By Hiran H.Senewiratne
Renuka Holdings PLC’s Rights Issue concluded on Wednesday, raising Rs.1.08 billion, higher than the required 1.03 billion for complete subscription of the offer, signalling strong investor confidence.
Amid those developments the market was sluggish and shares fell the most in a month , dragged down by losses in consumer staples and industrial stocks. Indices indicated mixed reactions. All Share Price Index was 8.59 points up and S and P SL20 down by 5.50 points. The turnover stood at Rs. 1.72 billion with three crossings. Those crossings were reported in Commercial Bank, which crossed 800,000 shares to the tune of Rs. 64 million; its shares traded at Rs.80, Melstacorp 500,000 shares crossed for Rs. 24.9 million, its shares settled at Rs. 49.80 and TJ Lanka 527,000 shares crossed for Rs. 20 million, its shares were Rs. 38.
In the retail market top five contributors to the turnover were; Browns Investments Rs. 234.6 million (60.5 million shares traded), Hemas Holdings Rs. 93.1 million (999,000 shares traded), Dialog Rs. 92.7 million (7.2 million shares traded), CT Holdings Rs. 88.5 million (547,000 shares traded) and Commercial Bank Rs. 87.7 million (1.1 million shares traded). During the day 116.5 million share volumes changed hands in 15282 transactions.
The Sri Lankan rupee was quoted at 186.5 against the US dollar as of 10:42 GMT, 0.21 percent higher for the day compared to last session’s close of 186.9. The currency has been down 2.87 percent so far this year.
Uber contributed LKR 81 billion to Sri Lanka’s economy in 2021: Report
Uber’s 2021 Sri Lanka Economic Impact Report, compiled by Public First, a UK based policy research firm, was launched at an event in the national capital. The report highlights how Uber and Uber Eats have helped transform the on-demand economy for consumers, drivers and delivery-partners, and the wider community by generating LKR 81 billion for the Sri Lankan economy in 2021.
Uber’s Senior Director for Public Policy & Government Relations for the Asia Pacific region, Mike Orgill; Uber’s Director of Regional Operations for India and South Asia region, Shiva Shailendran, along with Uber Sri Lanka’s leadership team members, including Ms. Bhavna Dadlani Jayawardana, Country Manager, Uber Eats; and, Ms. Thanushika Sivanathan, Country Manager, Uber Rides graced the occasion.
Commenting on the report, Mike Orgill, Senior Director, Public Policy & Government Relations, APAC at Uber, said: “Uber has been an important engine of economic growth and opportunity in Sri Lanka since 2015, but we never knew the extent of our contribution. This research shows for the first time the impact on drivers and delivery partners, consumers and the economy as a whole. It reaffirms the importance of flexible work opportunities and spotlights how expanded mobility options and choice as part of the on-demand economy have created critical value for the Sri Lankan economy. It makes our resolve stronger than ever before to continue working for the community and deploying our technology and global expertise to contribute to Sri Lanka’s growth.”
The report takes a deeper look into the factors behind this economic contribution and the enhancement of safety and sustainability of the industry. It highlights how both Uber and Uber Eats have continually evolved to meet changing needs, used technology to save time, helped expand mobility options and choice, supported small businesses, and provided flexible earning opportunities for thousands of drivers and delivery-partners in Sri Lanka.
Key findings of the report include:
Uber’s contribution to the Sri Lankan economy
Uber and Uber Eats created an estimated LKR 81 billion in economic value for the Sri Lankan economy
Together, Uber (27 bn) and Uber Eats (25 bn) produced LKR 52 billion in consumer surplus in 2021, which is equivalent to 0.3% of the country’s GDP.
On-demand services boosted small business recovery
Uber Eats encouraged Sri Lankans to support local restaurants and merchants which they would otherwise not have had access to, leading to LKR 2.1 billion in additional revenue and a gross impact of LKR 51 billion for the Sri Lankan economy as a whole.
88% of Uber Eats users agree that food delivery apps made it easier to discover new restaurants.
74% of users have ordered from restaurants they had never tried before.
Drivers and delivery people value flexibility
In 2021, we estimate that drivers made an additional LKR 775 million a year in earnings through Uber, or an average of 27% more than their next best alternative.
Consumer behavior helped to drive innovation
Consumers are prioritizing convenience and reliability, with Uber estimated to save riders in Sri Lanka over 3.7 million hours a year leaving more time for family and friends.
