SRI LANKA - VALLIBEL FINANCE GO FOR A SHARE ISSUE

Vallibel Finance is gearing to launch a public share issue shortly in the Colombo Stock Exchange (CSE) according to sources.

"We are in the process in coming out with an initial public offering of the company shortly," Managing Director Jayantha Rangamuwa told the Daily News.

Carrying the name of the powerful conglomerate it belongs to, Vallibel Finance has been growing steadily, recording impressive returns.

Operating profits were up significantly by 23 percent for the last 3 quarters of 2009, rising to Rs 66.9mn as against Rs 54.6mn recorded for the same period in the preceding year, a company release said. The period under review also saw the company overtake the landmark level of Rs.1bn in deposits.

Vallibel Group Chairman Dhammika Perera, and the single largest shareholder of Sampath Bank and Hayleys, attributed his company's strong performance to a disciplined work ethic and a visionary outlook.

"It was extremely challenging but being in the company of giants inspired my team to set our sights high.

The passion, the commitment and most notably prudent financial stewardship displayed by the team is evident in our steady climb", he said.

The total earnings of Vallibel Finance rose to Rs 307mn in the first three quarters of 2009 from Rs. 270mn recorded for the same time period in the preceding year, showing an increase of 14 percent.

The profit before tax, according to the financial statement released to the media, rose 23 percent to Rs 66.9mn from Rs 54.6mn.

The total assets of the company grew to Rs. 1.55bn from Rs.1.45bn. Underlining the company's financial stewardship in times of economic turbulence, the level of non-performing loans (NPL) remained favourable, and the gross NPL ratio for the year was 3.62 percent.

source - www.dailynews.lk

SRI LANKA - COLOMBO SHARE MARKET WAS DOWN DUE TO PROFIT TAKING - FORIEGNERS WERE NET BUYERS TODAY

                                  DAILY MARKET REVIEW

02/03/2010 - Colombo Share market was down by 0.12 % due to profit taking taking. ASI was down by 4.64 points to close at 3820.66 R more liquid Milanka index was by 1.05 points to close at 4389.56.

Turnover for the day was Rs 1.5 b.n. supported by participation of institutional & foreign buyers.

Today foreigners were net buyers in the market by Rs 38 m.n. Foreign purchases were Rs 340 m.n. & foreign sales were Rs 302 m.n.

Shares of Ceramic companies attracted investor interest today & share prices of most of companies in this sector improved over last day's closing prices.

Colombo Market is still up 13 percent so far this year, following a 125 percent rally in 2009.

    TOP FIVE GAINERS FOR THE DAY                          TOP FIVE LOSERS FOR THE DAY

   LARGE TRADES FOR THE DAY

   CROSSINGS FOR THE DAY

   ANNUAL REPORT FOR THE YEAR ENDED 31/12/2009

CLOSER LOOK

• Large blocks of HNB Assurance change hands @ Rs 60/-per share today. We have identified HASU one of stock picks for the future from the banking & insurance sector.

• Lanka walltile 1.25 m.n. shares change hands today @ Rs 80/- per share.  Better to have a closer look at this share in future since the price may go up further in coming days.

• Share price of NAVF improved today by Rs 4.00 to close at Rs 54 after reaching Rs 60. during mid day trading. Net asset value of the fund is Rs 60.71.

• CWM took a dip yesterday to Rs 37.75 and seems to have built a strong support level at around   Rs 38 levels.

SRI LANKA - AMONG THE TOP FIVE MOST POPULAR POST WEDDING HOLIDAY LOCATIONS - 2010

Monday, March 01, 2010 - Couples looking for the perfect destination for their honeymoon have been given a number of tips by ABTA - The Travel Association.

It was recently revealed by Kuoni that Sri Lanka featured in the top five most popular locations for a post-wedding holiday in 2010, which also included the Maldives, Thailand, UAE and the US.

And spokesperson for ABTA - which represents more than 6,000 travel agencies and 850 tour operators in the UK - Frances Tuke commented that there are a number of reasons why the nation is so popular among newlyweds.

"Sri Lanka is right on the Indian Ocean, it's a very spectacular, special island steeped in culture and history which is pretty unrivalled," she said.

