By Hiran H.Senewiratne
The CSE witnessed mixed reactions yesterday following two extreme heated sessions last Friday and Monday but could not maintain its momentum as profit takings took place across the board, specially in the LOLC Group of companies. However, the banking sector performed well yesterday, stock market analysts said.
The All Share Price Index went down by 113.69 points and S and P SL20 rose by 55.73 points. Those companies which affected the All Share Price Index were LOLC, whose shares started trading at Rs. 265.25 and at the end of the day they moved down to Rs. 230. Its share price went down by Rs. 35.25 or 13 percent.
Expolanka shares started trading at Rs. 53.80 and at the end of the day they moved down to Rs. 50, which was a Rs. 3.80 or 7 percent fall, Browns Investments (LOLC Group) started trading at Rs. 7.30 and at the end of the day it moved down to Rs. 6.90, which was a 40 cents or 5.5 percent price fall, LOLC Finance (LOCL Group) shares started trading at Rs. 9.40 and at the end of the day they moved down to Rs. 7.80, which was a Rs. 1.50 or 19 percent fall. Commercial Leasing shares started trading at Rs. 10.60 and at the end of the day they moved down to Rs.9, which was a Rs. 1.90 or 19 percent decline.
Amid of those developments banking sector counters, especially Commercial Bank, Sampath Bank, HNB and Pan Asia Bank performed well and their shares also appreciated significantly during the day. Commercial Bank share prices started at Rs. 88.70 and at the end of the day they moved up to Rs. 96.20.Its price appreciated by Rs. 6.30 or seven percent. Sampath Bank shares started trading at Rs. 146.75 and at the end of the day moved up to Rs. 162, which was a Rs. 12.25 or eight percent price appreciation, HNB shares started trading at Rs. 132.50 and at the end of the day they moved up to Rs. 139, which was a Rs. 4.50 or 3.4 percent price appreciation and Pan Asia Bank shares started trading at Rs. 15 and at the end of the day they moved to Rs. 18.69, which was a Rs. 3.60 or 24 percent price appreciation.
Yesterday the turnover stood at Rs. 11.4 billion with six crossings. Those crossings were reported in Commercial Bank, which crossed two million shares to the tune of Rs. 180 million and its share traded at Rs. 90, HNB, 950,000 shares crossed for Rs. 125.5 million, its shares traded at Rs. 129, Dialog 5.8 million shares crossed for Rs. 73 million its share traded at Rs. 12.60, JKH 400,000 shares crossed for Rs. 64.8 million, its shares traded at Rs. 162, Central Finance 500,000 shares crossed for Rs. 44 million, its shares traded at Rs. 88 and Renuka Capital 2.5 million shares crossed for Rs. 20.5 million, its shares traded at Rs. 8.20.
Further in the retail market top six contributors to the turnover were; Browns Investments Rs. 1.47 billion (210 million shares traded), Access Engineering Rs. 1.04 billion (32.2 million shares traded), Expolanka Rs. 991 million (19.4 million shares traded), LOLC Holdings Rs. 574 million (2.3 million shares traded), HNB Rs. 561 million (4.1 million shares traded) and JKH Rs. 541 million (3.4 million shares traded). During the day 690 million share volumes changed hands in 63438 transactions.
Sri Lanka’s rupee was quoted around 194.50/196.00 in the spot-next market on Tuesday while bond yields eased, dealers said. Rupee last closed around 194.50/195.00 in the spot-next market on Monday against the greenback.
Galadari Colombo awarded ‘SLIM People’s Hotel Brand of the Year 2021’
The Galadari Colombo was given a thumbs up from the people as the People’s Hotel Brand of the Year for the second time running at the recently concluded SLIM (Sri Lanka Institute of Marketing) People’s Awards 2021.
The uniqueness of the SLIM People’s Awards is the fact that it is awarded by the public which shows the popular choice of the Sri Lankan people.
This is the 15th successful running of the much-anticipated event conducted by SLIM in association with Nielsen which is globally renowned for its measurement and consumer insights.
Having stood the test time of time in the hospitality industry for more than 3 decades the Galadari Colombo is hopeful to remain in the hearts of its people as a brand that is trustworthy and dedicated to service.
Expatriates’ organization painting competition for Sri Lankan children from care homes highlights close India-Sri Lanka ties
Celebrating 75 years of India’s independence in Sri Lanka, Sri Lankan children from care homes converged in Colombo from all across Sri Lanka over 10-11 April 2021 for the final round of the nationwide painting competition organized by Colombo Expatriates Cultural Association (CECA) – a voluntary organization of expatriates consisting of mainly Indians – with support of the High Commission of India, Ministry of Education of government of Sri Lanka and several other partners.
Prof. G.L Peiris, Minister of Education was the Chief Guest and Gopal Baglay, High Commissioner of India was the Guest of Honour at the final round. Several other dignitaries including State Minister Piyal Nishantha were also present. The dignitaries lauded the effort as a shining example of strong people-to-people ties between India and Sri Lanka and stressed the enormous significance of the enriching experience for the children.
