Connect with us

Business

CSE records remarkable turnover of Rs. 5 billion

Published

on

By Hiran H.Senewiratne 

The upward momentum at the CSE continued with indices gaining sharper to cross  the 6500 points level a couple of days ago. Moreover, the market recorded a notable turnover of more than Rs. 5 billion yesterday, stock market analysts said.

The market overall was positive and with the profit taken by certain investors the market witnessed a drop to 20 points from 70 points but in the later part of the day it bounced bank to positive territory.

Both indices moved upwards. The All Share Price Index went up by 51.03 points and S and P SL20 by 3.74 points. The turnover stood at Rs. 5.3 billion with three crossings. Those crossings were reported in NDB, which crossed 2.75 million shares to the tune of Rs. 225.5 million; its shares traded at Rs. 82, Hayleys Fabrics 1.4 million shares crossed for Rs. 37 million; its shares traded at Rs. 26.40 and JKH 200,000 shares crossed for Rs. 30.4 million; its shares trading at Rs. 152.

In the retail market top five companies that mainly contributed to the turnover were; Browns Investments Rs. 1.57 billion (449 million shares traded), Hemas Holdings Rs. 332 million (3.6 million shares traded), Softlogic Life Rs. 327.5 million (9.3 million shares traded), JKH Rs. 209.4 million (1.4 million shares traded) and LOLC Rs. 203.6 million (1.44 million shares traded). During the day 5998 million share volumes changed hands in 36664 transactions. 

Amid those developments one of the most sought after companies, Browns Investments, contributed more than 74 percent of the total shares that were traded during the day. Its shares also appreciated by 23 percent or  70 cents. Its shares started trading at Rs. 3 and at the end of the day it moved up to Rs. 3.70. 

It is said high net worth and institutional investor participation was noted in Commercial Bank, DFCC Bank and Dialog Axiata. Mixed interest was observed in John Keells Holdings (JKH), Royal Ceramics and Hemas Holdings, while retail interest was noted in Browns Investments, Expolanka Holdings and HNB. 

E.B. Creasy and Company PLC this week resolved to sub divide its shares on the basis of one existing share to 100 shares to improve liquidity.

The move will increase the number of shares in issue from 2.53 million to 253.5 million without affecting any increase to the Stated Capital of the company.

The increased shares will not be entitled to the proposed first and final dividend of Rs. 18 per share for the year ended on March 31 to be declared at the AGM scheduled for December 30.The sub division move is subject to shareholder approval at an EGM.

Sri Lanka rupee closed steady at 186.50/70 to the US dollar on Tuesday in the spot market while yields remained unchanged in moderate market trade ahead Wednesday’s Treasury Bills auction, dealers said. The rupee closed at 186.60/85 to the US dollar on Monday against the US dollar.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

SLT-MOBITEL AkazaLMS enables corporate employee capability development

Published

on

As SLT-MOBITEL, the National ICT solutions service provider, continues to play a pivotal role in driving Sri Lanka’s digital transformation through its Cloud-managed offering, SLT-Mobitel AkazaLMS takes centre-stage as the nation’s leading Learning Management System (LMS). SLT-Mobitel AkazaLMS offers a unique, locally developed, comprehensive enterprise learning solution designed to cater to diverse training needs without compromising on quality.

Commenting on the initiative Chief Enterprise & Wholesale Officer of SLT, Lakmal Jayasinghe said “Especially in today’s competitive environment where human capital is more important than ever, companies need to create a learning strategy that aligns to robust curricula, employing relevant and available learning methods and technology. Addressing this need, SLT-Mobitel AkazaLMS Cloud is an enterprise e-learning solution hosted in Sri Lanka on the top of a private cloud, providing corporate and institutional customers the ability to deliver their own learning material to their users with zero cost infrastructure. With greater convenience and without additional IT resources, customers have access to their own training needs via a simple web browser”.

Empowering corporates and educational institutes, SLT-Mobitel AkazaLMS is a comprehensive locally developed platform, containing a self-portal where the user develops their own e-learning and purchase it as a SaaS product. Especially during these challenging times, when classroom lectures are not possible and distance learning methods vital, the SLT-Mobitel AkazaLMS facilitates exams, assignments, quizzes, etc. tailor-made and customised for corporates and educational institutes targeting their own specific needs.

Continue Reading

Business

LIOC shows stability in earnings and margins compared to volatility during previous years

Published

on

First Capital expects stability in LIOC earnings and margins ahead, compared to the significant volatility witnessed during the previous years.

“With the new pricing formula, we expect a stable outlook for LIOC which is currently trading at a TTM PER of 7.5x on FY22 earnings while also trading at a PBV of 1.5x”, they said.

“The government’s implementation of the new fuel pricing formula on 24th May 22 includes all costs incurred in importing, unloading, distributing to the stations and taxes. With that, fuel prices will be revised on a monthly basis, and if necessary, it will be reviewed every two weeks. Accordingly, the next price revision was scheduled for 24th Jun 22. Considering the price revision, In addition to that, Sri Lanka’s Cabinet has approved a bill to impose a 2.5% tax on companies with an annual turnover of LKR 120.0Mn, which will only have a marginal effect on company margins.”

“With regards to investment in joint venture, LIOC has invested in Trinco Petroleum Terminal (Pvt) Ltd (TPT) in Jan-22 and acquired 49% of the stake with CPC which holds 51% of the ownership of TPT in order to develop 61 tanks at the Trincomalee Oil Tank Farm and allied facilities in the Upper Tank Farm of the China Bay Oil Tank Farm. Also, LIOC has entered into a Lease of State Land with the Government of Sri Lanka for a term of fifty years to develop the Lower Tank Farm of the China Bay Oil Tank Farm,” First Capital said.

Continue Reading

Business

Apprenticeship programme in partnership with Hatch MakerStudio and Vocational Training Authority

Published

on

From left: : Krishantha Pathiraja, Chairman at Palmyrah Development Board, Florian Manderschied, Head Maker at Hatch MakerStudio, Brindha Selvadurai, CEO and Co- Founder, Hatch, Eranga Basnayake, CEO and Chairman of Vocational Training Authority, Mahesh Ariyarathne, Vice Chairman of VTA

The next generation of Sri Lanka’s industry workforce is currently studying at Technical and Vocational Education and Training institutes (​​TVET) all over the country. Since the manufacturing technology is under permanent development, the requirements for TVET graduates have also evolved. In order to address the industry’s needs for skilled and competent workers, the Vocational Training Authority and Hatch MakerStudio have joined forces to pilot an innovative apprenticeship programme.

The apprenticeship programme is designed for students in the field of mechatronics, robotics, automation and CNC-technologies and is focusing on the upskill, entrepreneurial mindset and problem solving capabilities. Together with industry partners, the selected apprentices will undergo a one month training programme at Hatch MakerStudio before being placed in the companies. The programme comprises of:

Product development training

Software and rapid prototyping training

Problem solving and design thinking exercises

During the course of the apprenticeship, Hatch MakerStudio will provide supervision and support for both the apprentices and companies, in order to ensure effective skills development and utilization of working power. Students with their own specific product ideas and business models can choose Hatch MakerStudio as their place of apprenticeship.

Continue Reading

Trending