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LOLC counters continue momentum: main indices up

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By Hiran H.Senewiratne

The CSE yesterday gathered more momentum notwithstanding private sector concerns over some of the tax proposals in Budget 2022. The stock market was highly volatile throughout the day. It was positive at the beginning and selling pressure was witnessed during the middle of the day. However, during the latter part of the day, the CSE became positive because LOLC Group counters were able to maintain their momentum, stock market analysts said.

New buying interest was noted in tile sector and construction sector counters but profit takings appeared in LOLC Group counters. Both indices showed an upward trend. All Share Price Index went up by 16.56 points and S and P SL20 rose by 51.02 points. Turnover stood at Rs10.2 billion with a single crossing. The crossing was reported in Sunshine Holdings, which crossed 28 million shares to the tune of Rs 767 million and its shares traded at Rs 30.70.

Year-to-date return of ASPI crossed the 60 per cent mark yesterday to 62.50 per cent. S&PSL20 has seen a 36.7 per cent return. Market capitalization on the other hand is nearing the Rs. 5 trillion mark with the previous day closing being Rs. 4.912 trillion, up by 66% so far this year.

In the retail market, top seven companies that mainly contributed to the turnover were, LOLC Finance Rs 3.4 billion (95.7 million shares traded), Expolanka Holdings Rs 1.5 billion (6.9 million shares traded), Sunshine Holdings Rs 944 million (26.9 million shares traded), Browns Investments Rs 363 million (32.4 million shares traded), LOLC Holdings Rs 275 million (368,000 shares traded), Shaw Wallace Investment Rs 266 million (21.6 million shares traded) and Commercial Leasing and Finance Rs 207 million (2.6 million shares traded).

During the day Expolanka Holdings and Sunshine Holdings made some gains. Expolanka share price appreciated by five percent or Rs 11.75. Its share price started at Rs 215 and at the end of the day it shot up to Rs 236.75 and Sunshine Holdings share price appreciated by nine percent or Rs 2.90. Its share price started at Rs 32.50 and at the end of the day it moved up to Rs 35.20. During the day 384 million share volumes changed hands in 59000 transactions. Separately, Vidullanka announced an interim dividend of 175 cents (Rs. 0.175) per share.

It is said high net worth and institutional investor participation was noted in Vallibel One, Chevron Lubricants and Melstacorp. Mixed interest was observed in Expolanka Holdings, Browns Investments and Sunshine Holdings, while retail interest was noted in Lanka Orix Finance, SMB Leasing nonvoting and Lanka Credit and Business Finance Ltd.

Meanwhile, Capital Alliance Limited, a leading primary dealer company, will go for an initial public offering on November 25. The company will offer 41.7 million ordinary shares at a price of Rs 10 to raise Rs 411.7 million. It will be listed in the Divisavi Board. The objective of the IPO is to improve the co-capital requirement of the company.

Yesterday, the US dollar rate was Rs 201.34, which was the Central Bank controlled price to prevent price escalation of essential imported items into the country. The actual price of a US dollar would be more than Rs 130.



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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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