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Seven-hour power cut and fuel prices hit share market

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By Hiran H. Senewiratne

Gloom settled on CSE investors yesterday due to negative external and internal environmental factors. Many sectors are going to be affected due to the seven-hour scheduled power cut and from the increase in Brent crude oil prices which have touched US$ 113 per barrel, the highest such price in history , stock market analysts said.

Amid those developments the CSE started on a positive note but later turned negative because stock market investors were concerned about power cuts and the fuel crisis due to the shortage of dollars in the country. This created a major impact on the stock market, brokers said.

Both CSE indices moved downwards. The All- Share Price Index went down by 152.6 points and S and P SL20 declined by 60.8 points. Turnover stood at Rs 3 billion which was below the average level of Rs 3.5 billion. No crossings took place and the companies that mainly contributed to the turnover were; Expolanka Holdings Rs 607 million (two million shares traded), Browns Investments Rs 264 million (21.4 million shares traded), Commercial Leasing and Finance Rs 228 million (4.8 million shares traded), Lanka IOC Rs 191 million (2.9 million shares traded), Sunshine Holdings Rs 189 million (3.6 million shares traded), LOLC Finance Rs 171 million (7.5 million shares traded) and Softlogic Life Insurance Rs 158 million (1.3 million shares traded) .During the day 132 million share volumes changed hands in 34000 transactions.

It is said that high net worth and institutional investor participation was noted in Royal Ceramics, Hayleys and Commercial Bank. Mixed interest was observed in Expolanka Holdings, Commercial Leasing & Finance and LOLC Holdings, while retail interest was noted in Browns Investments and LOLC Finance.

Separately, Keells Food Products and Lanka Tiles announced their interim dividends of Rs. 7 and Rs. 1.80 per share respectively, while Union Assurance announced a first and final dividend of Rs. 22 per share.

Sri Lanka’s bond yields edged up yesterday in dull trade, dealers said and the Central Bank’s indicative spot rate declined marginally. In debt markets, a bond maturing on 01/08/2025 was quoted at 13.00/13.05 per cent on Wednesday, up from 12.90/13.00 per cent on Monday.

Dealers said all other bonds were inactive. At the time of filing, the Central Bank had not published the indicative rates for the dollar yesterday.

However, the US dollar was quoted at Rs 201.90, which was the Central Bank controlled price. However, the outside market is quoting at the Rs 250 level, which would likely touch Rs 300 towards the end of the year, financial analysts said.



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Rootcode wins Startup of the Year and People’s Choice Award at SAARC Startup Awards 2022

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Rootcode, one of Sri Lanka’s leading tech companies, recently took home the “People’s Choice Award” in addition to being bestowed with the “Startup of the Year” title at the SAARC Startup Awards 2022. This regional recognition marks a significant milestone for the Sri Lankan tech space and workforce. Rootcode’s mission to build great tech is well underway, and it is gaining traction faster than ever.

This is the first time a Sri Lankan tech company has made a name for itself in the regional competition, and it is a watershed moment that has focused the global spotlight on Rootcode’s distinct approach to fostering innovation in Sri Lanka. This is also the first time that a Sri Lankan company was able to take home two awards of those presented at the SAARC Startup Awards.

Global Startup Awards SAARC celebrates the spirit of entrepreneurship and promotes bridging boundaries through innovation in its regions, which include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, by recognizing them with its most prestigious awards program, attended by top-notch entrepreneurs, corporates, investors, and ecosystem builders from Nordic, Central Europe, SAARC, and ASEAN regions.

Every year, the SAARC Startup Awards bring together hundreds of South Asian startups, entrepreneurs, investors, co-working spaces, and accelerators to provide a platform to highlight trailblazers in the region’s startup world. Rootcode was chosen ahead of dozens of other regional tech startups in the competition.

Sri Lanka is a relative newcomer to the South Asian startup fraternity, and Rootcode’s ability to represent the country on the global stage not long after its inception is remarkable.

“We are extremely humbled and honored by the support shown to us at the SAARC Startup Awards 2022, and being recognized under two categories is a huge milestone for us,” said the CEO and Founder of Rootcode Labs, Alagan Mahalingam. “We have always been driven forward by excellence, collaboration, and integrity, which I believe is the reason why we have come so far and why Rootcode continues to grow every day.”

Rootcode is driven by its focus on helping businesses build great tech not just locally but globally, and its achievement at the SAARC awards stands as a testament to that. Despite the challenging times, this is a win for Sri Lanka.

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INSEE Cement felicitates Sri Lanka’s youngest Commonwealth medallist

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INSEE Cement awarded aspiring wrestler, Nethmi Ahimsa Fernando, who won a Bronze Medal for Sri Lanka at the recently concluded Commonwealth Games in Birmingham, LKR 1 million cash reward, to support her to pursue her passion. Suranga Kumara, her coach, also received LKR 250,000 cash reward, in appreciation of his contribution towards Nethmi’s recent achievements. INSEE Cement has also pledged to support Nethmi’s aspiration to represent Sri Lanka at the 2024 Olympic games, while also providing the entire cement requirement for the completion of her new house, which is presently under construction, in collaboration with the Manusath Derana initiative.

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Textile maker Teejay knits strong start to 2022-23

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Q1 revenue more than doubles to Rs 23.9 billion

Teejay Lanka PLC has made a positive start to 2022-23 posting Group revenue of Rs 23.9 billion for the three months ending 30th June 2022. The Group achieved nearly half its full-year revenue of 2021-22 in just the first quarter of the new financial year as a result of the low base of the previous financial year due to the impacts of COVID, the depreciation of the Rupee and the passing on of yarn price increases during the last quarter.

In a filing with the Colombo Stock Exchange (CSE), Sri Lanka’s largest textile manufacturer said it had also recorded significant growth in pre-tax and net profit at both Group and Company level in the quarter reviewed.According to interim financial statements, Group profit before tax for the three months grew by more than Rs 1 billion or 291% to Rs 1.5 billion, while Group net profit for the period was up 301% to Rs 1.2 billion.

At Company level, revenue improved by 108% in the quarter under review to Rs 12.9 billion, while profit before tax grew by 323% to Rs 1.5 billion, and net profit increased by 311% to Rs 1.3 billion.

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