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CSE on the uptick despite October’s inflation hike

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By Hiran H.Senewiratne

CSE activities were bullish and positive yesterday despite Sri Lanka’s nationwide inflation in October 2021, determined under the National Consumer Price Index (NCPI), rising to 8.3 from 6.2 per cent recorded in September, stock market analysts said.

The Department of Census and Statistics released their report, where NCPI for all items for the month of October 2021 increased to 150.6 from 147.5 during the previous month. The inflation for the month of October 2021 was mainly due to the higher price levels prevailing in both food and non-food groups.

Further, LOLC Holdings off the floor Rs 41 billion transactions that occurred when LOLC Holdings last week completed the transfer of the shares of three finance companies to LOLC Ceylon Holdings Ltd. (LOCH) gave some impetus to the stock market, analysts said.

Amid those developments, substantial gains were recorded in LOLC Holdings, Bogala Graphite, ACL Cables, Kelani Cables, Watawala Plantations and Central Industries. Both indices moved upwards. The All- Share Price Index went up by 111.36 points and S and P SL20 rose by 57.62 points. Turnover stood at Rs 6.6 billion with two crossings. Those crossings were reported in LOLC Holdings, where 140,000 shares crossed to the tune of Rs 115 million, its shares traded at Rs 811 and Browns Investments 150,000 shares crossed to the tune of Rs 30.6 million, its shares traded at Rs 204.

In the retail market top seven companies that mainly contributed to the turnover were, LOLC Holdings Rs 807 million (968,000 shares traded), Browns Investments Rs 601 million (52.8 million shares traded), LOLC Finance Rs 546 million (20.1 million shares traded),Bogala Graphite Rs 536 million (four million shares traded), Expolanka Holdings Rs 513 million (2.2 million shares traded), ACL Cables Rs 278 million (3.3 million shares traded) and Sierra Cables Rs 211 million (14.7 million shares traded). During the day LOLC gained by 16.4 or Rs 126 per share. Its share price moved to Rs 907 from Rs 768.

During the day the stock market witnessed a price appreciation in the capital goods sector. Bogala Graphite share prices appreciated by 24 percent or Rs 27.75. Its share price moved to Rs 144.25 from Rs 116.25, ACL Cables share price moved 11 per cent or Rs 8.50. Its share price moved to Rs 86.60 from Rs 78.10, Central Finance recorded a Rs 20 or 11 per cent gain. Its share price shot up to Rs 203.75 from Rs 183.75 and Kelani Cable’s shares appreciated by Rs 74 or 25 per cent. Its share price started trading at Rs 300 and at the end of the day it shot up to Rs 374.

Further, plantation sector counters also made significant gains in their prices. Main gainers were Agalawatta Plantation, whose share price appreciated by Rs 2.90 or eight per cent. Its shares started trading at Rs 37.30 and at the end of the day they shot up to Rs 40.70 and Watawala Plantations share price appreciated by Rs 9.80 or 10 per cent. Its share price shot up to Rs 109.50 from Rs 99.70. During the day 216 million share volumes changed hands in 4800 transactions.

Further, Sarvodaya Development Finance oversubscribed their share issue on the first day itself.

Yesterday, the US dollar was quoted at Rs 202.41, which was the controlled price of the Central Bank.



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Passport Office collaborates with banks to boost international monetary transfers from migrants

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Central Bank Governor, Ajith Nivard Cabraal hands over a new account to a young migrant worker which he opened at the new HNB counter at the Passport Office yesterday, where Jonathan Alles, Managing Director/Chief Executive Officer of HNB was present. Pic by Thushara Athapaththu

by Sanath Nanayakkare

People’s Bank, National Savings Bank , Sampath Bank, Hatton National Bank and Commercial Bank of Sri Lanka yesterday established new banking counters at the Department of Immigration and Emigration, at ‘Suhurupaya’, Battaramulla.

The initiative is intended support the Central Bank’s ongoing effort to boost the country’s foreign reserves by offering migrant workers access for safe, official remittance channels from the time they obtain new passports or renew their passports for international jobs.

Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka who was the chief guest of the opening ceremony said,” A lot of Sri Lankans go overseas for jobs and send their hard-earned money to Sri Lanka. Sometimes they face various issues when remitting money. So we thought we should provide the opportunity for them to open an account as they obtain their passports at the passport office which they can operate with greater ease and trust when sending money to their families from abroad. The Controller of Immigration and Emigration, his staff, the officials at the Central Bank and at other relevant banks worked in unison to establish their counters here just within a week. This shows that government institutions can collaborate with the private sector and quickly accomplish any task for the benefit of the country and its people. Our hard-working migrant workforce will enjoy the convenience and reliability of this service. As a result of it, more foreign money will flow into the country and the nation will reap benefits from it,” he said.

Workers’ remittances have been a key pillar of Sri Lanka’s foreign currency earnings that has nearly 100 per cent of domestic value addition, providing a substantial cushion for external sector resilience of the country. Workers’ remittances have covered around 80 per cent of the annual trade deficit over the past two decades, and strengthening remittances inflows to the country brings several socio-economic benefits including the smooth supply of forex inflows to the formal banking system.

The Central Bank of Sri Lanka established a new department named ‘Foreign Remittances Facilitation Department’ with effect from November 3, 2021 to facilitate and streamline workers’ remittances inflows to the country.

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SLT-MOBITEL powered SLIOT Challenge 2020 and IESL RoboGames 2020 fostering innovation

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SLT-MOBITEL, the National ICT, Telecommunications and Mobile Services Provider was the proud sponsor of SLIoT Challenge 2020 and IESL RoboGames 2020, championing innovation in Internet of Things (IoT) and robotics to reward and further develop a pipeline of tech talent and critical skills among Sri Lanka’s youth. The winners of the competitions were honoured at a special ceremony held recently.

SLIoT Challenge 2020 and IESL RoboGames 2020 was a collaborative effort between SLT-MOBITEL, the Department of Computer Science & Engineering of the University of Moratuwa and the IT and Computer Engineering Sectional Committee of Institution of Engineers of Sri Lanka (IESL). Recognising the value of promoting digital inclusion among youth and to develop new generation technology concepts, SLT-MOBITEL sponsored the event for the fourth consecutive year. Both competitions encourage technological innovation among youth which in turn provides avenues for SLT-MOBITEL to capitalize on its futuristic thinking towards a connected future.

The SLIoT Challenge 2020 theme centred around the current pandemic ‘Overcoming COVID-19 with IoT’ and over 77 submissions were received. SLT-MOBITEL comprehends that IoT is being widely embraced with the number of connected devices growing rapidly. SLT-MOBITEL recognizes that driving an IoT competition for Sri Lankan youth allows students to unleash their potential in the IoT domain and acts as a gateway to support the country’s evolution towards digital transformation.

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Akshata launches unique new tea blends

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Akshata brand, a pioneer in promoting health and wellness the traditional way presents herbal tea alongside honey/jaggery as an alternative to sugar, redefining tea consumption.

Akshata ‘Ranawara’ herbal tea which promotes clear skin and health benefits for the body is dedicated to Queen Soma Devi who was acclaimed for her beauty, bravery, and sacrifice to save King Valagamba in 77 BC.

Managing Director of Grains N Green, Roshan Perera says, “In addition to the myriad of health benefits, consumers are encouraged to experience a taste of nostalgia with each sip of Akshata herbal tea. Today’s health-conscious consumers increasingly buy items that support their nutrition and fitness. Sugar is no longer included in this list due to its negative impact on one’s health. That’s why we have introduced healthy alternatives for sugar. Putting honey or jaggery in tea is a much healthier choice than using sugar as it does not raise blood sugar levels as quickly, and with our product you can get the tea as well as

the sweeteners all in one pack. This saves time, money, and is a healthier alternative to drinking tea with sugar.”

Akshata herbal tea with bees honey/Jaggery is available at Spar and Glomark supermarkets and can also purchase online at askshatastore.com

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