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LOLC Holdings, third $ 1 billion company at CSE

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By Hiran H.Senewiratne 

Financial sector heavy conglomerate LOLC Holdings became the third and latest to be worth $ 1 billion on the CSE. LOLC Holdings headed by Ishara Nanayakkara will be the most valued company in the CSE, which is now worth more than Rs. 2 billion, stock market analysts said. This was following a sharp 19 percent  or Rs. 66 gain in its share price this week.

It rose on the previous day  by Rs. 36 or 9.4 percent  to close at Rs. 417.25, putting LOLC’s market capitalisation at Rs. 198.3 billion. So far this year, LOLC market value has risen by a phenomenal Rs. 134 billion. Last week LOLC’s gain was 55 percent  or Rs. 124.50 to Rs. 351.25 per share.The other two $ 1 billion-value listed companies are JKH (Rs. 227.8 billion) and Ceylon Tobacco (Rs. 206.6 billion). 

It is said that stock market investors are now rallying round companies where business magnate  Dhammika Perera is the head. LB Finance has announced a sub division of its shares where  one existing share is to be subdivided into four new shares. Under this move,  138 million existing shares will be increased to  554 million shares. The purpose of this move is to increase the liquidity of shares in the stock market.. Its share price also appreciated by 36 percent or Rs. 85.50. Its shares started trading at Rs. 232 and at the end of the day they moved up to Rs. 320.50.  Due to that Royal Ceramic shares also moved up, expecting a subdivision of its shares, stock market analysts said.

Amid those developments the market was bullish throughout yesterday. LOLC Holdings share price also increased by 25 percent or Rs. 104.25. Due to that, the All Share Price Index was 146.19 points. LOLC contributed 113 points at the end of the day. S and P SL20 was up by 3.96 points. 

The turnover stood at Rs. 14.4 billion with four crossings. Those crossings were reported in LB Finance, which crossed 1.56 million shares to the tune of Rs. 359.9 million, its share traded at Rs. 230, CT Holdings 495,000 shares crossed for Rs. 94 million, its shares traded at Rs. 190, CIC (Non Voting) 500,000 shares crossed for Rs. 27.5 million and its shares traded at Rs. 55 and in NDB 250,000 shares crossed for Rs. 25 million, its shares trading at Rs. 100.

In the retail market top five contributors to the turnover were LOLC Rs. 2.46 billion (4.99 million shares traded), Expolanka Rs. 1.7 billion (30.4 million shares traded), JKH Rs. 1.26 billion (7.4 million shares traded), RCL Rs. 1,01 billion (2.4 million shares traded) and Vallibel One Rs. 990 million (14.8 million shares traded). During the day  487 million share volumes changed hands in 72880 transactions.  

Sri Lanka rupee was quoted around 194.50/195.00 in the spot market in mid morning trade Wednesday, firmer from the previous day’s 195.50/196.50 levels, while bond yields were slightly higher ahead of a bond auction, dealers said. The rupee closed around 195.50/196.50 to the US dollar on Tuesday.



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Aitken Spence invests in yet another renewable energy project in hydropower

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Dr. Parakrama Dissanayake – Deputy Chairman and Managing Director Aitken Spence PLC accepting the share transfer form from Harsha Abeywickrama – chairman Sunshine Energy Ltd; in the presence of Ms. Stasshani Jayawardena – Executive Director Aitken Spence PLC, Dr. Rohan Fernando – Executive Director Aitken Spence PLC, Ms. Nilanthi Sivapragasam – Chief Financial Officer Aitken Spence PLC and Leel Wickremarachchi – Managing Director of the power segment from Aitken Spence PLC. Shyam Sathasivam – Managing Director, Sunshine Energy Ltd. and Harin Udeshi – Director, Waltrim Energy Ltd.

Aitken Spence PLC recently acquired Waltrim Energy Limited, a subsidiary of Sunshine Holdings PLC for Rs. 900 million. The company contributes 6.6MW to the national grid via three mini hydropower plants located in the Nuwara Eliya district, namely of Waltrim Hydropower (Private) Limited, Upper Waltrim Hydropower (Private) Limited and Elgin Hydropower (Private) Limited. Waltrim hydropower draws energy from Kothmala Oya, Upper Waltrim hydropower and Elgin hydropower from Dambagasthwala Oya.

