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CSE continues in bearish mode amidst negative reports on sovereign bonds

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By Hiran H.Senewiratne  

CSE activities were bearish throughout yesterday due to a report in the international media that Sri Lanka’s sovereign bonds have witnessed a steep decline. They were said to be trading 40 percent below par value, stock market analysts said.  

Accordingly, the market dipped by nearly 2 percent for the second consecutive day, sending the benchmark index below 8,000 points, stock market analysts said.

Further, rating agencies downgraded Sri Lanka twice in the recent past. Another rating revision would negatively impact the credibility of the country and it could be painful for the country, market analysts said. 

Accordingly, Hayleys Group of companies witnessed a dip in their share prices.  Haycarb  was the main minus points contributor to the All Share Price Index yesterday. 

With the bearish market condition both indices moved downwards. All Share Price Index went down by 231.34 points and S and P SL-20 declined by 80.01 points. Turnover stood at Rs. 5.12 billion with a single crossing. The crossing was reported in Seylan Bank (Non Voting), which crossed 400,000 shares to the tune of Rs. 20 million; its shares traded at Rs. 50.

In the retail market, top five companies that mainly contributed to the turnover were, Dipped Products Rs. 573.4 million (839,000 shares traded), Sunshine Holdings Rs. 531 million (6.62 million shares traded), Haycarb Rs. 488 million (417,000 shares traded), JKH Rs. 352 million (2.27 million shares traded) and Expolanka Holdings  Rs. 338 million (6.75 million shares traded). During the day, 171 million share volumes changed hands in 35211 transactions. 

Amid those developments 214 companies’ share prices witnessed a decline and only eight companies reported an appreciation in their share prices. 

Sri Lanka rupee was quoted weaker around 195.50/196.50 levels in the spot market in early trade on Wednesday, while bond yield were steady, dealers said.

The rupee closed wide 194.00/196.50 to the US dollar on Tuesday. In the secondary market, bond yields remained flat in dull market trade, dealers said.



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Hemas Consumer strengthens portfolio with L’Oréal partnership in Sri Lanka

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Hemas Consumer, the leading manufacturer and distributor in Sri Lanka’s beauty and personal care sector has strengthened its portfolio of offerings in a groundbreaking partnership with the world’s number one beauty company, L’Oréal. With this partnership Hemas Consumer obtains distributor rights to leverage its sales network and innovative marketing approaches in taking L’Oréal’s wide range of beauty and personal care brands across Sri Lanka.

Commenting on the new partnership, Sriyan de Silva Wijeyeratne, Managing Director, Hemas Consumer & Executive Director Hemas Group said, “We have spent over fifty years building successful and strong consumer brands in Sri Lanka. In keeping with our promise of consumer delight and trust, we are elated to partner a world-class cosmetics group like L’Oréal expanding our existing portfolio with the world’s most sought-after beauty and personal care products.

We are well equipped in our distribution process with island-wide sales channels to serve all parts of the country. I believe this partnership will revolutionize Sri Lanka’s beauty care industry and more prospects await as we continue to look ahead with L’Oréal.”

Sabrina Esufally, Director Business Development and Innovation at Hemas Consumer said, “This partnership will enable Sri Lankans to access the iconic brands and solutions created through years of research and innovation by L’Oréal. In the fast evolving and dynamic beauty industry, the combined strength of Hemas’s local heritage and penetration, and L’Oréal’s global technology and trust is the perfect recipe for consumer delight.”

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DFCC Bank supports industrial excellence by partnering CNCI Achiever Awards

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DFCC Bank PLC, stepped up once again for the 3rd consecutive year to partner with the Ceylon National Chamber of Industries (CNCI) as the principal sponsor and official banking partner of the CNCI Achiever Awards 2020.

The CNCI Achiever Awards was held for the 19th consecutive time to recognize the outstanding efforts of exceptional performers who have molded their respective industries with innovative solutions, while overcoming challenges and meeting the demands of their clientele. This year, the event was recently held under strict health guidelines at the Galadari Hotel in Colombo. 

Commenting on the sponsorship, Chief Executive Officer of DFCC Bank PLC Lakshman Silva stated, “We are pleased to have partnered with the Ceylon National Chamber of Industries (CNCI), as the Main Sponsor and Official Banking Partner of the 19th CNCI Achiever Awards 2020. DFCC is honored to partner in reconciling successful Sri Lankan businesses from various industrial sectors. Our partnership with this prestigious awards programme aligns seamlessly with our commitment to foster and reward industrial growth across the country and support local entrepreneurs in MSME & SME sectors.”

 

 

 

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Lanka SSL triumphs with National Gold and Top Ten Awards

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CNCI Achiever Awards 2020

Lanka Special Steel Limited (Lanka SSL), a trusted name in wires and a fully-owned subsidiary of E B Creasy & Company PLC, was recently awarded the coveted National Gold Award under the Extra Large category in the Manufacturing Sector at the Achiever Awards 2020 for Industrial Excellence.

The annual event organized by the Ceylon National Chamber of Industries (CNCI) was held in March 2021 at Colombo, and celebrated some of the leading industrialists in the country for their tremendous and continued efforts in uplifting and promoting quality standards, productivity, growth and strategy, R&D, employee welfare and others whilst contributing to both the society and economy at large.

‘We are immensely proud to have been recognized with two very prominent awards at this year’s CNCI Achiever Awards. It is a huge leap from just winning a Merit Award the last time around, and this incredible achievement certainly reflects our highly ambitious plans to strive for continued excellence. We would like to thank our valued customers and all stakeholders. We are grateful to our hardworking and committed staff at Lanka SSL who have made this possible,’ said Pravin De Silva, CEO of Lanka SSL.

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