NAMAL assets under management exceeds Rs. 10 b

Published : 3:36 am  October 11, 2013  |  Category: Financial Services  |  Leave a Comment  |  664 views  |  

National Asset Management Limited (NAMAL) announced that its Assets under Management surpassed Rs. 10 billion for the first time. “NAMAL is proud to have achieved the Rs. 10 billion milestone, having doubled Assets under Management in 2013 based on strong investment performance and a diverse product portfolio,” stated NAMAL Head Sales and Structuring Charana Jayasuriya. NAMAL funds continue to deliver consistent performance to investors with the flagship National Equity Fund, NAMAL Growth Fund and NAMAL High Yield Fund being the best performing unit trusts in the balanced, growth and income categories. NAMAL secured mandates from HSBC Pension Fund and Allianz Insurance earlier in the year... 


Commercial Bank to open 59 branches on Haj festival day

Published : 3:34 am  October 11, 2013  |  Category: Financial Services  |  1 Comment  |  969 views  |  

The Commercial Bank of Ceylon has announced that 59 branches and service points will be kept open for business on Id-Ul-Alha (Haj festival day), Wednesday, 16 October for the convenience of the bank’s customers. While the bank’s 33 Supermarket Banking Centres and seven 365-day branches will work their customary hours, another 19 branches will be open from 9 a.m. to 1 p.m. on that day, which is a statutory public and bank holiday, the bank said. These 19 branches are Wellawatte, Kollupitiya, Kotahena, Maharagama, Borella, Nugegoda, Narahenpita, Battaramulla, Panchikawatte, Union Place, Wattala, Dehiwela, Moratuwa, Nittambuwa, Kiribathgoda, Avissawella, Piliyandala, the Foreign Branch and Main... 


Rupee tad firmer near 3-month high

Published : 3:34 am  October 11, 2013  |  Category: Financial Services  |  Leave a Comment  |  578 views  |  

Reuters: The rupee ended slightly firmer near its three-month high on Thursday as dollar sales by banks outpaced early importer demand for the greenback. Dealers expect the currency to be stable and trade within a narrow range in the short term. They expect the rupee to move with little volatility after the Central Bank Governor said the currency would “behave in a stable manner” in the next few months. The spot rupee ended at 131.10/15 per dollar, near its highest since 15 July and firmer from Wednesday’s close of 131.15/20. The currency traded within a range of 131.00 and 131.20 during the session, dealers said. The rupee hit a record low of 135.20 on 28 August, but has managed to stem... 


Bourse up at 7-week high on foreign inflows

Published : 3:33 am  October 11, 2013  |  Category: Financial Services  |  Leave a Comment  |  455 views  |  

Reuters: Stocks rose to their seven-week closing highs on Thursday, led by large caps such as Ceylon Tobacco Company PLC and foreign inflows into Sri Lanka’s risk assets. The main share index rose 0.8%, or 47.42 points, to 5,957.37, its highest close since 22 August.  Foreign investors were net buyers of Rs. 165.7 million ($ 1.26 million) worth of shares, extending the net buying so far this year to Rs. 21.24 billion. Shares in market heavyweight Ceylon Tobacco Company PLC rose 2.86% to Rs. 1,180.40. The day’s turnover was Rs. 575.1 million, well below this year’s daily average of about Rs. 871 million.  Read More →


Standard Chartered gives away 10 Samsung Galaxy S4s

Published : 12:00 am  October 10, 2013  |  Category: Financial Services  |  Leave a Comment  |  669 views  |  

Standard Chartered Credit Cardholders were recently offered the unique opportunity to participate in a draw and stand a chance to win ten Samsung Galaxy S4s on offer. The promotion period ran from 20 July to 20 August 2013. The lucky winners announced last week were; Pramukshi J. Kariyawasam, Thushara Sandun K. Hettihamu, A.H.J.P. Gomis, Ravindra Abeysinghe, Priyantha Ruwanpathirana, Anil R. Wijewardene, Dhanya L. Wijesuriya, Kavinda M. de Zoysa, Fabrizio P. Arpea and U.L. Nazir. Standard Chartered Head of Consumer Banking Sanjay Wijemanne, commenting on the campaign, said: “We were extremely happy with the enthusiastic response we had from our card holders to this offer. With the growing popularity... 


