By Hiran H.Senewiratne
Share trading activity at the Colombo Stock Exchange (CSE) was negative yesterday as investors were in a state of uncertainty due to the glaring economic woes of the country. The recent fuel price hike, the worries over possible deprivation of the European Union’s GSP Plus trade facility as well as declining foreign exchange reserves put the local and foreign investors in an indecisive mood, stock market analysts said.
The fuel price hike is likely to increase inflationary pressure especially in the manufacturing sector. This would adversely reflect on manufacturing sector counters in the stock market. Further the sovereign bond repayment amounting to US $ one billion in July 2021 with existing reserves just above US $ four billion could worsen the economic crisis to a great extent, stock market analysts said.
Reportedly the Central Bank has informed the Ministry of Finance that due to the Rs 600 billion in loans to the Petroleum Corporation there is risk to the entire banking system being destabilized and collapsing, In such a context, the banking sector counters did not perform positively yesterday, stock market analysts said. The CPC itself has about Rs 390 billion in accumulated losses.
Amid those developments both indices moved downwards. All Share Price Index was down by 28.02 points and S&P SL20 down by 11.43 points.Turnover stood at Rs 1.36 billion with a single crossing. The crossing took place in People’s Leasing, which crossed two million shares to the tune of Rs 26 million and its share price traded at Rs 13.
In the retail market top five companies that mainly contributed to the turnover were LOLC Rs 156.8 million (406,000 shares traded), Royal Ceramic Rs 105 million Rs 105 million (2.78 million shares traded), Lanka IOC Rs 104.1 million (4.56 million shares traded), Hayleys Rs 76.1 million (one million shares traded) and Hayleys Fabrics Rs 51.6 million (2.85 million shares traded).
With the fuel price hike, Lanka IOC share price positively reflected in the stock market. Its share appreciated by 12 percent or Rs 2.40. Lanka-IOC share price started trading at Rs 20.60 and at the end of the day it moved up to Rs 23. During the 68.98 million share volumes changed hands in 18263 transactions.
MN Group becomes the Best Business of the Year at Pinnacals Awards
The MN Group won the Best Business of the Year Award at the Pinnacals Sri Lanka award ceremony at the Waters Edge Hotel, Battaramulla. Managing Director of MN Group of Companies (www.mngroup.lk), Roshan Wewage accepted the award on behalf of the organization. MN Group of Companies has previously won many awards including Lanka Business Awards (LBA) and Shramabimani.
Customers can obtain any construction related service from MN Group at a reasonable price. The company is also willing to finish half completed houses and commercial buildings at agreeable terms. MN Group understands that the tough economic circumstances have placed great pressure on the people and the company is committed to understanding their needs and to provide a warm and professional service. Roshan Wewage invited those who need to renovate their buildings to reach out to them.
Dilmah Adjudged Best Corporate Citizen for the Third Consecutive Year
Dilmah was awarded ‘Best Corporate Citizen Sustainability’ in the category of Businesses with Less than Rs. 15 Billion Annual Turnover, for the third consecutive year at the Best Corporate Citizen Sustainability (BCCS) Awards organized by the Ceylon Chamber of Commerce; recognizing that Dilmah has successfully achieved a sustainable balance between social, environmental, and economic performanc, a company news release said.
Evaluated by an independent & expert panel of judges, the awards are Sri Lanka’s most prestigious, scrutinizing and recognizing ethical and sustainable businesses. Dilmah was honoured as one of ten ‘Best Corporate Citizens’ of Sri Lanka, won the Award in the Environment Beyond Business Category, and was lauded for continuous commitment to the environment surpassing the realms of business.
“The annual BCCS Awards is the premier corporate citizenship award, highlights sustainability champions in the national corporate arena. The awards promote corporate citizen sustainability ownership and initiatives that deliver social and environmental benefits while pursuing profits. This recognition validates Dilmah’s emphasis on delivering social and environmental impact by sharing earnings through the work of the MJF Charitable Foundation and Dilmah Conservation,” the release said.
