Connect with us

Business

Tea auction buoyant amid cumulative production records decrease in first 7 months

Published

on

Colombo Tea Auction saw improved demand this week with Low Grown varieties selling well in the backdrop of dipped production levels from January to July this year.

Cumulative production of tea from January 2020-July 2020 totalled 156.3 M/kgs, recording a decrease of 28.4 M/kgs vis-à-vis 184.8 M/kgs of January-July 2019, Forbes and Walker Tea Brokers’ report on August 26 showed.

On a cumulative basis, all elevations showed a decrease year-on-year with Low Growns in particular showing a fairly significant variance, the report said.

Meanwhile, a total of 6.2 M/Kgs were on offer at the auction this week, recording a decline from the previous week’s 6.95 M/Kgs, while there was good demand.

Ex-Estate offerings comprised 0.86 M/Kgs, once again recording a decline from the previous week’s 0.95 M/Kgs. There was improved demand, particularly as the sale progressed. Best Western BOP’s – high priced tea of last week were up to Rs. 20 per kg lower on average, whilst the others gained Rs. 10-20 per kg selectively following special inquiry.

Corresponding BOPF’s appreciated up to Rs. 20 per kg. In the Below Best category, brighter BOP’s gained Rs. 10-20 per kg, whilst the others sold around last week’s levels. Corresponding BOPF’s appreciated Rs. 20 per kg. Plainer sorts continued to sell at last week’s levels. Nuwara Eliyas – with most estates in the region adopting a large leaf manufacturing process, there was hardly any offerings of BOP/BOPF grades this week. Uda Pussellawas sold around last. Uvas – the limited availability of seasonal/brighter teas were substantially dearer. Other BOP/BOPF’s were firm, with the latter appreciating Rs. 10 per kg on selected lots.

High and Medium Grown CTC BP1’s witnessed a correction in prices after several weeks of price advances. PF1’s were generally firm though irregular following quality. Corresponding Low Grown varieties continued to sell well.

Low Grown Leafy/Semi Leafy and Tippy’s comprised of approximately 2.7 M/Kgs. There was fair demand. BOP1’s together with OP1’s were fully firm to dearer barring a selection of teas that did not maintain quality which declined in value. OP/OPA’s too were generally firm to dearer.

Here again, a selection of teas that did not maintain quality, particularly in the Below Best category, were irregular and lower. PEK/PEK1’s met with good demand this week and prices were fully firm to dearer. In the Tippy catalogues, select FBOP/FF1’s were easier Rs. 10-20 per kg and more, whilst Best and Below Best varieties too declined further. A selection of cleaner secondaries were, however, fully firm to dearer. Others and the teas at the lower end were easier. In the Premium catalogues, a selection of well-made teas maintained, whilst the others were lower to last, the report said.



Continue Reading
Click to comment

Leave a Reply

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

Business

Galadari Colombo awarded ‘SLIM People’s Hotel Brand of the Year 2021’

Published

on

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.

 

 

Continue Reading

Business

Expatriates’ organization painting competition for Sri Lankan children from care homes highlights close India-Sri Lanka ties

Published

on

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.

Continue Reading

Business

Chrissworld to raise Rs. 56.25 million through IPO

Published

on

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.

 

Continue Reading

Trending