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Colombo stocks wrap weekly operations on a mixed note

Colombo equities wrapped the weekly operations on a mixed note amid the positive earnings and dividend announcements. Main index advanced to 7,294 mark in the opening hours but failed to maintain the momentum. All share index gained 15.05 index points (+0.21%) to close at 7,288.74 while S&P SL20 index shed 1.49 index points or 0.04%…

(0)Comments | May 22, 2015 5:57 pm

Fitch Revises Pan Asia Banking's Outlook to Negative; Affirms at 'BBB(lka)'

Fitch Ratings Lanka has revised Sri Lanka-based Pan Asia Banking Corporation PLC’s (PABC) Outlook to Negative from Stable. The agency has affirmed PABC’s National Long-Term Rating at ‘BBB(lka)’ and the rating on PABC’s outstanding subordinated debentures at ‘BBB-(lka)’. The Negative Outlook reflects the continued deterioration in PABC’s capitalisation amid aggressive loan growth. Fitch believes there…

(0)Comments | May 22, 2015 4:50 pm

Central Bank’s policy rates as Rupee depreciates

The Central Bank of Sri Lanka which unexpectedly reduced it policy interest rates which decide the interest rates of commercial banks in April, has decided not to revise it this month (May). Though currently inflation remains low, the increased borrowings by the state and private sectors has increased pressure on the exchange rates. The Central…

(0)Comments | May 22, 2015 11:11 am

Hayleys Records 32% Increase in Year End PAT

Hayleys PLC closed its financial year ending March 2014/15 on a high, consolidating the growth momentum generated over past years. In its filing to the Colombo Stock Exchange, the group reported a 32 percent increase in Profit After Tax (PAT), to close the year with Rs. 4.9 billion.  Sector wise contribution was led by the…

(0)Comments | May 21, 2015 9:31 pm

Asian Alliance Insurance PLC posts Rs. 250 Million profit in first quarter

* Reinforces status as one of the country’s fastest growing insurers with 21% growth in Life GWP    Reinforcing its status as one of the country’s fastest growing insurers, Asian Alliance Insurance PLC achieved a Gross Written Premium (GWP) of Rs. 867 million for Life, a 21% increase compared with the previous year, whilst consolidated…

(0)Comments | May 21, 2015 9:22 pm

Commercial Credit’s Rs. 1Bn. Debenture Issue oversubscribed

Commercial Credit and Finance PLC’s issue of 10 Million rated, subordinated, guaranteed, redeemable five-year Debentures at a par value of LKR 100/- each has been oversubscribed on opening day.  Interest on the Debentures will be paid at a fixed rate of 10.50% per annum (AER 10.92%) on the Principal Sum quarterly each year. The Issue…

(0)Comments | May 21, 2015 9:07 pm

Orient Finance and Bartleet Finance to amalgamate

Orient Finance and Bartleet Finance PLC which are subsidiaries of Janashakthi PLC have decided to amalgamate and continue activities as a single legal entity as a licensed finance company. The Central Bank of Sri Lanka has granted its approval in principle for this proposed amalgamation.

(0)Comments | May 21, 2015 9:04 pm

Colombo stocks end on negative note

Colombo equities ended on negative note after two consecutive sessions of gains amid profit taking and political uncertainties. Both indices witnessed declines ahead of monetary policy review where the main index shed 16.08 points or 0.22% to end at 7,273.69 while 20-script S&P SL 20 index marginally declined by 4.89 points (-0.12%) to end at…

(0)Comments | May 21, 2015 6:05 pm

Perodua aims to sell 1m Myvis by end-2017

Perodua aims to sell one million Myvis by end-2017 from the 850,000 recorded as at end-April this year, on the back of continued demand and other promotions. President and chief executive officer Aminar Rashid Salleh said on average, bookings for the Myvi were at about 8,000 units per month. “We are cautiously optimistic that with…

(0)Comments | May 21, 2015 5:54 pm

Ambani's Salary Remains Unchanged; Net Worth At $20.2 Billion

Reliance Industries’ Chairman and Managing Director Mukesh Ambani has kept his annual salary capped at Rs 15 crore for the seventh year in a row. It helps that he is one of the richest men in the world, worth $20.2 billion, so this ‘cap’ is really small change. A statement by the company says that…

(0)Comments | May 21, 2015 12:43 pm