Furthermore, she went on to explain that Thailand finds itself in Kuoni's top five rankings as a result of its "lovely" culture, stunning temples and the fact that "you can go and do elephant rides up in the north".

source - http://www.imaginative-traveller.com

SRI LANKA - BANKING SECTOR FUTURE GROWTH STOCKS / PICKS FOR THE FUTURE

SRI LANKA STOCK PICKS Exclusive : Sri lankan listed companies have been releasing their earnings for the Last quarter , Nine months, & for the Financial year ended 31/12/2009. We have decided to identify BEST PICKS among each & every sector in Colombo Stock Exchange purely based on the latest profit figures released by these companies.
However please note that there is a  risk involved in share trading. We do not take responsibility for any lose or damage arising out of stated information in this post. You have to take your own decisions. (Do your own research, Do not follow others , Stick to fundamentals, Buy shares when other are selling & sell when others are buying)

                  SECTOR - BANKING                                 SECTOR P.E.R.  -  11.2

NOTE -

• * Nine months profit figures.
• Share prices update as at 26/02/2010

SRI LANKA - THERE IS A POSSIBILITY OF REVIVING THE GSP +

Sanjeevi Jayasuriya

The effects of the suspension of the GSP+ facility by the European Union will not be felt in the next six months. The European Union has indicated its willingness to discuss unresolved issues to which the Government has responded positively, Finance Ministry Secretary Dr. P.B. Jayasundera told Daily News Business.

There is still a possibility of reviving the GSP+ concession for the country. With the recovery in the global economy and improved economic outlook in Sri Lanka in the post-war environment the adjustment to the GSP+ withdrawal will not be difficult, he said.

The Finance Ministry

The apparel industry in Sri Lanka has gone through a similar challenge in the past when the US withdrew the Multi-Fiber Agreement in 2004/5 where the country faced tough competition from China, Vietnam, Indonesia and Bangladesh.

“However, the availability of the GSP+ facility will provide a comfort margin for post-war recovery in Sri Lanka and also strengthen longstanding bi-lateral relations between Sri Lankan and European Union countries,” Dr. Jayasundera said. Sri Lankan economy is likely to record 6 to 7 percent economic growth in 2010.

The growth has been around 6 percent from, 2005 until middle of 2008 when the global economy was confronted with a major economic crisis.

With the collapse of major export markets in the US and Europe Sri Lanka’s exports declined by 12 percent. There was also reduction in imports.

However, the economy managed to maintain positive growth throughout 2009 due to resilience in the domestic economy, Dr. Jayasundera said.

Economic growth in many countries including India and China fell sharply. Sri Lanka’s economy towards 2009 recorded 6 percent with a favourable agricultural outlook in paddy, tea, rubber, cinnamon, fish, livestock, fruits and vegetables.

It is anticipated that the agricultural sector would generate over 6 percent growth in 2010.

The recovery in global outlook and financial stability has also paved the way for over 6 percent growth in manufacturing and services sectors.

Improved performance in tourist arrivals, new demand for hotels and similar facilities would augur well for the economy. “The construction industry will also get a boost due to the Government’s public investment in roads and water supply for post-war reconstruction work in the North and the East,” he said.

source - www.dailynews.lk

SRI LANKA TOURISM 2010 - ANOTHER UPDATE

Mar 01, New York: The Sri Lanka Tourism Promotion Bureau has brought their worldwide 'Destination Sri Lanka' and 'Visit Sri Lanka 2011' campaigns to the New York Times 2010 Travel Show held last weekend at the Jacob K. Javits Convention Center.

Sri Lanka's Permanent Representative to the United Nations Dr. Palitha Kohona inaugurated the event.

"This was a great opportunity for us to showcase the multitude of tourist attractions Sri Lanka has to offer" said Mr. Dillan Ariyawansa, Honorary Director for Sri Lanka Tourism in the USA. "In addition, the NY Times put us as the number one place to go this year."  

Despite having everything, and been known to everyone, Sri Lanka had not become the top destination it should have become. Three decades of civil war made many parts of the island inaccessible, dried out the investment dollars, and kept the visitors away. That conflict finally ended last May.

"Things have changed" said Mr. Ariyawansa: "Peace has arrived and everyone is working together. Rebuilding tourism has become a top priority for both the government and the private sector," he added.

