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‘CSE has bounced back, spurred by positives’

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By Hiran H.Senewiratne 

CSE has bounced back, encouraged by the positives and future upside, State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal said.

“The CSE has so much value as stocks are grossly under-priced. While it is true that foreign investors have sold out to the tune of over Rs. 30 billion, Sri Lankans have reinforced confidence by buying foreign holdings and it reflected the actual depth of the local investor base, “Cabraal told an investor forum titled “Twenty 21 and Beyond” organised by Softlogic Stockbrokers on Tuesday. He told capital market players that if they can succeed in securing 1 percent of a Rs. 10 trillion deposit base of banks and finance companies, the CSE will benefit by Rs. 100 billion in captive funds. “This is the true potential of the CSE, and stakeholders must harness it,” he said. Cabraal also recalled that even in its best effort, state funds such as the EPF, invested only Rs. 70 billion.

Amid those developments the CSE was bullish yesterday with heavy trading in the market. However, Expolanka which traded heavily during the last few days saw a price drop following its announcement they have no undisclosed price sensitive information in relation to Expolanka. Therefore, its stock price dropped by 30 cents during the day, sources said.

However, both CSE indices moved upwards; i.e, the All Share Price Index was up by 51.71 points and S and P SL20 up by 24.15. Turnover stood at Rs. 3.53 billion with six crossings.

Those crossings were reported in HNB, which crossed 26 million shares to the tune of Rs. 318 million, its share price trading at Rs. 123, CCS 126,000 shares crossed for Rs. 81.9 million, per share value Rs. 650.10, JKH 414,000 shares crossed for Rs. 56.3 million, per share value being Rs. 136, Central Finance 371,000 shares crossed for Rs. 29.3 million, per share value standing at Rs. 79, Melstacorp 700,000 shares crossed for Rs. 23.5 million at a per share value of Rs. 33.50 and DFCC 294,000 shares crossed for Rs. 20 million, per share value being Rs. 68.

In the retail market top five companies that mainly contributed to the day’s turnover were; Expolanka Rs. 465 (49 million shares traded), Tokyo Cement Rs. 165 million (3.3 million shares traded), Melstacorp Rs. 156.5 million (4.7 million shares traded), ACL Cables Rs. 154 million (three million shares traded) and JKH Rs. 151.6 million (1.1 million shares traded). During the day 85.1 million share volumes changed hands in  27759 transactions. 

During the day several companies, Tokyo Cement, Lanka IOC, Melstacorp, LMF and ACL Cables witnessed more than 9 percent gain in  their respective shares. During the day 169 companies’ shares prices moved up and only 55 companies’ prices depreciated.          

 Chevron Lubricants Lanka PLC has appointed Muhammad Najam Shamsuddin as  their new  Managing Director & CEO  with effect from October 1, 2020, stock market sources 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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