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Heavy buying interest in ACL Cables and LOLC Group counters

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By Hiran H.Senewiratne

The bullish trend continued at the CSE yesterday as well due to positive market conditions, which was attributed to heavy buying interest on several companies/counters, including ACL Cables and LOLC Group companies, stock market analysts said, On the previous day, the CSE achieved a new milestone in its benchmark index ASPI, which crossed the 10,000 points level as investors turned bullish with active trading on expectations of improved corporate earnings despite the impact of the pandemic.

As a result, CSE market capitalization crossed the 50 percent year to date growth to 51.22 per cent or Rs. 4.47 trillion. The Central Bank’s certain policy adjustments for the increase of foreign reserves and positive quarterly results of many companies enabled the market to achieve new records, market analysts said.

ACL Cables shares appreciated by 18 percent or Rs 10.50. Its shares started trading at Rs 56.90 and suddenly shot up to Rs 67.40. Two LOLC Group companies, Commercial Leasing and Finance and Browns Investments were the main contributors to the All Share Price Index. Commercial Leasing contributed 30 points and Browns Investments contributed 26 points to the All Share Price Index. Meanwhile, Browns Investments share price appreciated by seven percent of 80 cents. Its shares started trading at Rs 10.70 and at the end of the day they moved to Rs 11.50.

Amid those developments both indices moved upwards. The All Share Price Index went up by 76.95 points and S and P SL20 rose by 17.95 points. Turnover stood at Rs 6.7 billion with two crossings. Those crossings were reported in Renuka Hotel PLC, which crossed 388,000 shares to the tune of Rs 35.7 million and its shares traded at Rs 92 and Richard Pieris two million shares crossed for Rs 35 million and its shares traded at Rs 17.50.

In the retail market, five companies that mainly contributed to the turnover were, Browns Investments Rs 1.28 billion (114 million shares traded), ACL Cables Rs 940 million (14.7 million shares traded), Expolanka Holdings Rs 809 million (3.6 million shares traded), Dipped Products Rs 281 million (5.3 million shares traded) and Hayley Rs 231 million (2.1 million shares traded). During the day 272.2 million share volumes changed hands in 46000 transactions.

It said high net worth and institutional investor participation was noted in JKH, HNB non-voting and Expolanka Holdings. Mixed interest was observed in Vallibel One, ACL Cables and LOLC Holdings, while retail interest was noted in Commercial Leasing and Finance and Browns Investments.

Meanwhile, Lanka Credit and Business Finance Limited (LCBF) offered up to Rs 125 million in ordinary shares at Rs 4.00 at the close of the opening day after over subscription, issue managers NDB Investment Bank said.

The IPO had attracted over Rs 500 million of applications a few hours after opening yesterday and was to close at 1630 hours. NDB Investment Bank is the financial advisor to the offer. NDB Investment Bank said it had helped the firm’s acquisition by the current owners and had helped in capital infusion to make a turnaround in the firm from a previously distressed state.

Yesterday the US dollar rate was Rs 203, which was the maximum controlled price imposed by the Central Bank to maintain and control the price escalations of essential items.



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Business

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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