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Profit-takings in LOLC Group affect CSE momentum

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By Hiran H.Senewiratne

CSE trading activities were positive yesterday despite other global stock markets showing a downward trend with the possible spread of the Covid 19 new variant. The market was slightly volatile throughout the day. At the beginning, the stock market was positive but later it did not maintain the same momentum because profit- takings were noted in the LOLC Group of companies, especially LOLC Holdings, Browns Investments and Brown and Company, stock market analysts said.

But price appreciation was witnessed in Expolanka Holdings and Expack Corrugated Company which put the market in positive territory. Expolanka Holdings’ share price appreciated by Rs 16.25 or 6.5 per cent. Its share price shot up to Rs 263.50 from Rs 247.25. Expack Corrugated Company, which listed recently, saw its share price appreciate by 30 percent or Rs 5.30. Its share price started at Rs 17.60 at the end of the day it moved up to Rs 22.90. During the day manufacturing sector companies noted gains, while plantation companies showed some profit- takings.

Amid those developments both indices moved upwards. The All Share Price Index went up by 4.41 points and S and P SL20 rose by 13.81 points. Turnover stood at Rs 8.9 billion with a single crossing. The crossing was reported in Access Engineering, which crossed two million shares to the tune of Rs 58 million; its shares traded at Rs 29.

In the retail market, seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 1.8 billion (7.2 million shares traded), Browns Investments Rs 1.2 billion (90.7 million shares traded), Expack Corrugated Rs 933 million (43.5 million shares traded), Lanka Realty Investments Rs 595 million (20.3 million shares traded), Royal Ceramic Rs 406 million (6.3 million shares traded), Vallible One Rs 272 million (four million shares traded)and Dipped Products Rs 248 million (4.7 million shares traded). During the day 343 million share volumes changed hands in 64000 transactions.

Controlling foreign shareholders of Lanka Realty Investments PLC (LRI) yesterday partly shed their stakes to boost liquidity as retailers stepped up buying.

ASCO saw 39 million of its shares change hands via 3,284 trades for Rs. 994.5 million. However, the share closed at Rs. 25.30, down by 18% or Rs. 5.60, though improved liquidity is likely to boost its attractiveness.

Foreign shareholder directors of Northern Trust Company, S/A Ian McVeigh, sold 15.7 million shares at Rs. 25 each and Terry C. Smith shed an equal number. Post-sale, Northern Trust holds 23.83 per cent down from 31.3 per cent and Smith 3.12 per cent, down from 10.6 per cent. Smith is also a connected party to ‘Eighth Wonder’, the holding of which remains unchanged at 11.3 per cent.

Yesterday, the US dollar was quoted at Rs 202.39, which was the Central Bank controlled price aimed at preventing the escalation of prices of essential imported items. However, the actual market price is about to touch Rs 250 market, market sources said.



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Cavinkare Lanka unveils Meera Facewash – unique combination of natural actives

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FMCG Major’s latest product for the Sri Lankan market, Meera Facewash was unveiled in an official event at Colombo. Celebrating the young contemporary Sri Lankan woman, Meera facewash will be introduced in three different variants providing functional solutions to everyday skincare problems – Red Sandal (for soft skin), Neem & Tea Tree (for pimple clear skin) and Wild Turmeric (for clear skin).

Meera facewash is a range of formulation that is Soap-free, Sulphate free, Paraben free and is milder on the skin. It has a unique combination of Natural actives mentioned in ancient Ayurvedic textbooks. It includes a very special product which is Salicyclic acid- free acne treatment facewash. It helps to remove 99.9% of acne causing bacteria using prebiotic technology.

Meera facewash is aimed at modern young women of Sri Lanka who hold a strong belief in traditional practices & natural ingredients. Today young women are well read, understand the importance of healthy skin and have a holistic view of how healthy skin is beautiful skin. It comes out from the confidence of understanding scientific literature that supports these natural ingredients rather than following it naively.

