Thursday 24th April 2014

Over 90% retail appetite for Alumex

Published : 6:52 am  March 14, 2014  |  Category: Front Page  |  Leave a Comment  |  349 views  |  

The recently-concluded IPO of Alumex Ltd. has drawn heavy retail appetite, reflecting that confidence is gradually returning to new issues from the larger base of investors. The issue worth Rs. 838 million offered 59.9 million ordinary voting shares at Rs. 14 each and consisted of 17.85 million new shares (6% stake post-IPO) and 42 million shares via offer for sale of vendor shares. The latter stake is 14% post-IPO). The IPO drew 846 applications via payments made by bank drafts and cheques and the worth was Rs. 793 million (around 95% of the IPO value) requesting for 56.639 million shares. There had been three applications with payments via bank guarantee. They have requested for 12.38 million... 


Rupee falls to near 3-week low on importer dollar demand

Published : 6:51 am  March 14, 2014  |  Category: Front Page  |  Leave a Comment  |  248 views  |  

REUTERS: The Sri Lankan rupee fell to a near three-week low on Thursday on importer dollar demand in the absence of any Central Bank intervention, dealers said. The spot rupee ended at Rs. 130.68/75 per dollar, its weakest close since 28 February and down from Wednesday’s close of Rs. 130.60/65. “There was importer demand in the morning and a state bank bought (dollars),” a currency dealer said on condition of anonymity. Dealers said the rupee was expected to trade in the range of Rs. 130.50 to Rs. 130.75 in the near future. The currency has gained 0.25% in the last 11 sessions through Thursday, Thomson Reuters data showed. It has been on a rising trend since 27 February amid weak demand... 


Asiri Central to delist

Published : 6:51 am  March 14, 2014  |  Category: Front Page  |  Leave a Comment  |  426 views  |  

Asiri Hospital Holdings Plc has announced a delisting move of its subsidiary Asiri Central Hospitals Plc (ACH) at Rs. 275 per share. The announcement was made after the market’s closure. The last traded price of ACH was Rs. 250.10, down   by Rs. 8.90 or 3.4%. Net Asset Per Share of ACH is Rs. 91.85 as of 31 December 2013. Asiri Hospitals Holdings Plc owns 99.31% of ACH whilst public shareholding is only 153,296 shares accounting for 0.69%.  Read More →


Bourse dips despite foreign buying

Published : 6:51 am  March 14, 2014  |  Category: Front Page  |  Leave a Comment  |  239 views  |  

REUTERS: Sri Lanka shares fell for a fourth straight session on Thursday to a more than one-week low in thin trade as concerns over a proposed United Nations resolution, which could have an impact on the country’s economy, hit sentiment, brokers said. The main stock index fell 0.33% or 19.58 points to 5,913.94, its lowest close since 3 March. The day’s turnover was Rs. 336.5 million, nearly a third of this year’s daily average of about Rs. 953.9 million. Analysts said most investors were waiting for direction ahead of voting on the UN resolution later this month and to assess the impact it may have on Sri Lanka’s economy and risky assets. Shares of Ceylon Tobacco Company PLC fell 2.52%... 


Tea auction brews price gains

Published : 6:49 am  March 14, 2014  |  Category: Front Page  |  Leave a Comment  |  165 views  |  

Sri Lankan Tea Sale Averages for the month of February shows a positive variance for the month as well as to-date when compared to the corresponding period of 2013, according to the produce broker John Keells PLC. It said the Total National Average for February 2014 at Rs. 481.83, is Rs. 59.15 above 2013 and Rs. 72.19 to-date. “Significant gains have been recorded for the month from Low Grown at 17.4%, Medium Grown at 9.4% and High Grown at 7.5%. As anticipated, January Tea Crop of 25.4 Mkgs recorded a 9% increase when compared to the previous year,” John Keells PLC added. Commenting on this week’s auction, it said the Ex-Estate market comprising of 1.06 Mkgs, met with improved demand and... 


Perceived Economic Opportunity Index: Confidence dips in Feb.

