Sri Lanka Newspapers - 31/12/2011

CSE.SAS · 1 Sri Lanka Newspapers - 31/12/2011 Sat Dec 31, 2011 2:04 am

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CSE closes year on subdued note
*Turnover low, indices down

The Colombo bourse yesterday closed the year on a subdued note with Commercial Bank continuing to generate the top business volumes and both indices down.

Given that the CSE peaked on Feb. 14 this year, carrying forward the previous year’s boom, brokers were disappointed that a year that started with a bang ended with a whimper.

Turnover was Rs.535.7 million, down from the previous day’s Rs.679.85 million, with the All Share Price Index losing 14.96 points (0.25%) and the Milanka dipping 33.60 points (0.64%) with 87 gainers slightly behind 94 losers.

"The market closed down on low activity levels with Commercial Bank continuing the trend of the past few days and generating the most business," Prashan Fernando of Acuity Stockbrokers said. "There was one crossing of a parcel of 550,000 Commercial’s at Rs.100 with the rest of the trades done on the trading floor."

ComBank closed 10 cents up at Rs.100 on 0.9 million shares trading between Rs.99.90 and Rs.101.50 contributing the day’s top turnover of Rs.94 million.

Tess Agro with nearly 16.2 million shares traded followed with the counter closing 30 cents down at Rs.4.50 trading between Rs.4.40 and Rs.5.10 generating Rs.77.2 million to turnover.

Brokers said that there were price fluctuations in Tess where both retailers and bigger investors were active as some of the day’s trades comprised fairly large parcels although there were no crossings.

Other stocks that drew retailers included ERI down 50 cents to Rs.40 on slightly over 0.6 million shares done between Rs.40 and Rs.41.90, HVA Foods up 20 cents to Rs.39 on nearly 0.6 million shares done between Rs.38 and Rs.39.20 and Muller & Phipps down 10 cents to Rs.2.80 on nearly 5l.9 million shares done between Rs.2.80 and Rs.3.10.

Among the blue chips, NDB was up Rs.4.10 to Rs.140 on over 0.1 million shares done between Rs.133 and Rs.141 while JKH was down Rs.1.80 to close at Rs.171 on 80,600 shares traded between Rs.170 and Rs.171.10.

Sampath Bank announced that Mr. Dhammika Perera has been unanimously elected as the new chairman of the bank with effect from Jan. 1 succeeding Mr. I.W. Senanayake who is stepping down on Dec. 31.

Four other Sampath directors. Messrs. Sunil Wijesinha (Deputy Chairman), M.A. Abeynaike, Deleted. Gunaratne, Dr. S. Kelegama and Mr. A.J.K. Hettiarachchi will also relinquish office on Dec. 31 in terms with Central Bank requirements.

They have been succeeded by Messrs. Channa Kalansuriya Sanjeeva Senanayake, Annika Senanayake, Ranil Pathirana and Pravin de Mel also appointed unanimously.

Ceylon Tobacco announced a fourth interim dividend of Rs.4.50 per share for 2011 XD from Jan. 10 and with payment on Jan.20.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=42178

CSE.SAS · 2 Airtel in promo to create millionaires Sat Dec 31, 2011 2:06 am

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Bharti Airtel, a leading global telecommunications company with operations in 19 countries across Asia and Africa, today launched an exciting initiative for its customers in Sri Lanka —- ‘Become a millionaire friend for just Rs 100’. As part of this, prepaid and postpaid Airtel mobile customers, upon topping up their account or paying a bill worth Rs. 100 or more will be awarded a chance to participate in the millionaire lucky draw. Depending on the amount the customer pays, in multiples of 100, he would be entitled to multiple chances of eligibility. Between now and 7th March 2012, five lucky draws will be held on a fortnightly basis – randomly choosing an Airtel mobile customer from each draw and he/she will get the opportunity of a lifetime to win Rs 1 million overnight. "At Airtel, we are constantly looking for ways to excite our customers. With this in mind, we have introduced this innovative offer that will provide every Airtel customer the chance of a lifetime to win a million —- every time they reload their Airtel accounts or make bill payments. We look forward to creating many more of such opportunities to reward our customers in Sri Lanka", said Sharan Shetty, Head – Sales & Marketing, Bharti Airtel Sri Lanka.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=42189

CSE.SAS · 3 Nation Lanka Finance ventures into Micro Finance Sat Dec 31, 2011 2:11 am

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Nation Lanka Finance PLC has launched another ambitious project in the financial services sector.

Venturing into micro finance under the name Dinawamu Lanka was a collective decision of the new Board of Directors, as it was felt that with the expansion in economic activity throughout the country the resources and talents of the rural sector too had to be made use of.

However, for this to be made a reality private sector contribution and participation was imperative.

Micro Finance was found to be a major contributor to the improvement of the national economy of countries, especially in the South Asian region.

Acting on the cue and taking the initiative from this decision Investor Director, Asanga Seneviratne acted in directing and guiding his management headed by Madhawa Edusuriya a stalwart in this industry, who joined the company as General Manager - Micro Finance.

With the further expansion of its branch network with ten new branches planned to be added to its already existing 13 branches, the inclusion of Micro Finance to its portfolio is said to be a fillip to the company's growth.

Chairman, Jayantha Dharamadasa said this is an ideal opportunity for Nation Lanka Finance to honour its corporate social responsibility through this venture, where the rural sector could be harnessed and made contributors and partners to the national growth.

The prime aim of launching Dinawamu Lanka was to genuinely assist the marginalized rural populace especially those of the North and East and villages who had to undergo tremendous hardships prior to the end of the war.
http://www.dailynews.lk/2011/12/31/bus05.asp

CSE.SAS · 4 IT sector posts US $ 250.3 m revenue in 2010 Sat Dec 31, 2011 2:14 am

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By Indunil HEWAGE
The Sri Lankan IT sector which commands a high value addition compared with many other industries posted a revenue of US $ 250.3 million with an impressive 46% growth rate in 2010 as against the year 2009, according to a survey conducted by the Export Development Board.

The Infosys offices in India
“Even though the local industry is still considered to be in its nascent stage, it is happy to note that many high profile investors particularly Infosys-India and other IT related companies have expressed willingness to invest in the IT and Information Technology enabled service industry in Sri Lanka,” Export Development Board Chairman Janaka Ratnayake said.

In 2010, 147 companies contributed the export revenue of the industry while 137 companies contributed to the export revenue in 2007. It is relevant to note that some companies who had contributed to the growth in export revenue in 2007 have not exported services in 2010 while some companies have entered the export industry in 2009 and 2010.

According to the Sri Lankan Information Technology forecast, the addressable domestic IT market is expected to grow from US $ 393 million in 2011 up to over US $ 742 million over the next five year period. The survey has identified 147 ICT companies and 28 Business Process Outsourcing (BPO) companies in Sri Lanka and these two sectors consist of around 16,800 skilled workforce.

The top three markets for the Sri Lankan IT export are Europe (UK and Ireland), USA, South Asia and the major BPO markets are New Zealand, Asia mature markets, Middle East and Canada.
http://www.dailynews.lk/2011/12/31/bus02.asp