To add color, Channa and Upuli dance troupe from Sri Lanka performed as well, showing what an exotic destination Sri Lanka is. Interest in Sri Lanka was apparent with the excited crowds constantly around the booth, whether to pick up brochures or watch the dancers to learn more about the destination.

source - http://www.colombopage.com

SRI LANKA - COLOMBO STOCK MARKET UP BY 0.46 % NOW AT RECORD LEVELS

         DAILY MARKET REVIEW

01/03/2010 -  Colombo Stock Market was up by 0.46 % on back of retail buying in to Blue chips & selected Mid cap stocks. ASI was up by 17.44 points to close at 3825.30 & Milanka price index was up by 35.88 to close at 4390.61.

Market is now at All time high levels.

Turnover for the day was Rs 1.0 b.n.

Foreigners participation was at a low level,where foreigners purchased shares to the value of Rs 59 m.n. & sold shares to the value of Rs 74 m.n. thus reflecting a net outflow of Rs 15 m.n.

As we mentioned in our previous daily market reviews, due to the better than expected results released by the listed companies in Sri Lanka  market will further go up in coming weeks.

Seylan Merchant Bank informed, it was changing its name to SMB Holdings and splitting each existing share in to ten new shares today.

There were 87 price gainers as against 63 losers today.

Colombo Stock Exchange is still up 13 percent so far this year.

   TOP FIVE GAINERS FOR THE DAY                            TOP FIVE LOSERS FOR THE DAY

   LARGE TRADES FOR THE DAY

   ACCOUNTS FOR THE 12 MONTHS ENDED 31/12/2009

    CROSSINGS FOR THE DAY

CLOSER LOOK -

• Today we saw massive price improvements in some illiquid shares in the market.If you take the N.A.V. of these shares it was very clear that the the trading price of these shares are well below their N.A.Values.  

• Eg:  KHC, PHAR ,SHAW, HDFC, SINI  Represent the top gainers list today. Check for more companies of this kind from the market.

• SHAW has reflect a sudden upward movement for the last two days.

• Today we saw some price movements of shares of Singer group of companies, Singer Sri lanka , Regnis & Singer industries.

• Banking &  hotel sector shares performed well in the market today.

CSE RUMORS/CSE RUMORS/CSE RUMORS/CSE RUMORS/CSE RUMORS

                   COLOMBO   STOCK EXCHANGE                                                                 RUMORS 

                                                                                                              See report on Plantations

SRI LANKA STOCK PICKS exclusive: Through this we have decided to convey the CSE Rumors for all of our visitors,which have many times found to be unknown to small investors or when they become  aware, prices of particular shares may have had increased substantially. Hence our simple effort is just to give you  / convey these rumors where most of top investors are well aware of. However please note that there is a high risk involved in share trading. We do not take responsibility for any lose or damage arising out of stated information in this post. You have to take your own decisions. (Do your own research, Do not follow others , Stick to fundamentals, Buy shares when other are selling & sell when others are buying.) 

SRI LANKA - TEA MARKET UP DATE - TEA PRICES MARGINALLY DOWN

By Steve A. Morrell - Tea prices marginally down but could this be arrested?

That is the question. Could decreasing prices be arrested at the Colombo auctions? Brokers said presently there was no need to scamper to panic stations or stoke some mysterious mambo jumbo that caused unidentified phenomenon in price reduction. True performances last week were no better than previous week’s accomplishment. Brokers were confident the price snag was temporary and should not cause nail chewing. At least not just yet. They said 2010 started on positive projectile and there was every reason to believe the price table would be sustained and perhaps moved up.

Gross sales prices this year indicated in the weekly tea market report from Lanka Commodity Brokers Ltd., placed price levels at Rs.386.69 to date. 2010 The same period last year was Rs.291.12. very nearly 100 percent in the plus variance category.

Prices are, therefore, good.

Crop increases last month were attributed to increased production by low growns and the Tea Small holder sector. High growns and Westerns although they showed improvement they were just about nose level.

Graphical indicators included in the Asia Siyaka Tea Market report was that low grown performance was at 65%. High growns at 22 %, and mid-growns at 15 %. Mid-growns mostly were State-Owned, but factually that did not spell progress.

Quite within context, our information was that management of these holdings has not changed to more updated dynamism. More aptly these State holdings are managed as stop - gap entities which purportedly did not merit funding for improvement

Attributing such sparse investment to this sector, 15 % crop improvement is not quite that bad.

Marginal Tea lands in Matale, and Nawalapitiya sub districts, we are informed are under State management.

Last week quantity on offer was 7.6 million kilos. This week it would be 7.2 million kilos decidedly drop of about 0.4 million kilos. Attributed reasons were that there was no rain in all planting districts.