Primary market weekly averages drop for a second consecutive week

Published : 12:00 am  October 10, 2013  |  Category: Financial Services  |  Leave a Comment  |  387 views  |  

By Wealth Trust Securities The weighted averages (WAvg) at yesterday’s weekly Treasury bill auction reflected a downward trend for a second consecutive week as total bids received at the auction reached a 10 weeks high of Rs.29.97 Bn.   The drop in WAvgs was two basis points across the board to 8.58%, 9.61% and 10.50% respectively on the 91 day, 182 day and 364 day maturities. Interestingly, the total amount accepted was more than twice the total offered amount of Rs. 10 b while the 364 day maturity continued to dominate the auction as it represented 93% of the total accepted amount of Rs. 21.3 b. In secondary bond markets, yields closed the day lower yesterday against its previous day’s... 


Fitch affirms Ceylon Gilt-Edged Fund at ‘AAA’/’V1(lka)’

Published : 12:00 am  October 10, 2013  |  Category: Financial Services  |  Leave a Comment  |  544 views  |  

Fitch Ratings has affirmed the Ceylon Gilt-Edged Fund’s ‘AAA(lka)’ National Fund Credit Rating and ‘V1(lka)’ National Fund Volatility Rating. The fund is managed by Ceylon Asset Management (CAM).   Key rating drivers The ‘AAA(lka)’ National Fund Credit Rating is driven by the fund’s investment in Government securities and repurchase agreements backed by Government securities only. Fitch considers the national credit quality of Sri Lankan Government securities to be ‘AAA(lka)’. The key rating driver for the ‘V1(lka)’ National Fund Volatility Rating is the fund’s investment in government securities only, with a maximum maturity of one year. As a result, the fund incurs... 


Sensex to rise but elections seen biggest risk in 2014: Reuters poll

Published : 12:00 am  October 10, 2013  |  Category: Financial Services  |  Leave a Comment  |  474 views  |  

Reuters: The BSE Sensex will only manage a 4% gain in 2013, held back ahead of an election in the first half of next year, but the Mumbai market hasn’t got far to go after that to reach a record high, a Reuters poll found. The median of 19 strategists and brokerages polled Oct 1-8 put the benchmark BSE Sensex at 20,286 by the end of the year, just 1.5% higher than Tuesday’s close of 19,983.61 but lower than 21,000 expected in a June poll. That consensus points to a disappointing performance for Indian stocks, which rallied over 25% last year. However, the ever-bullish analysts predicted the Sensex to eclipse the January 2008 life high of 21,206 by June next year – just like they have... 


Pan Asia Bank breaks new ground with green lending

Published : 12:00 am  October 10, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,117 views  |  

Key financial institutions around the world have been adding products to their lending portfolios with a view to help protect the environment and control global warming. Entrepreneurs and certain individuals making use of this opportunity have tapped such offerings to build environmentally friendly sustainable buildings, start projects, purchase machines or equipment and also to operate businesses reducing the carbon footprint. Following are excerpts of an interview with Pan Asia Banking Corporation PLC Deputy General Manager and Head of Treasury Richie Dias on green lending initiated in Sri Lanka in agreement with Global Climate Partnership Fund (GCPF)   By Ashwin Hemmathagama Q: What made... 


Nanda Investments goes for Rs. 45 m Rights

Published : 12:00 am  October 10, 2013  |  Category: Financial Services  |  Leave a Comment  |  674 views  |  

Nanda Investments and Finance Plc has announced a Rights Issue to raise Rs. 45 million. It will issue 5.035 million shares on the basis of one new ordinary share for every 20 held at Rs. 9 each. The current stated capital of the company is Rs. 125.85 million. Funds raised will be used to enhance the core capital and grow the business through existing and/or new lines of businesses. The issue is subject to regulatory and shareholder approval. BRAC Lanka Investments holds a 56.6% stake in Nanda Investments and Finance Plc whilst LOLC Micro Investments holds 33.4%. Shares held by the public as at June 2013 was 9.35%.  Read More →


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