“In 1988, Merrill J. Fernando founded Dilmah, a family business, to serve humanity with kindness to people and nature, while sharing his passion for taste and goodness in tea. Over the years Dilmah has delivered over Rs. 7 billion for humanitarian benefit through the work of its charitable arm MJF Foundation and environmental arm Dilmah Conservation.
“Ensuring economic, social, and environmental sustainability exists at the heart of its operations and is integrated to every operational aspect of the business, Dilmah’s purpose is further extended through the work of the Merrill J. Fernando Charitable Foundation (MJF Foundation) and Dilmah Conservation (DC) by driving life-impacting initiatives.
“The MJF Foundation works directly with estate workers and underprivileged communities to uplift lives and empower them to pay-it-forward to their communities. Some of its core initiatives are the countrywide MJF centres, small-medium enterprises with over 2,000 small entrepreneurs, ‘Empower’ Culinary & Hospitality School, and ‘disABILITY’ teletherapy app.
“The sustainable development of people goes hand-in-hand with the planet. Dilmah Tea is a carbon neutral product manufactured at a carbon neutral facility. Further, Dilmah has pledged to achieve zero-emissions for its manufacturing process by 2030 through science-based targets. Dilmah Conservation functions under three main categories: environmental sustainability, biodiversity conservation, and education and awareness. As such, Dilmah Conservation initiatives range from butterfly to elephant conservation, climate research, adaptation and mitigation, rewilding tea gardens, conserving mangrove forests, and promoting nature-based entrepreneurship through seaweed cultivation and empowering agro-entrepreneurs.”
Winning the Best Corporate Citizen Sustainability Award 2022 is considered a top honour in the Sri Lankan corporate field. Each year, submissions are evaluated by an eminent panel of local experts, thought leaders, and academics. Dilmah considers receiving the Best Corporate Citizen Sustainability Award 2022 an important milestone in its journey as a truly sustainable brand with a purpose beyond profit.
Across the shores, Dilmah has been recognized for its attempt to take Ayurvedic wellness and goodness to the world with the help of tea. The Arana Range of Herbal Infusion Teas was voted the Product of the Year 2022 in Australia. Meanwhile, Dilmah on its 7th Consecutive Year was awarded Most Trusted Brand in New Zealand in 2022.
DSI Tyres bags two awards at SLIM Brand Excellence 2022
Sri Lanka’s premium tyre brand, DSI Tyres won two prestigious awards at the SLIM Brand Excellence Awards 2022, held recently in Colombo. DSI Tyres, who has already made a mark in the international markets too, won the Silver Award under the Product Brand of the Year category and the Bronze Award under the Local Brand of the Year category. These mark another important milestone in the company’s journey spanning three decades. DSI Tyres has also remained within the top three brands in Sri Lanka for three consecutive years, a significant achievement in a very competitive arena.
DSI Tyres’ role as a leading local tyre manufacturing company that continues to promote its brand in an eco-friendly manner through the use of state-of-the-art technology and continuous research and development which enables them to identify customer needs in a timely manner is the key reason behind its continuous achievements. DSI Tyres has been able to place its products optimally among the local and international customers using the latest marketing strategies. The company also places great emphasis on sustainability and has been able to expand its local and international market share maintaining continuous customer loyalty even at the most difficult periods. DSI tyres are becoming increasingly popular in the online sphere as well, due to the facilitation of online orders at the convenience of customers as well as the use of attractive digital marketing. “DSI Tyres has a special place in the people’s hearts.
We have won the people’s trust and it is the highest award we can receive. It is a great privilege for us to receive these awards, which a mark of appreciation for the work we do to maintain customer loyalty,” Managing Director of DSI Tyres Kavinda Rajapaksa said. SLIM Brand Excellence Awards is the Sri Lanka’s premier celebration of Sri Lankan brands that rewards the outstanding efforts of marketers. This gala event for this year was held at Grand Monarch Hotel, Colombo. The Chairman of DSI Tyres, Ranatunga Rajapaksa received the two awards on behalf of the company. Previously, DSI Tyres had won SLIM Turnaround Brand of the Year, Product Brand of the Year, Local Brand of the Year and many SLIM DIGIs awards.
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