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CSE hits Rs. 23 billion record turnover; Browns Investments transactions account for 73 per cent

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By Hiran H.Senewiratne 

The CSE recorded its highest ever turnover yesterday amounting to more than  Rs. 23 billion, with crossings and retail tradings in  Brown  Investments  shares contributing approximately 73 percent to the turnover. Companies belonging to Ishara Nanayakkara, namely Oxford Capital Pvt Limited and Churchill Capital Pvt Limited sold their shares in Browns Investments to  Brown and Company, stock market analysts said.

It is said that Oxford Capital held 1.1 billion  and Churchill Capital 985 million of Browns Investments shares and together they sold 2.6 billion shares to the tune of Rs. 16.85 billion, with each share being traded at Rs. 5.40. With the crossings Brown and Company which held a 46.06 percent stake in Browns Investments increased its shareholding to 60.64 percent, stock analysts said.

Amid those developments, in the early session of the day the CSE witnessed some selling pressure. However with the Browns Investments crossings or internal transactions, the market became normal, but both indices indicated a downward trend. All Share Price Index went down by 101 points and S and P SL20 went down by 77.57 points.  Turnover stood at Rs. 23.75 billion with the crossing in Browns Investments.

In the retail market top five companies that mainly contributed to the turnover were, LOLC Holdings  Rs. 1.37 billion (2.6 million shares traded), Sampath Bank Rs. 590 million (2.94 million shares traded), Expolanka Rs. 515.5 million (9.8 million shares traded), Browns Investments Rs. 514 million (76.4 million shares traded) and Vallibel One Rs. 513 million (6.2 million shares traded). During the day 86 billion share volumes changed hands in 42246 transactions.

In terms of volume of shares and number of trades, the performance in January was unprecedented. Over 10 billion shares changed hands via 960,300 trades. In comparison just 84 million shares in January last year and 163 million in 2019. The number of trades in January of 2020 and 2019 were 19,790 and 22,854 respectively.

CSE saw rapid net foreign selling though analysts opined they can’t be blamed as they are making rightful capital gains exiting when the market was on the rise. This was evident by the fact that Sampath Bank, which rose on the share sub division move, saw Rs. 1.9 billion in net selling. JKH saw Rs. 891 million worth of exits.

Friday’s net foreign selling was Rs. 2.3 billion, highest in nine months and took the year to date figure to Rs. 8.5 billion. Foreign investors sold Rs. 4.57 billion net last week as opposed to Rs. 2.36 billion a week earlier. 

 Sri Lanka rupee quoted stronger at 191/192 levels in the spot market yesterday, while bond yields were flat in dull market trade, dealers said. The rupee closed around 191.25/192 to the US dollar on Friday.



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Business

Aitken Spence invests in yet another renewable energy project in hydropower

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Dr. Parakrama Dissanayake – Deputy Chairman and Managing Director Aitken Spence PLC accepting the share transfer form from Harsha Abeywickrama – chairman Sunshine Energy Ltd; in the presence of Ms. Stasshani Jayawardena – Executive Director Aitken Spence PLC, Dr. Rohan Fernando – Executive Director Aitken Spence PLC, Ms. Nilanthi Sivapragasam – Chief Financial Officer Aitken Spence PLC and Leel Wickremarachchi – Managing Director of the power segment from Aitken Spence PLC. Shyam Sathasivam – Managing Director, Sunshine Energy Ltd. and Harin Udeshi – Director, Waltrim Energy Ltd.

Aitken Spence PLC recently acquired Waltrim Energy Limited, a subsidiary of Sunshine Holdings PLC for Rs. 900 million. The company contributes 6.6MW to the national grid via three mini hydropower plants located in the Nuwara Eliya district, namely of Waltrim Hydropower (Private) Limited, Upper Waltrim Hydropower (Private) Limited and Elgin Hydropower (Private) Limited. Waltrim hydropower draws energy from Kothmala Oya, Upper Waltrim hydropower and Elgin hydropower from Dambagasthwala Oya.