Virtually connecting at the event, Arun Chacko, Business Head of Personal care category (Sri Lanka, Bangladesh & Nepal) said, “With the Launch of Meera Face Wash today, we add to the hugely successful Meera portfolio of shampoos. With this, we intend to enhance the Richness of Tradition that Meera as a brand has been offering to the Sri Lankan Populace over the years. We are sure that the variants, would endear to the needs of Sri Lanka. We promise to bring more such exciting products to cater to the consumers.”

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All-time record prices for two estates

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Halpewatte Uva Estate located in Bandarawela, which is renowned for producing high quality, light liquoring bright orthodox teas established an all-time record price of Rs.1,000 per kg on a liquoring BOPSP grade in the Uva Medium Category at the tea auction held on 18th January 2022. This invoice of tea was purchased by Shan Teas (Pvt) Ltd.Halpewatte Uva Estate is managed by Halpewatte Estate (Pvt) Ltd, and the teas were marketed and sold by John Keells PLC.

Venture Estate located in Bogawantalawa which is renowned for producing high quality orthodox teas over the past years, established an all-time record price, of Rs 1,060 per kg on a liquoring FBOPF1 grade in the Western High Grown Category at this week’s tea auction held on 18th January 2022. This line of tea was purchased by Inter Tea (Pvt) Ltd. Venture Estate is managed by Madulsima Plantations PLC and the teas were marketed and sold by John Keells PLC.

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HNB-Indra Traders offer exclusive leasing solutions for unregistered vehicles, freezers and pre-owned vehicles

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Sri Lanka’s leading private sector bank, HNB PLC, partnered with local automotive giant Indra Traders to provide customers with exclusive leasing solutions for unregistered and pre-owned vehicles and freezers.

Customers can make use of exciting benefits and discounts during the promotional period from January to December 2022. HNB Executive Director Chief Operating Officer Dilshan Rodrigo and Indra Traders Managing Director Rushanka Silva participated in the special ceremony to sign the MoU at HNB Towers.

“Given the import restrictions, the market for unregistered and pre-owned vehicles has grown exponentially. Each year we offer our loyal customers the very best deals in the market. As such, we have renewed our partnership with Indra traders, renowned for its incomparable service, to offer those looking for vehicles with access to exceptional after-sales services and great discounts,” HNB Executive Director and Chief Operating Officer Dilshan Rodrigo said.

HNB will offer the prevailing interest rate for structured leases and lease facilities with a 25% residual value market value under the partnership. Customers also have access to special discounts on automobile products, servicing, spare parts, tyres, and batteries via the Prestige Prime card, with the annual fee waived off the first year.

“We are delighted to partner with HNB once again to offer our mutual customer base exciting leasing solutions and great benefits. Our continued partnership with the Bank has proven to be very beneficial to our customers, and we hope they will make use of this opportunity once again to invest in their own set of wheels,” Indra Traders Managing Director Rushanka Silva said.

Indra Traders will provide customers looking to purchase unregistered cars, vans and freezers with free insurance from SLIC for the first year. HNB customers are also eligible for discounts of up to 10% for spare parts from Indra Motor Spares and labour charges from Indra Service Park for the first year.

Customers investing in a new or unregistered passenger vehicles are eligible to have their vehicles outfitted with a free entertainment system and reverse camera. Indra Traders will also offer customers a two-year warranty for engines and gearboxes and a three-year warranty for hybrid batteries.

Notably, the company will provide free labour for services up to one year and a maximum of six services for pre-owned vehicles. A six-month warranty will also be offered for the engines and gearboxes of these vehicles.

Established in 1975, Indra Traders has diversified to various business segments in the automobile industry. A supplier of high-quality motor vehicles and related vehicles, Indra Traders today stands as not only a supplier of high-quality vehicles but also a transport solutions provider.

With 254 customer centres across the country, HNB is one of Sri Lanka’s largest, most technologically-innovative banks, having won local and global recognition for its efforts to drive forward a new paradigm in digital banking. HNB has a national rating of AA- (lka) by Fitch Ratings (Lanka) Ltd. The Bank was also ranked among the World Top 1,000 Banks list compiled by the prestigious UK-based Banker Magazine for five consecutive years. HNB was also declared Best Sub-Custodian Bank in Sri Lanka at the Global Finance Awards 2020.

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