Aitken Spence expands its portfolio in hydropower in the pursuit of meeting rising energy demands, sustainable development, access to clean energy and lowering our national carbon footprint. This is the second hydropower plant which is owned and operated by Aitken Spence. Branford Hydropower (Pvt) Ltd. is the other hydropower plant with a 2.5MW capacity located in Matale. The company also owns and operates a wind power plant with 3MW capacity located in Ambewela.

“This is yet another investment made by Aitken Spence that shows our commitment to expand the power generation portfolio with renewable energy projects. Hydro power plays a key role in renewable energy segment in Sri Lanka and this initiative strengthens the country’s efforts to move towards cleaner energy sources and effective and efficient management of sustainable and affordable generation of energy supplied to the national grid,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.

“Aitken Spence maintains highest environmental, safety and quality standards in the management of our power plants. These stringent management frameworks will be extended to the newly acquired power plants to meet compliance requirements as well as global benchmarks for cleaner production of energy,” added Leel Wickremarachchi, Managing Director of the power segment of Aitken Spence.

The Power segment of Aitken Spence is a leading player in the sector with a reputation for investing in pioneering technologies and has diversified into renewable energy by establishing hydro power and wind power plants to support Sri Lanka’s demand for energy. With their commitment to increase the country’s energy consumption from renewable energy sources, the company recently introduced Sri Lanka’s first waste to energy power plant that was officially launched in February 2021. Moreover, these initiatives are in line with the collective efforts of government and the private sector to produce clean energy sustainably.

 

 

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Best Woman Entrepreneur at Entrepreneur Awards 2020

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Christell Skin Clinic proved their mettle as industry leaders yet again, by clinching the three topmost awards at the recently held Western Province Entrepreneurship Awards Ceremony 2020. The highly-anticipated annual event -jointly organised by the National Enterprise Development Authority (NEDA) and the National Chamber of Commerce of Sri Lanka- took place this year at the BMICH.

The event brought together industry leaders and newcomers with the aim to recognise and honour micro, small, medium and large sector entrepreneurs that have contributed significantly to Sri Lanka’s service sector over the past year.

The country’s leading aesthetics and wellness centre took home The Best Enterprise service sector trophy, as well as the Best Entrepreneur of the Year award – the most sought-after prize of the night. More notably however, the Best Woman Entrepreneur title was awarded to the director of the Christell Skin Clinic, Dr. Shanika Arsecularatne, in recognition of her inspirational journey to becoming one of the most successful businesswomen in the country, and also of her outstanding contribution to the field of cosmetology and wellness in Sri Lanka.

“I’m truly honoured to receive this recognition, especially because I believe that no one receives an award like this out of sheer luck, but rather in acknowledgement and appreciation of the hard work, sleepless nights and sacrifices we have all made, to be where we are today,” said Dr. Arsecularatne on accepting her award.

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Plastic Modified Asphalt Concrete car park in Sri Lanka

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The car park of the Walgama Food City with its new “Paving with Plastic”

As a socially responsible corporate citizen, Cargills holds a strong commitment to serving the nation and preserving the planet for future generations. By partnering with AGC Innovate Pvt Ltd – one of the country’s leading innovative solutions providers – Cargills initiated the launch of “Paving with Plastic” as a means to address Sri Lanka’s plastic waste menace in an ecofriendly and pragmatic approach.

The benefits of plastic are irrefutable – this versatile material is ubiquitous in our everyday lives, due to it being cheap and convenient to produce as well as being highly durable and user friendly. However, once used and disposed, plastic lingers in the environment for too long and does not decompose.

As a result, the inherent problem of plastic pollution is a global crisis, with Sri Lanka generating approximately 7000 metric tons of mismanaged solid waste daily, with 6% accounting for plastic and polythene waste. Therefore, in the absence of a proper waste management system, non-recyclable plastic is dumped in large landfill sites. These sites are now exceeding their maximum capacity, and has led to pressing environmental and social concerns in the country.

As a first step to tackling this waste plastic problem, Cargills made a landmark decision to pave the Cargills Food City Carparks using Plastic Modified Asphalt Concrete, partnering with AGC Innovate.

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