The competition was held in three categories – Sub Junior, Junior and Senior. The first round of the competition had seen enthusiastic participation of 4,375 students from child care homes across Sri Lanka. Contestants from all provinces who had produced sixty best paintings were invited along with one care-giver for the final round held in Colombo on April 10 at Hotel Taj Samudra. While top three winners in all the three categories were awarded SLR 100,000, SLR 75,000 and SLR 50,000 respectively in addition to various other gifts, certificates and medals, all the 60 finalists received cash awards, desktop computers, and other gifts contributed by various sponsors.
The event also formed part of ‘India @ 75’ celebrations in Sri Lanka which comprise events and activities in the run up to completion of 75 years of India’s Independence in August 2022. Prime Minister of India Shri Narendra Modi had launched these celebrations in India on March 12 2021, 75 weeks before the 75th Anniversary of Independence. In Sri Lanka, formal launch of these celebrations had taken place on April 9 2021 with the inauguration of ‘India Corner’ at the Nagananda Institute for Buddhist Studies.
Chrissworld to raise Rs. 56.25 million through IPO
By Hiran H.Senewiratne
Chrissworld Ltd. (CWL), an SME company engaged in the provision of third-party logistics (3PL) services, is gearing to raise up to Rs. 56.25 million via an initial public offering (IPO) on the Colombo Stock Exchange, sources said.
The company plans to offer 7,500,000 Ordinary Voting Shares for subscription at Rs. 7.50 per share. The subscription will open on April 27, with Atara Capital Partners representing the company as managers to the issue.
Meanwhile, the CSE noted in a statement that it has approved an application submitted by Chrissworld Ltd. for the listing of its Ordinary Voting Shares by way of an offer for subscription on the Empower Board of the CSE.
The company, starting off with Rs. 6 million capital in 2019, expanded its capital to Rs. 22.5 million and projects to obtain Rs. 79 million after the IPO.
Chrissworld will be earmarking milestones with the IPO as the first to be listed on the Empower Board, CSE’s newest listing platform, dedicated to SMEs. Further, Central Depository Systems (Pvt.) Ltd., a subsidiary company of CSE, will step in for the first time as the registrar to the issue.
Amid those developments the CSE started on a bullish note yesterday and during the latter part of the day with heavy retail investor participation the CSE witnessed a bullish trend. It is said that manufacturing sector counters became the most popular stocks during the day. Notable price appreciation was reported in Hayleys Group, Royal Ceramic Group and Distilleries.
Both indices moved upwards. The All Share Price Index went up by 100.10 points and S and P SL20 rose by 49.18 points. Turnover stood at Rs. 3.51 billion with a crossing. The crossing was reported in JKH, which crossed 1.32 million shares to the tune of Rs. 199.3 million and its share price was Rs. 151.
In the retail market, companies that mainly contributed to the turnover were; Royal Ceramic Rs. 511.2 million (1.46 million shares traded), Expolanka Holdings Rs. 359.9 million (4.5 million shares traded), Hayleys Group Rs. 359.9 million (4.5 million shares traded), Dipped Products Rs. 321 million (5.5 million shares traded), JKH Rs. 290 million (1.9 million shares traded), and Haycarb Rs. 177 million (1.5 million shares traded). During the day 87.8 million share volumes changed hands in 23900 transactions.
Hayleys shares appreciated by Rs. 6 or eight percent. Its shares started trading at Rs. 75.90 and at the end of the day they moved to Rs. 82. Royal Ceramic shares appreciated by Rs. 13.5 or nine percent. Its shares started trading at Rs. 328.25 and at the end of the day they moved to Rs. 358.75. Expolanka shares appreciated by Rs. 2.70 or five percent. Its shares started trading at Rs. 49.70 and at the end of the day they shot up to Rs. 52.40 and Distilleries shares appreciated by 70 cent or 3 percent from Rs. 20.20 to Rs. 20.90
Sri Lanka’s rupee quoted steady at 202.00/203 to the one month US dollar Monday, while gilt yields remained unchanged, dealers said.
The rupee last closed in the one-week forward market at 202/203 to the US dollar on Friday. Sri Lanka markets were dull as seasonal bliss kicks in.
Six nabbed with over 100 kg of ‘Ice’
Happy New Year!
A Cabinet reshuffle needed
7-billion-rupee diamond heist; Madush splls the beans before being shot
Unfit, unprofessional, fat Sri Lankans
The Burghers of Ceylon/Sri Lanka- Reminiscences and Anecdotes
Opinion6 days ago
Monumental blunders paralysing Sri Lanka
Features4 days ago
How confidence has been eroded
Sports4 days ago
When failures boast of success
Sports7 days ago
COPE exposes large scale corruption at SLC
Features5 days ago
A senior cop remembers April 1971
Politics5 days ago
The British will not learn English, let’s not kid ourselves
Opinion3 days ago
A Cabinet reshuffle needed
news6 days ago
SLC funds amounting to Rs 29 mn in US bank: SLC caught lying before COPE