By Hiran H.Senewiratne
The CSE witnessed mild profit- takings with improved turnover levels yesterday amid positive market conditions, stock market analysts said.
While banking and treasury sector shares experienced profit-takings, there was a notable resurgence of investor engagement in undervalued mid-cap stocks throughout the day. Moreover, there was a surge in investor interest in hotel sector counters after the CBSL revealed that tourism earnings in the first quarter of the year reached US $ 986.2 million, marking an impressive 45.1 percent year on year growth.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 4.56 points and S and P SL20 rose by 4.6 points. Turnover stood at Rs 2.6 billion with three crossings. Those crossings were reported in Melstacorp, which crossed 1.8 million shares to the tune of Rs 129.6 million and its shares traded at Rs 68.50, Royal Ceramic one million shares crossed for Rs 34 million; its shares traded at Rs 34 and Lanka IOC 200,000 shares crossed for Rs 26 million; its shares fetched Rs 130.
In the retail market top seven companies that mainly contributed to the turnover were; Sunshine Holdings Rs 385 million (11.1 million shares traded), Hayleys Rs 266 million (three million shares traded), Lanka IOC Rs 178 million (1.3 million shares traded), Browns Investments Rs 271 million (19.6 million shares traded), Aitken Spence Rs 118 million (876,000 shares traded), Capital Alliance Rs 79.3 million (1.7 million shares traded) and Piramal Glass Rs 61.9 million (2.4 million shares traded). During the day 131 million share volumes changed hands in 23000 transactions.
It is said high net worth and institutional investor participation was noted in Aitken Spence Holdings, Melstacorp and JKH. Mixed interest was observed in Capital Alliance, Softlogic Capital and Agstar, while retail interest was noted in Browns Investments, Kotagala Plantations and LOLC Finance.
The Food, Beverage & Tobacco sector was the top contributor to the market turnover (due to Melstacorp), while the sector index gained 0.40 percent. The share price of Melstacorp increased by 60 cents to Rs 69.80.
The Capital Goods sector was the second highest contributor to the market turnover (due to Aitken Spence and JKH), while the sector index increased by 0.40 percent. The share price of Aitken Spence moved up by Rs 2.75 to Rs 130. The share price of JKH recorded a gain of Rs 2.25 to Rs 157.25. Yesterday, the Central Bank’s US dollar buying rate was Rs 305.13 and the selling rate Rs 319.32.
Amana Takaful Insurance and CBC Finance forge partnership for insurance coverage
In a significant move to enhance insurance services for vehicle owners, Amana Takaful Insurance PLC and CBC Finance Limited have inked a special Memorandum of Understanding (MOU). This strategic alliance positions Amana Takaful Insurance as the preferred insurance partner for CBC Finance, which is a wholly-owned subsidiary of Commercial Bank of Ceylon PLC.
The signing of this exclusive agreement signifies Amana Takaful Insurance’s commitment to providing tailored insurance solutions to the customers of CBC Finance. It opens up a range of benefits for vehicle owners, including three-wheelers and motorcycles, ensuring affordable, comprehensive insurance coverage and seamless services. The MOU will facilitate widespread collaboration between Amana Takaful Insurance and CBC Finance, on an Islandwide basis, thereby strengthening customer relationships. Furthermore, the agreement introduces tailor-made insurance products crafted specifically to cater to the needs and preferences of CBC Finance customers.
Hassan Kassim, Managing Director at Amana Takaful Insurance expressed his enthusiasm about this new exclusive partnership saying, “We’re excited to join hands with CBC Finance to provide comprehensive insurance solutions to their valued customers. This strategic alliance aligns perfectly with our commitment to delivering exceptional value to customers across Sri Lanka.”
Managing Director/CEO at CBC Finance, Upul Dissanayake noted, “This partnership marks a significant step forward in ensuring robust insurance coverage for vehicles across Sri Lanka. Amana Takaful Insurance’s strong financial position and exceptional product offering, combined with CBC’s extensive reach, will empower customers with top-notch insurance solutions and unparalleled convenience.”
