By Hiran H.Senewiratne
The stock market reverted to bearish mood yesterday amidst low turnover as local investor interest remained lacklustre. However, the secondary market is at a standstill ahead of the weekly T-bill auctions, dealers said, while the Central bank’s guidance peg for interbank transactions remains unchanged.
Dealers said market activities were at a standstill as the bond auction proceeds. The Central bank has announced a Rs 90.0 billion bond auction for December 29, 2022, with Rs 30.0 billion expected to be raised from a 15.05.25 maturity and Rs 60.0 billion offered under the 15.05.26 maturity.
Amid those developments both indices moved upwards. The All- Share Price Index rose by 20.55 points and S and P SL20 rose by 0.7 points. Turnover stood at Rs 1.7 billion with two crossings. Those crossings were reported in Orient Finance, where 11.8 million shares crossed to the tune of Rs 118 million; its shares traded at Rs 10 and JKH 450,000 shares crossed to the tune of Rs 60.9 million, its shares fetched Rs 135.50.
In the retail market, top seven companies that contributed to the turnover were; Softlogic Life Insurance Rs 382 million (4.5 million shares traded), Softlogic Capital Plc Rs 328 million (40.3 million shares traded), Lanka IOC Rs 123 million (695,000 shares traded), Expolanka Holdings Rs 84.3 million (466,000 shares traded), Browns Investment Rs 84 million (12.3 million shares traded), Janashakthi Insurance Rs 79.5 million (2.5 million shares traded) and LOLC Finance Rs 71.6 million (8.8 million shares traded). During the day 124 million share volumes changed hands in 20000 share transactions.
It said high net worth and institutional investor participation remained subdued for the day. Mixed interest was observed in Lanka IOC, Expolanka Holdings and Softlogic Life Insurance, while retail interest was noted in Browns Investments, SMB Leasing non-voting and Softlogic Capital.
The Energy sector was the top contributor to the market turnover (due to Lanka IOC), while the sector index lost 0.33 per cent. The share price of Lanka IOC decreased by 75 cents to close at Rs. 210.The Insurance sector was the second highest contributor to the market turnover (due to Softlogic Life Insurance), while the sector index increased by 1 per cent. The share price of Softlogic Life Insurance gained Rs. 5 (7.05 per cent) to close at Rs. 75.90.Yesterday the Central Bank announced the US dollar parity rate as Rs. 356.74.
ILO together with EFC launches pilot project to address employee grievances at the workplace
Five companies volunteer to participate in the project
By Sanath Nanayakkare
Grievance handling in Human Resource Management (HRM) refers to the process by which employee complaints, concerns, or disputes are formally addressed and resolved. The goal is to provide a structured channel for employees to express their concerns or report issues they are facing in the workplace for the benefit of the company, the management and the employees.
True to those values, the International Labour Organization (ILO) recently invited the Employers’ Federation of Ceylon (EFC) to initiate a pilot project to launch Grievance Handling Guidelines that were formulated through several workshops conducted in 2019 in consultation with ILO constituents.
Giriulla Mills Ltd, HNB Assurance Ltd, HNB General Insurance Ltd, Cambio Software Engineering and Taj Bentota Resort and Spa, volunteered to participate in this project. They represented the manufacturing, finance, IT, and hospitality sectors respectively. The pilot project was formally launched on 20th September 2022.
EFC’s team of trainers visited these selected companies and engaged in discussions with their management to gain insights into their existing employee grievance handling systems.
They also gathered feedback from employees to assess their satisfaction with present grievance mechanisms. Based on the findings, EFC team developed customised grievance handling policies aligned with each organisation’s culture and specific requirements of each company to ensure practical implementation of the same.
All these grievance policies were designed in adherence to the Guidelines on Grievance Handling which were established for Sri Lanka in 2019 through workshops conducted by the ILO.
Following the development of these policies, four training sessions were conducted for the management teams of the participating companies. During these training sessions, the policies were presented in detail. The sessions also aimed to provide a comprehensive understanding of what constitutes employee grievances, the importance of addressing them promptly and the potential consequences if grievances are left unattended.
In addition to policy dissemination, the training sessions also focused on equipping managers with the necessary skills to effectively handle employee grievances. This included discussions on communication strategies, conflict resolution techniques, and the importance of empathy and active listening when addressing employee concerns.
Rage Coffee forays into Sri Lanka market
The brand has secured investment from Virat Kohli
Rage Coffee, an internationally acclaimed coffee brand, was launched in Sri Lanka recently.
Originating in 2018 from the visionary mind of Bharat Sethi, Rage Coffee emerged to address the dearth of high-quality artisanal coffee in the Indian market. It fills the void with a unique plant-based, vitamin-enriched coffee selection.
A notable milestone for Rage Coffee was securing investment from Virat Kohli during its initial seed round. Kohli, known for his discerning brand choices, not only invested but also became the official brand ambassador, accentuating the brand’s quality.
Sourcing beans from Ethiopia and India, Rage crystallizes them, preserving a distinct nutty and earthy flavor profile. The brand’s proprietary blend, boasting 100% plant-based ingredients, eliminates harmful waste elements found in other leading coffees, prioritizing nutritional value. Each serving packs an impressive 120mg of caffeine, offering a superior boost to kickstart one’s day compared to standard brands.
NSB Nawala branch relocated at spacious new premises
NSB Nawala Branch which was relocated recently, was first established in the year 2003 and had been renowned for its customer service over a span of two decades.
Anoma Gomes, Deputy General Manager of National Savings Bank graced the occasion of the opening of the newly relocated Nawala Branch at the new address No. 221, Nawala Road, Nugegoda.
Furthermore, the former General Manager / CEO of NSB, Eastman Narangoda, Dr. Anura Wickramasinghe of the Open University of Sri Lanka, Dr. Hector Jayawardane graced the occasion as special invitees.
Higher Management of NSB and invited guests including Asst. General Manager – Nalika Wijesinghe, Regional Manager – Charini Ekanayake, Branch Manager of Nawala Branch – Chaminda Piyathilake also attended this event.
Equipped with ATM facilities and state-of-the-art banking facilities the relocated NSB Nawala Branch is housed in a spacious premises to deliver a supreme customer service catering to all the financial requirements of the public.
Former US Secretary of State Henry Kissinger dies aged 100
COP28 president denies UAE using UN climate talks to seek oil deals
Rupees 1,500 million allocated for ‘Greater Kandy Urban Development Program’ – State Minister for Provincial Councils and Local Government
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#Sundayisland Sunday Island- 31 January- Headlines
News4 days ago
SHMA ties up with NYC to increase trained personnel in hospitality industry
News4 days ago
RW says Jay Shah is not running Sri Lanka Cricket
News4 days ago
Shani A claims Rs billion from IGP, SDIG and others
News5 days ago
Sirisena demands action against Rajapaksa economic hitmen for triggering worst financial crisis
Business5 days ago
Janashakthi Group’s innovation shines at the National ICT Awards 2023
Business5 days ago
Wait-and-see approach by most stock investors following interest rate decline
Business4 days ago
AkzoNobel initiative to give local painters more opportunities at home and abroad
Business5 days ago
World Bank Managing Director of Operations meets ComBank’s Anagi customers in Jaffna