On average, Uber riders saved 9 minutes per trip compared to the next best alternative, leaving more time for family and friends.
Uber and Uber Eats produced LKR 52 billion in consumer surplus* for Sri Lankans in 2021.
Uber’s trackable point-to-point transport solutions are helping to fill the inevitable gaps in public transport, with 1 in 7 trips taken with the Uber app connecting with public transport.
Safety is a top reason for choosing the platform with 96% of female riders saying that safety is an important factor in their choice to use the Uber app.
Having access to sustainable ride-sharing platforms encouraged users to not own a vehicle.
According to Sri Lankan riders, ridesharing is the most significant transport innovation they have experienced in the last decade.
* One of the most important measures of economic welfare – the amount you would pay someone to voluntarily give up a good or service. If a good has a zero-consumer surplus, that implies we can take or leave it – whereas goods with a high consumer surplus are playing an important role in our lives.
Selling in Expolanka Holdings drags down market; S and P SL20 drops over 5 per cent
By Hiran H.Senewiratne
The CSE fell over 2 per cent in mid-day trade yesterday dragged down by market heavy weight, Expolanka Holdings, on falling freight rates globally and the revision of fuel prices in the domestic market. Accordingly, most stocks declined by more than five percent at the end of the day’s trading, stock market analysts said.
Market participants said indices were dragged down on selling in Expolanka, as global freight prices fell, while foreign buying in shares slowed down. However, business sentiments were not impaired because macroeconomic fundamentals of the country are getting better under President Ranil Wickremesinghe, market analysts claimed.
The market began on a negative note and in the middle of the session, the circuit- breaker was triggered and trading halted for 30 minutes. The S and P SL20 index dropped over five per cent. When trading resumed around 10: 41 am, the market showed some recovery but was unable to sustain its momentum until the end of the day’s trading, market analysts added.
Amid those developments the main All- Share Price Index plunged 412 points and the S and P SL20 declined by 153 points. Turnover stood at Rs 4.54 billion with three crossings. Those crossings were reported in Dankotuwa Porcelain, which crossed 8.1 million shares to the tune of Rs 203 million, its shares traded at Rs 25, LOLC Finance 23.8 million shares crossed for Rs 200 million, its shares traded at Rs 8.40 and CIC Holdings 700,000 shares crossed for Rs.56.7 million, its shares fetched Rs 81.
In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 1.2 billion (5.7 million shares traded), Expolanka Holdings Rs 448 million (2.5 million shares traded), ACL Cables Rs 273 million (2.7 million shares traded), JKH Rs 139 million (one million shares traded), CIC Holdings Rs 93.8 million (1.2 million shares traded), Browns Investments Rs 92.3 million (13.2 million shares traded) and Lankem Development Rs 81 million (2.5 million shares traded). During the day 188 million share volumes changed hands in 42000 share transactions.
Yesterday, net foreign purchasing stood at was Rs 62 million and net foreign selling was reportedly Rs 41 million. Therefore, net foreign inflows amounted to Rs 21.5 million in the stock market. Further, according to external media reports, foreigners are now interested in buying into Sri Lankan rupee bonds, in conjunction with the market’s recovery, stock analysts said.
During the day, US and European stock markets appreciated despite there being an economic recession and inflationary worries.
Yesterday, the Central Bank- announced US dollar buying rate was Rs 359.16 and its selling rate Rs. 369.91.
SLT-MOBITEL triumphs as Joint Champions at 3rd Maliban – MCA Annual Masters Cricket ‘Sixes’ 2022
The SLT fielded team triumphed as Joint Champions with the HNB ‘A’ team at the 3rd Maliban – MCA Annual Masters Cricket ‘Sixes’ 2022, held at the MCA Grounds recently.
In the League stage, SLT beat Colombo Dockyard and Singer Sri Lanka PLC. Overcoming stiff opposition from Sampath Bank, the 2020 Winners, SLT reached the semi-finals.
However, due to bad light at the Final match, organizers decided to declare SLT and 2020 Runner-up HNB ‘A’ team, the Joint Winners of the 3rd Maliban – MCA Annual Masters Cricket ‘Sixes’ 2022.
For this year’s tournament, 15 teams pooled into 05 groups. Matches were played at Royal College and MCA Grounds.
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