The collaboration between these two leaders in the financial services space exemplifies their dedication to supporting the business community and the general public by offering innovative and customer-centric insurance products. Amidst a challenging market environment, this partnership underscores Amana Takaful Insurance’s resilience and commitment to providing reliable insurance coverage, making it the preferred choice for individuals and businesses alike
From Thread to Tree: MAS Holdings’ Fabric Park redefines sustainable manufacturing
In an era where environmental sustainability is transitioning from choice to necessity, MAS Fabric Park (MFP) stands out as a revolutionary force in Sri Lanka’s apparel industry. Nestled in the tranquil environs of Thulhiriya in the Kegalle District in Sri Lanka, this 165-acre privately owned apparel-intensive free trade zone is not just a manufacturing hub; it’s the result of the MAS Group’s unwavering vision for sustainability, a testament to the Group’s dedication and a shining example of business harmonizing with the environment.
A Vision for Positive Change
MAS Holdings, the parent company of Fabric Park, has long embraced a vision of sustainable growth and positive transformation within the Company’s ethos, which is seen throughout the organization and its initiatives. The belief is that sustainability goes beyond profit; it’s about fostering positive change in the world, making a difference for the communities around the locality, and leaving a lighter footprint on our planet.
MAS Fabric Park’s CEO Murad Rajudin explained that MFP provides partner plants with centralized utility services including treated water, raw effluent treatment for factory-discharged water, energy in the form of electricity distribution from the main grid, steam, and thermic heat, based on the location of the plant. “MFP plays a pivotal role in the intricate supply chain of MAS Holdings.
Firstly, it is a strategic hub for fabric development and value addition, contributing significantly to the vertical integration of the MAS supply chain. This integration is crucial in a global industry where speed, efficiency, and reducing carbon footprint have become paramount. By offering state-of-the-art infrastructure and facilities for fabric manufacturing right within Sri Lanka, MFP not only streamlines operations but also aligns with the global demand for responsible and sustainable manufacturing practices.”
Comprehensive Water Management, Waste Reduction, and Value enhancement
Sustainability is deeply ingrained in every facet of MAS Fabric Park’s operations, notably in its approach to IPZ’s overall water footprint management, centralized effluent treatment, and waste management operations. The Park introduced a uniquely designed centralized raw wastewater collection and combined treatment system, which strictly adheres to global-level Zero Discharge of Hazardous Chemicals (ZDHC) standards with respect to the fully treated discharges of the zone.
MFP General Manager (Hydro & Sustainability) Harsha Deraniyagala says, “MFP is leading the way in centralized water management systems, and centralized effluent treatment operations whilst meeting global standards with a present capacity of 9000 cubic meters per day. These innovative systems, operating at such high capacity, eliminate the need for redundant in-house treatment plants for partner facilities, effectively optimizing resources and curbing environmental impact within the zone.”
In addition, MAS Fabric Park has pioneered the sustainable management of textile “sludge”, which is a globally concerned area related to the industry. Through sustainable solar and thermal drying-based reductions, and dried sludge co-processing for energy recovery leading to final eco-brick production, it has significantly reduced the waste footprint of the zone whilst ensuring circularity within the entity.
Even the ultimate byproduct of textile wastewater treatment sludge finds purpose in products like the Eco Brick, used in constructing the chalets at MAS Athena and also across other construction needs of the entity, whilst biological waste is being diverted for composting for nurturing plants, aligning seamlessly with the concept of waste-to-energy and waste-to-value.
These initiatives contribute for the significant reductions of respective Carbon Footprints usually linked with the water, wastewater, and resultant large-scale environmental engineering operations. The fully equipped, ISO IEC 17025 accredited water quality laboratory and the research center support the related quality assurance and compliance aspects throughout the respective value streams.
Inspiring children’s storytelling workshops
The Gratiaen Trust, in association with the John Keells Foundation, and with the support of the British Council, continues its mandate of fostering creativity and literary excellence in Sri Lanka with an exciting series of storytelling workshops in celebration of Children’s Day.
Workshops targeting young storytellers have been a regular feature on the Gratiaen Trust’s annual calendar. This year the Trust has expanded the scope of these workshops significantly to include events for teachers of English Literature and ‘A’ level students in Galle, a workshop for teenagers, and a Masterclass for authors of children’s literature in Colombo. The resource person at these workshops will be renowned British author and storyteller, Sita Brahmachari. Furthermore, in October, the Trust will also be hosting its second session of the Gratiaen Trust Young Writers Club.
Neloufer de Mel, Chairperson of the Gratiaen Trust, stated, “Our mission at the Gratiaen Trust is to unlock the imaginative potential of young writers and artists. We are delighted to have someone like Sita Brahmachari, a renowned UK-based author of children’s literature, to facilitate our Children’s Day programme’’.
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