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Modi’s fortune rubs off on Sri Lankan exporters too

While the Narendra Singh Modi led Bharathiya Janatha Party (BJP) is on a massive winning spree at the Indian general elections, the Indian Rupee is appreciating as against the US dollar, state the Indian media. The reason has been attributed to the increase in investments in the Indian stock and exchange markets due to the…

(0)Comments | May 16, 2014 3:57 pm

Indian rupee hits near 10-month high, biggest gain in 3 weeks

The Indian rupee strengthened to its highest level in about 10 months on Thursday, while also posting its biggest single-day gain in nearly three weeks on the back of sustained dollar inflows into domestic shares ahead of election results. Hopes that the Bharatiya Janata Party and its allies will win an outright majority have helped…

(0)Comments | May 16, 2014 10:26 am

Samsung pledges compensation for cancer sufferers

Samsung says it will compensate chip factory workers who developed cancer while working for the firm. The company issued its first apology in a long-running dispute and withdrew from a legal bid to avoid paying out. It brings the conflict one step closer to resolution only a month after talks appeared to have stalled. But…

(0)Comments | May 15, 2014 2:50 pm

Toyota sees hydrogen vehicles as the future of automobiles, in ending deal with Tesla Motors

Toyota said on Monday that it would allow a battery-supply deal with Tesla Motors to expire this year and would focus instead on building cars running on hydrogen fuel cells, a next-generation technology that rivals Tesla’s all-electric systems. Toyota Motor invested $50 million in Tesla to acquire a 3 percent stake in the Silicon Valley…

(0)Comments | May 14, 2014 4:12 pm

Stock Market Review

Colombo bourse shattered the four day winning splash on Tuseday, posting negative returns on both indices. Benchmark All share price index lost 18.20 points (-0.29%) to end at 6,284.96 while S&P SL 20 index marginally declined by 1.92 points (-0.06%) to end at 3,478.99. Price depreciation in counters such as Ceylon Tobacco (closed at LKR…

(0)Comments | May 13, 2014 5:05 pm

India shares at record high on exit polls

Indian stock markets have risen to a record high after exit polls suggested the Narendra Modi-led Bharatiya Janata Party (BJP) and its allies are on course to win the general election. India’s main stock index, the Sensex, rose 1.7% to 23,941.32 points in early trade on Tuesday. This follows a 2.4% gain on Monday ahead…

(0)Comments | May 13, 2014 4:59 pm

Huge Gas reserves found in Pakistan

The Mari Petroleum Company, a joint venture of Pakistan government and the Fauji Foundation, announced on Monday a ‘significant’ gas and condensate discovery with estimated reserves of about 20 billion cubic feet (BCF) in Sujawal district of Sindh. “We have been blessed with a significant gas and condensate discovery in Sujawal Block’s Sujjal-1 well,” said…

(0)Comments | May 13, 2014 4:28 pm

Rupees 172 million discrepancy in Sierra Cables

The board of directors of Sierra Cables Plc has informed the Colombo Stock Exchange that a discrepancy of Rupees 172 million has been noted in its accounts further investigations are being made. Hence, the Sierra Cables board of directors has requested the Colombo Stock Exchange to temporarily suspend its share trading. The board has also…

(0)Comments | May 13, 2014 12:42 pm

Sri Lanka Telecom profits down by 66 percent

Sri Lanka Telecom (SLT) group has recorded a profit of Rs. 547 million, which is a drop of 66 percent during the quarter ending March 2014. Accordingly, the per share profit of the group for this quarter is only cents 30. Though the revenue has increased by six percent to Rs. 15.2 billion, the main…

(0)Comments | May 13, 2014 12:24 pm

TATA Housing kicks off USD 430 million mixed project in Slave Island

India’s TATA Housing together with the Urban Development Authority (UDA) begins a USD 430 million mixed development project on a three acre plot of land at Slave Island in Colombo. While the first phase of this project was launched yesterday (11 May) by Defence and Urban Development Ministry secretary Gotabhaya Rajapaksa, four towers with 650…

(0)Comments | May 13, 2014 12:11 pm

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