Published : 12:39 am  March 13, 2014  |  Category: Front Page  |  Leave a Comment  |  473 views  |  

The slight increase in the Perceived Economic Opportunity Index (PEOI) for January was once again short lived with a dip experienced in February, according to its compiler Foundation for Economic Freedom in Sri Lanka (FEFSL). “Notwithstanding positive developments in the macroeconomic framework and also new and expensive infrastructure coming on line; both roads and railways, the sentiments of the people have not turned optimistic,” FEFSL said. “The continued slow growth in credit to the private sector in the face of significantly lower interest rates compared to a year or so ago only confirms this pessimistic outlook. Perhaps the Geneva human rights issues and the possible negative economic... 


EFC says informal economy shouldn’t be killed but upgraded

Published : 12:35 am  March 13, 2014  |  Category: Front Page  |  Leave a Comment  |  475 views  |  
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Last week the Employers Federation of Ceylon (EFC) launched its latest publication ‘The Dilemma of the Informal Economy,’ in response to the announcement by the International Labour Organisation (ILO), that the issue of the informal economy will again be discussed at their Geneva conference this year. Its author, Sriyan de Silva, former CEO of the EFC, having served as Deputy Director for the Bureau of Employers Activities of the ILO (ACT-EMP) and thereafter as a Senior Advisor to the International Organisation of Employers (IOE), Geneva, unleashes a wealth of knowledge and research on the global informal economy in this publication. The book does not deal with the informal economy in Sri... 


Lanka Ventures Group invests $ 5 m in Bangla power venture

Published : 12:30 am  March 13, 2014  |  Category: Front Page  |  Leave a Comment  |  411 views  |  

Lanka Ventures (LVEN) yesterday announced that a Group entity has invested $ 5 million (Rs.653 m) for a 33% stake in Lakdhanavi Bangla Power Ltd. that will undertake the construction of a 52.2MW thermal power plant in Comilla, Bangladesh. The investing entity is Lanka Energy International Ltd. (LEI), a subsidiary of LVL Energy Fund Ltd., a subsidiary of LVEN. The company said in February 2013 LEI invested US$ 2 m (Rs. 255 m) for a 16% stake in Raj Lanka Power Company Ltd., which constructed another 52.2MW thermal power plant in Rajshahi, Bangladesh. This plant commenced supplying electricity to the Bangladeshi national grid on 24 January. The promoter of both projects is Lakdhanavi Ltd., a local... 


Rupee edges down on importer dollar demand

Published : 12:30 am  March 13, 2014  |  Category: Front Page  |  Leave a Comment  |  282 views  |  

Reuters: The rupee ended a tad weaker on Wednesday on importer dollar demand from the two State banks in the absence of any Central Bank intervention, dealers said. The spot rupee ended at 130.60/65 per dollar, weaker from Tuesday’s close of 130.55/57. “Two State banks bought dollars, I don’t think it’s an intervention from the Central Bank,” a currency dealer said on condition of anonymity. The currency has gained 0.33% in the last 10 sessions through Wednesday, Thomson Reuters data showed. The rupee has been on a rising trend since 27 February amid weak demand for dollars from importers, dealers said. The market, however, expects downward pressure due to high imports for the traditional... 


Foreign inflows continue but Bourse at 1-week low

Published : 12:30 am  March 13, 2014  |  Category: Front Page  |  Leave a Comment  |  290 views  |  

Reuters: Shares fell for a third straight session on Wednesday to hit a one-week low despite foreign inflows as concerns over a proposed United Nations resolution, which may have an impact on the country’s economy, dented sentiment, brokers said. The main stock index fell 0.19%, or 11.05 points to 5,933.52, its lowest close since 5 March. Analysts said most investors were waiting for direction ahead of voting on the UN resolution later this month and to assess the impact it would have on Sri Lanka’s economy and risky assets. Shares of top conglomerate John Keels Holdings Plc fell 0.5% to Rs. 224.50. Foreign investors bought a net Rs. 95.3 million ($729,800) worth of shares on Wednesday, extending... 


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