Aitken Spence expands its portfolio in hydropower in the pursuit of meeting rising energy demands, sustainable development, access to clean energy and lowering our national carbon footprint. This is the second hydropower plant which is owned and operated by Aitken Spence. Branford Hydropower (Pvt) Ltd. is the other hydropower plant with a 2.5MW capacity located in Matale. The company also owns and operates a wind power plant with 3MW capacity located in Ambewela.

“This is yet another investment made by Aitken Spence that shows our commitment to expand the power generation portfolio with renewable energy projects. Hydro power plays a key role in renewable energy segment in Sri Lanka and this initiative strengthens the country’s efforts to move towards cleaner energy sources and effective and efficient management of sustainable and affordable generation of energy supplied to the national grid,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.

“Aitken Spence maintains highest environmental, safety and quality standards in the management of our power plants. These stringent management frameworks will be extended to the newly acquired power plants to meet compliance requirements as well as global benchmarks for cleaner production of energy,” added Leel Wickremarachchi, Managing Director of the power segment of Aitken Spence.

The Power segment of Aitken Spence is a leading player in the sector with a reputation for investing in pioneering technologies and has diversified into renewable energy by establishing hydro power and wind power plants to support Sri Lanka’s demand for energy. With their commitment to increase the country’s energy consumption from renewable energy sources, the company recently introduced Sri Lanka’s first waste to energy power plant that was officially launched in February 2021. Moreover, these initiatives are in line with the collective efforts of government and the private sector to produce clean energy sustainably.

 

 

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Best Woman Entrepreneur at Entrepreneur Awards 2020

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Christell Skin Clinic proved their mettle as industry leaders yet again, by clinching the three topmost awards at the recently held Western Province Entrepreneurship Awards Ceremony 2020. The highly-anticipated annual event -jointly organised by the National Enterprise Development Authority (NEDA) and the National Chamber of Commerce of Sri Lanka- took place this year at the BMICH.

The event brought together industry leaders and newcomers with the aim to recognise and honour micro, small, medium and large sector entrepreneurs that have contributed significantly to Sri Lanka’s service sector over the past year.

The country’s leading aesthetics and wellness centre took home The Best Enterprise service sector trophy, as well as the Best Entrepreneur of the Year award – the most sought-after prize of the night. More notably however, the Best Woman Entrepreneur title was awarded to the director of the Christell Skin Clinic, Dr. Shanika Arsecularatne, in recognition of her inspirational journey to becoming one of the most successful businesswomen in the country, and also of her outstanding contribution to the field of cosmetology and wellness in Sri Lanka.

“I’m truly honoured to receive this recognition, especially because I believe that no one receives an award like this out of sheer luck, but rather in acknowledgement and appreciation of the hard work, sleepless nights and sacrifices we have all made, to be where we are today,” said Dr. Arsecularatne on accepting her award.

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Plastic Modified Asphalt Concrete car park in Sri Lanka

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The car park of the Walgama Food City with its new “Paving with Plastic”

As a socially responsible corporate citizen, Cargills holds a strong commitment to serving the nation and preserving the planet for future generations. By partnering with AGC Innovate Pvt Ltd – one of the country’s leading innovative solutions providers – Cargills initiated the launch of “Paving with Plastic” as a means to address Sri Lanka’s plastic waste menace in an ecofriendly and pragmatic approach.

The benefits of plastic are irrefutable – this versatile material is ubiquitous in our everyday lives, due to it being cheap and convenient to produce as well as being highly durable and user friendly. However, once used and disposed, plastic lingers in the environment for too long and does not decompose.

As a result, the inherent problem of plastic pollution is a global crisis, with Sri Lanka generating approximately 7000 metric tons of mismanaged solid waste daily, with 6% accounting for plastic and polythene waste. Therefore, in the absence of a proper waste management system, non-recyclable plastic is dumped in large landfill sites. These sites are now exceeding their maximum capacity, and has led to pressing environmental and social concerns in the country.

As a first step to tackling this waste plastic problem, Cargills made a landmark decision to pave the Cargills Food City Carparks using Plastic Modified Asphalt Concrete, partnering with AGC Innovate.

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