By Hiran H.Senewiratne
The CSE yesterday saw an end to its four-day-strong winning streak, influenced by price declines in heavyweights Expolanka and LOLC Holdings, with active investors booking profit and others abstaining, market analysts said.
However, heavy rallies on Hayleys stocks were noted during the day. Major transactions took place yesterday when Finco Group, being one of the largest shareholders of Hayleys, divested/shed 22 million shares, which is equal to a three per cent stake of Hayleys, to several high net worth individuals and institutional buyers to the tune of Rs 2.9 billion, by way of a crossing, stock market analysts said.
The Hayelys share price in the last few days was a bit active and its shares appreciated by Rs 4.50 or three per cent yesterday. Its share price shot up to Rs 128.75 from Rs 124.25.
Sri Lanka’s gross domestic product, meanwhile, is estimated to have contracted 1.5 per cent in the third quarter of 2021 amid a Coroanvirus curfew and import restrictions, data from the state statistics office showed.
Growth slowed from a 12.3 per cent recovery in the second quarter and 1.3 per cent growth in the third quarter of 2020. Agriculture grew 1.7 percent, industries contracted 2.1 percent and services also contracted 1.6 per cent. A Covid curfew was imposed from August 20 and continued until mid- October.
Amid those developments both indices were down. The All- Share Price Index down by 75.03 points and S and P SL20 declined by 10.03 points. Turnover stood at Rs 8.3 billion with four crossings. Those crossings were reported in Hayleys PLC, which crossed 23 million shares to the tune of Rs 2.9 billion and its shares traded at Rs 125, JKH, 1.1 million shares crossed for Rs 163 million, its shares traded at Rs 143, Sampath Bank 900,000 shares crossed for Rs 47.7 million, its shares fetched Rs 53 and Amana Bank 10 million shares crossed for Rs 45 million, its shares traded at Rs 4.50.
In the retail market, seven companies that mainly contributed to the turnover were; Expolanka Rs one billion (2.9 million shares traded), Hayleys Rs one billion (8.2 million shares traded), Browns Investments Rs 281 million (20 million shares traded), Commercial Bank Rs 202 million (2.5 million shares traded), ACL Cables Rs 151 million (1.4 million shares traded), RIL Property Rs 133 million (8.9 million shares traded) and Royal Ceramic Rs 105 million (1.4 million shares traded).
It is said high net worth and institutional investor participation was noted in Expolanka Holdings, Hayleys and Commercial Bank. Mixed interest was observed in ACL Cables, Brown & Company and Guardian Capital Partners, while retail interest was noted in SMB Leasing, Browns Investments and Capital Alliance.
It is said the bourse slipped back to the red zone, snapping the previous four-day rally on the back of profit-taking in selected counters.
Yesterday, the US dollar was quoted at Rs 200.67, which was the controlled price of the Central Bank to maintain price stability in imported essential items. This artificial price control would be inimical to the economy. The excessive money- printing by the government is also adding insult to injury, market analysts said.
Elon Musk launches profane attack on X advertisers
In a profanity-laced outburst, Elon Musk has slammed advertisers that have left X, warning they will kill the social media platform.
At an event in New York, he accused companies that have joined an ad boycott of the site formerly known as Twitter of trying to blackmail him.Some firms have paused advertising on X amid concerns over antisemitism, including a post from Musk himself.
“Go [expletive] yourself,” the billionaire said in an interview.
The Tesla and SpaceX boss apologised on Wednesday for that post, saying it might be the “dumbest” thing he has ever shared online.
But it was his response to a question about an advertising boycott by companies including Disney, Apple and Comcast that caused a stir at the gathering of leaders from the worlds of business, politics and culture. “I don’t want them to advertise,” Musk said at the New York Times’ DealBook Summit. “If someone is going to blackmail me with advertising or money go [expletive] yourself.
Go. [Expletive]. Yourself. Is that clear? Hey Bob, if you’re in the audience, that’s how I feel.”
He was apparently referring to Disney chief executive Bob Iger, who spoke at the summit earlier in the day.
In the room with Musk was Linda Yaccarino, X’s chief executive, who has been charged with trying to bring back advertisers to the platform.Musk also said that advertisers could kill X. “What this advertising boycott is going to do is it’s going to kill the company,” he said. “The whole world will know those advertisers killed the company, and we will document it in great detail,” he added.
Ms Yaccarino has since reposted what she called his “candid interview”, adding her perspective on advertising that “X is standing at a unique and amazing intersection of Free Speech and Main Street — and the X community is powerful and is here to welcome you”.
Musk has been on a visit to Israel after he last month appeared to personally back an antisemitic conspiracy theory. “I’m sorry for that tweet… it might be literally the worst and dumbest post that I’ve ever done,” he said on Wednesday. The boycott isn’t just to do with that post, though.
Many advertisers had already decided to spend their dollars elsewhere.
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.
Advantage Bangladesh after Shanto ton
Uganda create history, qualify for 2024 T20 WC
Earliest Sri Lanka can recover from bankruptcy is in 2027 – Dr Bandula Gunawardena
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#Sundayisland Sunday Island- 31 January- Headlines
News5 days ago
SHMA ties up with NYC to increase trained personnel in hospitality industry
News5 days ago
RW says Jay Shah is not running Sri Lanka Cricket
News5 days ago
Shani A claims Rs billion from IGP, SDIG and others
News6 days ago
Sirisena demands action against Rajapaksa economic hitmen for triggering worst financial crisis
Business6 days ago
Janashakthi Group’s innovation shines at the National ICT Awards 2023
Business6 days ago
Wait-and-see approach by most stock investors following interest rate decline
Business5 days ago
AkzoNobel initiative to give local painters more opportunities at home and abroad
Business6 days ago
World Bank Managing Director of Operations meets ComBank’s Anagi customers in Jaffna