Connect with us

Business

‘Steepest GDP drop in history’ in 2020 second quarter

Published

on

By Hiran H.Senewiratne 

CSE activities produced mixed reactions yesterday with the registering by the Census and Statistics Department of the steepest GDP drop in history in the second quarter of 2020.  However,  index heavy Browns Investments  positive performance in the market prevented too great a fall by contributing 16 points to the All Share Price Index.   

Several index heavy blue-chip companies, including CTC, Browns Investments and Melstacorp  share prices appreciated while the majority of companies’ share prices depreciated. CTC share price appreciated by  Rs. 9 or one percent.  Its shares started trading at Rs. 1012 and at the end of the day it shot up to Rs. 1021, Browns  shares moved up by Rs. 11.40 or 12.5 percent. Its shares started trading at Rs. 91 and at the end of the day it moved up to Rs. 102.40 and Melstacorp shares appreciated by Rs. 1.60 or 3.3 percent. Its shares began trading at Rs. 48.90 and at the end of the day it moved up to Rs. 50.50. 

Amid those developments, the stock market indicated mixed reactions. All Share Price Index went up by 23.78 points and S and P SL20 came down by 5.38 points. The turnover stood at Rs. 3.4 billion with three crossings. Those crossings were, Asian Hotels and Properties, which crossed 1.9 million shares to the tune of Rs. 77.9 million, its shares traded at Rs. 41, JKH 500,000 shares crossed for Rs. 37.5 million, its shares traded at Rs. 150 and Pan Asia Power 5.7 million shares crossed for Rs. 22.6 million, its shares trading at Rs. 4.30.

In the retail market top five companies that contributed to the turnover were, Browns Investments  Rs. 1.2 billion (292 million shares traded), JKH Rs. 473 million (3.2 million shares traded), Hemas Holdings Rs. 192 million (two million shares traded), Expolanka Rs. 153.5 million (6.1 million shares traded) and Brown and Company Rs. 94.7 million (963,000 shares traded), During the day 410 million share volumes changed hands in 22177 transactions.  

 

Sri Lanka rupee opened weaker at 187.50/188.20 to the US dollar on Wednesday in the spot-next market while gilt yields remained steady in dull market trade, dealers said. The rupee was quoted at 186.80/187.40 to the US dollar on Tuesday against the US dollar.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

VIMAN Street Cricket Cup 2025 by John Keells Properties concludes

Published

on

The VIMAN Street Cricket Cup 2025, an initiative by John Keells Properties in collaboration with Sri Lanka women’s cricket legend, Chamari Athapaththu, successfully concluded on the 2nd of February 2025 at the BOI Cricket Ground in Katunayake. Designed to encourage and support women’s cricket at the grassroots level, the tournament reflected a strong commitment to identifying and nurturing talent while creating opportunities for emerging female players across Sri Lanka.

Bringing together aspiring young cricketers from diverse backgrounds, the event served as a visible platform for schoolgirls to showcase their skills, compete at a high level, and take their first steps toward a potential future in cricket.

Chamari Athapaththu

The event drew a large crowd, comprising of students from participating schools, parents, and many more, from the local community in Gampaha. The matches were played in a tournament format, concluding with the semi-finals and finals. The competition was divided into Under 16 and Under 19 categories, with the Under 16 title claimed by Devi Balika Vidyalaya, Colombo, while Nenamal Royal College, Mawaramandiya finished as the runners-up. In the Under 19 category, Anula Vidyalaya, Nugegoda secured the championship title, with Rathnavali Balika Vidyalaya, Gampaha finishing as runners-up. The enthusiastic turnout clearly showed the growing momentum behind women’s cricket in Sri Lanka and reinforced the importance of platforms such as the VIMAN Street Cricket Cup in inspiring young women cricketers.

Continue Reading

Business

El Teb Estate: A timeless icon of Sri Lanka’s tea legacy

Published

on

Nestled in the hills of Sri Lanka’s picturesque Uva Province, El Teb Estate is a living testament to the rich history, relentless innovation and deep-rooted community values that define the island’s tea industry. With a heritage spanning over a century, El Teb Estate embodies the spirit of resilience and excellence, producing some of the finest teas sought after by tea connoisseurs all over the world.

El Teb Estate’s story begins in 1896 with Captain Hamilton Gordon of the Gordon Highlanders, a soldier turned planter who traded his military glory for the lush plantations of Uva. His first encounter with the island came as aide-de-camp to Governor Sir Arthur Gordon (later Lord Stanmore), where he was deeply enchanted by Sri Lanka’s natural beauty. Through George Steuart & Co., he was introduced to J.J. Robinson, who guided him to Heathstock, a humble cardamom estate nestled along the Madulsima road four miles from Passara. Captivated by its potential, Captain Gordon, fondly known as “El Teb Gordon”, acquired the property and renamed it “El Teb” as homage to his military past at the Battle of El Teb in Sudan (1884), where he had served with distinction.

Evolution of a Landmark Estate

Over the years, his vision transformed El Teb into a thriving estate, consolidating nearby lands like Deyanawatte and Galbokke, while keeping Heathstock as the nucleus. Some of these acquisitions came about in colourful ways—legend has it that Gordon bought Deyanawatte from a traveler at the Badulla Club for £50 without the seller even knowing where the estate was located.

Other significant additions included Devenick, an abandoned coffee estate, and portions of St. Mary’s and Kitulkellie. His knack for recognizing opportunity led to the estate’s rapid expansion, including ventures into tea, coffee, and rubber cultivation. Gordon’s innovative spirit, from introducing labor-friendly practices such as serving hot tea during morning muster, to experimenting with crop diversification, reinforced his reputation as a pioneering planter.

Continue Reading

Business

FitsAir expands Dhaka operations with additional weekly flights

Published

on

FitsAir, Sri Lanka’s leading low-cost airline, is pleased to announce the expansion of its Colombo-Dhaka service with the addition of two new weekly flights. Previously operating three times a week, the enhanced schedule will now offer five weekly flights, providing passengers with greater travel flexibility and convenience.

The additional flights will operate from February 15 to March 29, 2025, with departures on Tuesdays, Wednesdays, Thursdays, Saturdays, and Sundays. This improved frequency ensures more seamless travel for both business and leisure passengers flying between Sri Lanka and Bangladesh at the most affordable rate.

“As Sri Lanka’s first privately-owned international airline, our mission is to deliver affordable, reliable, and on-time travel experiences,” said Ammar Kassim, Executive Director of FitsAir. He further stated, “Expanding our Dhaka operations is a significant step in strengthening regional connectivity, and with increased frequency, passengers now have more travel options, flexibility, and affordability. We are already planning to raise the frequency to six flights per week during the upcoming summer season.”

FitsAir has been expanding its footprint across key regional destinations. In addition to Dhaka, the airline operates daily flights to Dubai and Malé and three weekly flights to Chennai, ensuring passengers have access to a growing network of popular travel routes.

Continue Reading

Trending