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CSE recovers somewhat amid persisting political uncertainties and tensions

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By Hiran H.Senewiratne

The CSE was able to bounce back somewhat and indicated a degree of recovery yesterday amid a climate of aggravating political upheaval. The CSE, which suffered losses over six consecutive trading days by dropping 2000 index points the previous day, was able to be positive yesterday, stock market analysts said.

The economic crisis which turned into a major social crisis due to a short supply of essential needs for the country has really discouraged CSE market investors from investing in the market in a considerable manner, market analysts said.

The market staged a subsequent rebound to positive territory as the ASPI picked up to 8,623, regaining around 493 points, while the S&P SL20 index gained 187 points to reach 2,877 yesterday.

Turnover stood at Rs 1.1 billion with a single crossing. The crossing was reported in Melstacorp, which crossed 850,000 shares to the tune of Rs 34 million, its shares traded at Rs 40. In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 342 million (two million shares traded), Browns Investments Rs 92.9 million (12.8 million shares traded), LOLC Holdings Rs 59.5 million (128,000 shares traded), Hayleys Rs 54.8 million ( 720,000 shares traded), LOLC Finance Rs 39.4 million (3.5 million shares traded), Royal Ceramic Rs 32.7 million (830,000 shares traded) and Hayleys Fabrics Rs 30.8 million (one million shares traded).During the day 61.8 million share volumes changed hands in 17000 transactions.

The Capital Goods sector was the second-highest contributor to the market turnover (due to Hayleys and Royal Ceramics), while the sector index decreased by 3.35%. The share price of Hayleys recorded a loss of Rs. 2.60 (3.57%) to close at Rs. 70.30.

The share price of Royal Ceramics declined by Rs. 2 (5.62 per cent) to close at Rs. 33.60. LOLC Holdings and Browns Investments were also included among the top turnover contributors. The share price of LOLC Holdings lost Rs. 75.00 (15.32 per cent) to close at Rs. 414.50.

The share price of Browns Investments moved down by 10 cents (1.52 per cent) to close at Rs. 6.50.Separately Ceylinco Insurance announced a final dividend of Rs. 42 per share.

It is said high net worth and institutional investor participation remained subdued for the day. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and Hayleys, while retail interest was noted in SMB Leasing nonvoting, Browns Investments, and Industrial Asphalts.

The secondary market remained inactive yesterday as investors waited for stability amid the growing anti-government protests in the country, market participants said, while the rupee was quoted at Rs 310 against the US dollar with no offers.

Commercial Banks were offering to sell dollars for telegraphic transfers at Rs 310 and buy at between Rs 295-300 yesterday.

Dealers said the market did not have a proper rupee quote on Monday. The Central Bank indicative spot rate was Rs 307.78 yesterday, down from Rs 310.85 the previous day.

Sri Lanka’s rupee has been made more flexible but a clean float has not yet been established. In the secondary market, there were no active bond rates. Market participants said investors were waiting for some form of stability.



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Mahindra Ideal Finance One of Sri Lanka’s Great Places to Work

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MIFL team at the Great Place to work® Awards ceremony for Best 10 companies in the Banking, Financial Services and Insurance industry held at the Hilton Hotel, Colombo.

Mahindra Ideal Finance is not only one of Sri Lanka’s leading finance companies, but also one of Sri Lanka’s top employers of choice, attested to by the Company being certified as a Great Place to Work for 3 consecutive years, most recently in 2021.The Company has also been recognized amongst the Best 10 companies in the banking, financial services and insurance sector in 2021 by the Great Place to Work® Sri Lanka. As a result, Mahindra Ideal Finance has attracted a diverse group of individuals at the top of their game to be a part of the Company’s various teams. Having embarked on a landmark islandwide network expansion strategy, Mahindra Ideal Finance is also creating new opportunities for aspiring Sri Lankan professionals looking to build solid careers in financial services.

Duminda Weerasekara – Chief Executive Officer said, “As we are growing our presence around the country through the expansion of our branch network, we are looking for driven and passionate people to reinforce our teams. As we have been a dedicated, caring and trustworthy employer since our inception, Mahindra Ideal Finance is the ideal platform for dynamic young professionals looking to launch or grow their careers.”Great Place to Work®, headquartered in the USA, is the global authority on high-trust, high performance workplace cultures. Great Place to Work provides the benchmarks, framework, and expertise needed to create, sustain, and recognize outstanding workplace cultures.

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Daraz Cares introduces ‘Buy one Give One’ initiative – To support families in vulnerable communities

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The unfolding economic crisis in the country has presented Sri Lankans with unprecedented challenges, including scarcity of essentials, escalating living expenses and deteriorating living standards. The impacts of the crisis are graver and more ominous for those in vulnerable communities, where families struggle to make ends meet amidst mounting financial difficulties.As part of its commitment to give back to the community, Daraz Cares has come forward with a social initiative that pledges support for families in vulnerable communities. The initiative themed ‘Buy One, Give One’ will support Sri Lankan families faced with financial challenges with a pack of selected daily essentials. The selected items for the ‘Buy One, Give One’ initiative are, a 1kg pack of CIC Sudu Suduru Rice,a 500g of Orient Mysoore Dhal, a 300g pack of Maggi Coconut Milk Powder, 500g of Orient White Sugar, and 500 g packs of Sunlight Lemon and Rose Detergent Powder, which are all available for purchase via Daraz Mart.

The initiative will be implemented in a manner that, each time an individual purchase any desired quantity of one of the nominated items on the Daraz app, Daraz will donate an equal quantity of the same product to a family in vulnerable communities.Daraz invites everyone to purchase a preferred quantity of the selected items via www.daraz.lk/dmart/ and become a part of the ‘Buy One, Give One’ social initiative.

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DIMO partners with Allianz to provide innovative insurance scheme to its TATA customers

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DIMO together with Allianz recently introduced a state-of-the-art motor insurance & claim settlement scheme designed exclusively for DIMO’s TATA customers.The partnership is focused on assisting the customers to reduce costs incurred during conducting accident repairs through exemption of the owner’s payable portion for TATA vehicles within 5 years of date of manufacture. This innovative facility also offers all TATA customers of DIMO special insurance premium rates at the time of renewal of insurance. DIMO’s TATA customers will enjoy the utmost convenience and zero hassle as both DIMO and Allianz will coordinate all tasks from towing the vehicle to the nearest DIMO-TATA workshop, quick and efficient estimation & approval process, repairing of the vehicle according to exact manufacturer’s specifications, settlement of repair bills to handing over of the vehicle to the customer in original condition.

Ranjith Pandithage, Chairman & Managing Director of DIMO, said, “This partnership will further assist us in offering an enhanced service for our valued customers. As a company, DIMO has always stood for fuelling the dreams and aspirations of the communities we serve in, and it is a pleasure to be able to offer an innovative insurance scheme at a time like this, in collaboration with Allianz.

Gany Subramaniam, CEO of Allianz Insurance Lanka Ltd, said “We are extremely pleased to be partnering with DIMO to offer a customer-centric product, ensuring a vehicle is repaired and restored with minimum hassle.”

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