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CSE’s bull run continues; Vallibel One a key trigger

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By Hiran H.Senewiratne

CSE trading activities were extremely bullish yesterday driven by the Vallible One Group, which showed strong buying interest. In the middle of the day the market showed some profit- takings and during the latter part of the day the bourse turned positive, stock market analysts said.

The All- Share Price Index of the CSE surged 111.54 points to close at a record all -time high of 13,280.94 points. It was the fifth consecutive day that the CSE registered a record performance. This week the stock market was very strong and the All- Share Price Index was able to gain 1000 points.

It is said that after witnessing an initial setback, the indices rebounded sharply with the ASPI comfortably exceeding the 13,100 level on the back of strong broad-based buying extended by local investors. While Expolanka , LOLC Finance and Browns Investments continued to drive market activity, improved retail and HNI buying was witnessed in other large-cap stocks, such as Sunshine Holdings, Hayleys and Royal Ceramic, market analysts said.

The All-Share Price Index went up by 111.54 points and S and P SL20 rose by 53.5 points. Turnover stood at Rs 11.6 billion with four crossings. Those crossings were reported in JKH, which crossed 1.8 million shares to the tune of Rs 285 million, its shares traded at Rs 152.50, Softlogic Holdings 1.5 million shares crossed for Rs 84 million, its shares traded at Rs 57, LVL Energy Fund 1.9 million shares crossed for Rs 21.8 million, its shares traded at Rs 11.50 and LOLC Finance 725,000 shares crossed for Rs 20.3 million, its shares fetched Rs 28.

In the retail market top seven companies that mainly contributed to the turnover were; Vallibel One Rs 1.1 billion (18 million shares traded), Aman Bank Rs 856 million (225 million shares traded), Browns Investments Rs 778 million ( 42.4 million shares traded), Sunshine Holdings Rs 616 million (8.8 million shares traded), Expolanka Holdings Rs 544 million (1.4 million shares traded), Hayleys Rs 537 million (3.6 million shares traded) and Kapruka Holdings Rs 390 million (17 million shares traded). During the day 622 million share volumes changed hands in 80000 transactions.

During the day share prices in many companies noted gains. Those were Vallibal One, whose share price appreciated by 15.3 per cent or Rs 12.20. Its share price shot up to Rs 92 from Rs 79.80, Lanka Aluminium share price appreciated by 16 per cent or Rs 4.30. Its share price shot up to Rs 31.10 from Rs 26.80 and DIMO share price appreciated by 22 per cent or Rs 175. Its share price shot up to Rs 875 from Rs 700.

Yesterday, the US dollar was quoted at Rs 202.22, which was the Central Bank controlled price. The actual market price would be Rs 250 but due to the current economic crisis the dollar rate would likely go up to the Rs 300 level, market analysts said.



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Berendina bags Silver at the CA Sri Lanka 56th Annual Report Awards

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From left: Sarath Chandra Fernando - Director-BMIC, Charith Fernando - Deputy Managing Director-BMIC, Saman Manatunga - Acting Head of Finance-BMIC, Dilhara Jayasinghe - Assistant Manager Compliance & Corporate Relationship-BMIC, Ranel T Wijesinha - Past President CA Sri Lanka, Jagath Godakanda – Chairman-BMIC, Chaaminda Kumarasiri – Chairman-Annual Report Awards Committee 2021 and Chamila Cooray - Alternate Chairperson-Annual Report Awards Committee 2021

Berendina Micro Investments Company Limited, better known as BMIC among its microfinance clientele and partners, won the Silver award at the 56th Annual Report Awards organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), under the category of Finance Companies and Leasing Companies (total assets up to Rs. 20 Billion). Over 70 companies, ranging from conglomerates, multinationals to non-profit organisations, and SMEs, were honoured at this year’s competition for their excellence in financial reporting. The gala event of this year held on 09th December 2021 at BMICH. Being the first Microfinance Company licensed by the Central Bank of Sri Lanka, BMIC is no stranger to this annual competition having won a prestigious Gold Award in 2017 and Merit Award in 2018.

The award from CA Sri Lanka is the fourth award to be won by BMIC during the financial year 2021, having won 3 international awards, namely, ‘The Best Microfinance Company in Sri Lanka’ and ‘The Best Agricultural Lending Company in Sri Lanka’ awards from the UK based Global Banking and Finance Review magazine as well as ‘Donor’s Choice Award’ at the international competition conducted by SCALE Green Creative Adaptation Awards in USA in 2021. Focused on poverty alleviation, BMIC as a Microfinance Institution (MFI) extends micro-credit facilities and enterprise development services that ensure long term sustainability and growth of business ventures of its clients, providing loans at the lowest interest rate compared to other MFIs in Sri Lanka. At present, BMIC manages a loan portfolio of over Rs. 3.1 billion and an annual turnover exceeding Rs. 900 million. It supports well over 70,000 microfinance clients through its 30 Branches in 11 districts. The CA award bestowed on BMIC is another testament to its commitment in continuously supporting its clients to overcome the obstacles during difficult times, while preserving its transparency in reporting, corporate governance, sustainability and social responsibility.

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SLIC repositions Business Club insurance with more focus on SMEs

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Sri Lanka Insurance last week announced repositioning of its Business Club insurance, a trade insurance policy which provides a comprehensive business insurance solution to fit for the diverse insurance need of small and Medium enterprises (SME).

“According to the Export Development Board of Sri Lanka SMEs are considered to be the backbone of the economy with a contribution up to 52% of the GDP. SMEs play a crucial role to battle the poverty in the country providing employment opportunities for the youth as the SMEs does not require capital than large firms. Further SMEs increase tax bases much quickly when compared to large firms,” an SLIC news release explained.

“Recognizing the importance and vital contribution made to the economy by SMEs, Sri Lanka Insurance went back to the drawing board to refine the “Business Club” comprehensive insurance solution to cater to the unique requirements of the businesses,” it said.”

“Therefor the insurance solution was developed to reinforce the success and safety of the businesses.”

The insurance plan will provide protection for any businesses be it retail, grocery store, supermarket, pharmacy or any other covering many perils inclusive of environmental dangers such as floods, cyclone, fire, lightning as well as other factors such as breaking and burglary, SLIC explained.

The release further said an array of main covers are available for businesses inclusive of fire and/or lightening, explosion, malicious damage, aircraft damage, earthquakes along with the free covers such as cost of removal of debris, loss of rental, architect, surveyors, consulting engineering fees, cost of alternative accommodation etc..

A range of additional covers are also available at an additional premium for businesses to choose. Money insurance during transit and while at premises, accidental breakage of glass cover, sign board cover, electronic equipment all risk cover are among the many additional covers offered.

Interested parties who’d like SLIC to assist in developing an insurance solution that covers the business risks can contact SLIC call center on 011 2 357 357.

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German fruit and tea importers stresses importance of packaging

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Jan Paul Bethke, a leading German importer of Sri Lankan fruits and tea, at a recent

EDB-organized event, urged Sri Lankan agri-product exporters to practice effective and superior packaging if they are to be successful in terms of capturing markets in Europe.

“If you package your product well, include a QR code (incorporating extensive details such as the farmer who grew products), and convey a personalized story, customers in advanced markets such as Germany and Europe would develop an affinity with your products”, Bethke noted.

He made these remarks at a Jan. 12 forum forum organized by the Sri Lanka Export Development Board (EDB) on packaging and value addition strategies to enhance Sri Lanka’s agri-product exports to Germany, an EDB news release said.

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