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LIOC profits show downward trend

The latest financial report of Lanka India Oil Company (LIOC) reveals its profits falling during the March quarter of 2014. When compared to the March quarter of 2013 the company’s profits have fallen by 10 percent to a profit of Rupees 722 million. While the company has reported a Rs. 1.36 per share earnings during…

(0)Comments | May 23, 2014 11:35 am

Controversial Indian ring auctioned at Christie’s

A ring belonging to an 18th Century Indian ruler has been sold at an auction in London amid criticism from heritage groups. The jewelled golden ring was sold for £145,000 by Christie’s auction house. It belonged to Tipu Sultan, a Muslim king, and is notable because it was inscribed with the name of a Hindu…

(0)Comments | May 23, 2014 11:03 am

Stock Market Review

Colombo bourse closed in opposite directions on Monday, as All share price index gained 0.85 points or 0.01% to end at 6,290.17 while S&P SL 20 index lost 0.79 points or 0.02% to end at 3,465.05. Price advancements in counters such as Sri Lanka Telecom (closed at LKR 47.90, +1.9%), Trans Asia (closed at LKR…

(0)Comments | May 22, 2014 5:07 pm

Fitch Downgrades Rating on Singer Sri Lanka’s Debt to ‘A-(lka)’

Fitch Ratings has downgraded the rating on Singer (Sri Lanka) Plc’s (Singer) outstanding senior unsecured debentures to ‘A-(lka) from ‘A(lka)’. It has also published the company’s National Long Term Rating of ‘A-(lka)’. The Outlook is Stable. The rating on Singer’s outstanding commercial paper has been revised to ‘F2(lka)’ from F1(lka). A full list of rating…

(0)Comments | May 22, 2014 9:34 am

Stock Market Review

Colombo stock market ended lower today with both indices closing with negative returns. Main bourse declined by 32.29 index points (-0.51%) to end at 6,289.32 while 20-scrip S&P SL index declined by 14.26 index points (-0.41%) to close at 3,456.84. Price depreciations in counters such as Sri Lanka Telecom (closed at LKR 47.00, -2.7%), Commercial…

(0)Comments | May 21, 2014 5:12 pm

Russia’s Putin signs 30 year gas deal with China

The deal between Russia’s Gazprom and China National Petroleum Corp (CNPC) has been 10 years in the making. No official price has been given but it estimated to be worth over $400bn. Russia has been keen to find an alternative energy market for its gas as it faces the possibility of European sanctions over the…

(0)Comments | May 21, 2014 5:06 pm

Orient Garments in new partnership

Orient Garments Plc. is preparing to amalgamate with Stafford Orient Pvt. Ltd. While this has been notified to the Colombo Stock Exchange, Stafford Orient Pvt. Ltd is a fully owned subsidiary of Orient Garments Plc. Orient Garments further states that this amalgamation would be with effect from 20 June and after that it would function…

(0)Comments | May 21, 2014 2:59 pm

Touchwood verdict postponed again

The final verdict on the case filed by investors claiming that the Touchwood, the company engaged in reforestation had not paid the expected dividends to them, several cheques issued by the company had been not honoured and hence it should be liquidated, has been postponed again. The case taken up today by the Colombo commercial…

(0)Comments | May 21, 2014 1:36 pm

Central Bank Introduces a Credit Guarantee Scheme on Pawning Advances

The Monetary Board has approved the implementation of a Credit Guarantee Scheme on behalf of the Government for pawning advances granted by licensed banks, in order to support lending against gold articles.  The Monetary Board has also approved an allocation of  Rs. 500 million from the Central Bank as the seed fund to support the Credit…

(0)Comments | May 20, 2014 6:26 pm

Stock Market Review

Colombo equities witnessed lackluster trading session on Tuesday where both indices gained marginally. ASI index gained 2.37 index points or 0.04% to close at 6,321.61 while S&P SL20 index gained 7.31 index points or 0.21% to close at 3,480.10. Progression in counters such as Lion Brewery (closed at LKR 449.90, +3.1%), Hatton National Bank (closed…

(0)Comments | May 20, 2014 5:49 pm