, further boosting the country’s revenue collection.

Representing the Sri Lanka Customs Department were  P B S C Nonis, Director General of Customs; Mrs. H W S P Karunaratne, Additional Director General of Customs; . C S A Chandrasekara, Additional Director General of Customs;  W S I Silva, Additional Director General of Customs;  S P Arukgoda, Additional Director General of Customs; J M M G Wijeratna Bandara, Additional Director General of Customs;  A. W. L. C. Weerakoon, Senior Deputy Director and  M R G A B Muthukuda, Chief Financial Officer, among other officials.

From the Inland Revenue Department, Mrs. W S Chandrasekara, Commissioner General;  B K S Shanta, Deputy Commissioner General; Mrs. J A D D B K Siriwardena, Deputy Commissioner General; Mrs. J D Ranasinghe, Deputy Commissioner General; D M N S B Dissanayake, Deputy Commissioner General;  H H S Samantha Kumara; and Ms. T M S Thennakone, Senior Commissioner, participated in the discussions.

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First multi-stakeholder initiative on Child Rights in Tourism launched in Sri Lanka

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Pictured from left: Buddhini Withana, Senior Technical Advisor Child Protection and Child Rights in Business, Save the Children; Irstel Janssen, Director, Sustainable Sri Lanka; Mayuran, Director, Centre for Children’s Happiness during a panel discussion at the Seal launch event.

On World Tourism Day, representatives from leading hotel businesses, tourism associations, NGOs, and government departments convened in Colombo to officially launch the Mother and Child-Friendly Seal for Responsible Business in Tourism. This pioneering initiative, the first of its kind in Sri Lanka, brings together key actors from the tourism supply chain to enhance the well-being of children and families connected to the sector through long-term, continuous actions.

The launch comes on the heels of a new study by The Centre for Child Rights and Business in partnership with Save the Children, highlighting serious child rights risks in Sri Lanka’s tourism industry. The study identifies key challenges such as sexual exploitation, child labour, and educational disruptions, driven by factors like inadequate regulation of guesthouses and homestays, the absence of child safeguarding measures among tourism providers, and a lack of formalised pathways to decent work for youth.

This event marks a significant milestone in the expansion of the Mother and Child-Friendly Seal, which has already seen success in Sri Lanka’s tea sector, with seven major plantation companies and exporters committing to initiatives that improve the welfare of tea communities. The extension of this Seal to the tourism sector is timely, as Sri Lanka prepares to welcome over 3 million tourists by 2025, positioning the industry to align with global human rights due diligence regulations and the growing demand for ethical tourism.

At the launch, stakeholders engaged in practical discussions about the child rights risks facing the tourism sector and explored collective solutions. Issues such as the outmigration of mothers and its impact on children were brought up, with participants offering valuable insights into areas for Seal members to address.

The panel discussed the critical issues that women and children face in the travel and tourism industries and some of the priorities and opportunities that the industry could address.

“Young children often do not realise they are being exploited. Providing a safe and respectful environment for them should be our primary goal. We must consider the risk factors in these scenarios, as there is currently no data to support issues in tourism, such as trafficking and exploitation. While problems like festival tourism have existed, they have increased since COVID-19 and have been exacerbated by the economic crisis,” said Buddhini Withana, Senior Technical Advisor Child Protection and Child Rights in Business, Save the Children.

Irstel Janssen, Director, Sustainable Sri Lanka added: “10% of women are working in this sector due to social stigma, safety concerns, and harassment. The economic crisis has forced women to step into this industry, but they are not employed in roles that match the nature of the work. The Seal initiative is an important step to address these issues and encourage more women’s participation.”

One of the highlights of the event was a keynote speech delivered by Cinnamon Hotels, where they underscored their commitment to protecting women and children. The company outlined key initiatives, including robust policies to support the female workforce, a zero-tolerance stance on misconduct, and a comprehensive sexual harassment policy. Cinnamon Hotels also conducts awareness sessions to educate staff about these policies, provides parental leave, and offers 100 days of paternity leave. Additionally, the company places a strong emphasis on mental health benefits for all employees. Their efforts served as an inspiration for other accommodation providers, offering practical steps to strengthen child safeguarding and empower women in the tourism sector.

For more information about the Mother and Child-Friendly Seal for Responsible Business, visit srilanka-motherandchildseal.org or contact info.SL@childrights-business.org.

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‘Brandix – A Great Place to Work for Women’ 

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Sri Lanka’s premier apparel solutions provider, Brandix, was recognized as one of Sri Lanka’s Most Outstanding Women-Friendly Workplaces at the Satyn Magazine Women Friendly Workplace Awards (WFWA) 2024. Initiated by CIMA Asia, the American Institute of Certified Public Accountants (AICPA) and Satyn Magazine, the accolade recognizes and celebrates organizations committed to gender equality and women empowerment. Senior General Manager Human Resources at Brandix, Dinusha Jayamanne, said Brandix is ‘constantly exploring new avenues to create a more inclusive and enriching environment for its female workforce, and the company stands proud of the pioneering initiatives it launched in this sphere.’ The latest award is a testament to the impact of these measures implemented across Brandix facilities in Sri Lanka and the world.

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