Last week we had had some here -say from Dubai that they too were exporting tea.

This week we have more positive information that what we said last week was true. (Courtesy Lanka commodities Brokers,)

The Dubai Tea Trading Center (DTTC), announced that the Dubai Multi Commodities Center (DMCC), announced record 7.5 million kilos traded through the center last year.

The DTTC trade volumes at 26 % improvement, could possibly spell disaster to the Sri Lanka import and re-export market.

Last year 's debacle in financial circles were largely attributed to poor money circulation and also that Banks were not lending. Revenue levels too were affected. Irrespective of poor management of the situation, there was trade in that sector, but drop in revenue was significant.

This year todate however the import- export trade would pick up. We now see positive impact of a stabilized situation, which augers well for the industry.

source - www.island.lk

SRI LANKA TOURISM - ANOTHER UPDATE

 Soak up Sri Lanka - By Nikki Bayley 28/02/2010

..for a trip you'll be glad you tuk-tuk

As we land, I'm greeted by a whoosh of sticky humidity - and left in no doubt I'm far from the familiar coffee and burger chains that seem to follow you around the world.

On the short transfer to the hotel we pass motorised tuk-tuks whizzing past on dusty roads and streetsellers with their stalls piled high with mangos. Schoolchildren dressed in crisp white uniforms giggle and wave as elegant women in rainbowcoloured saris drift past, shaded by their parasols. It is my first time in Asia... and from the moment I step off the plane at Colombo airport I'm hooked.

The plan is to tour Sri Lanka's "Cultural Triangle", taking in some of its seven UNESCO World Heritage Sites on the way. As a relatively small island - Sri Lanka is about the size of Ireland - you can cover a surprising amount of ground, even in just a week.

My first overnight stop at the gloriously relaxing Club Dolphin gives me a tantalising glimpse of why the country's beaches are some of the best in the world. Golden and dotted with palm trees, it is a slice of paradise.

And now it's perfectly safe, with the end of the island's civil war. If beaches are what you want, then unlike many monsoon-climate countries, Sri Lanka is a year-round destination as the dry season on the south-west coast is from November until April and the east coast is dry from May until September.

I'm up early the next day and, after a traditional breakfast of fish curry and rice noodles, it is off to the Pinnawela Elephant Orphanage. Founded by the government in 1975 to take care of just four baby elephants, today its is home to the largest group of captive elephants in the world.

We arrive as they are taking one of their twice-daily baths. It is amazing seeing so many elephants together. They hose each other down in the cooling water, the older elephants carefully guarding the smaller ones from sight. But when I finally glimpse the babies, my heart melts - they're tiny, hairy and absolutely adorable.

About 30km north is the Dambulla Rock Temple, the first of the UNESCO sites: five caves which date back to the 1st Century BC, with vibrant patterns and endless Buddhas painted on the walls and ceilings, and more than 150 golden Buddha statues. You need to put in a bit of work to get the reward - climbing the many steps to the temple, running the gauntlet of souvenir sellers and snake-charmers on the way up. One word of warning: if you do accept a helping hand on the way up from the "guides", you will be expected to tip them. And on entering the temple you need to remove your shoes and hat, and cover your arms and knees to show respect.

Once you've sweated your way up, the view is magnificent, looking over the distant mountains, through the intense green of the banana and coconut palms, towards Sigiriya, the ancient rock fortress with its beautiful fresco paintings, another UNESCO site with hundreds of steps up to reach its 300 metre-high summit.

The next morning it is another early start as I head for Polonnaruwa, one of the ancient capitals of Sri Lanka. A ticket for the museum (2,850 rupees - about £16) gives you entry to all the parks gardens there. Bring a picnic as you can easily spend hours lost in amazement, walking through the gardens and admiring the intricate carvings on the ruins of what must once have been a stunning city.

A fun way to see it might be to hire a tuk-tuk for the day - it shouldn't cost more than about 2,000 rupees (about £11) plus petrol. Definitely stop at a King Coconut stall. For about 30 rupees (about 20p), the stallholder will show off his machete skills, chopping your fruit into a slurpable mug. Delicious!

We head further south towards Kandy, a place of pilgrimage for Buddhists from around the world, about 70 miles from Colombo. According to Sri Lankan legend, when Buddha died, his body was cremated on a sandalwood pyre. One of his teeth was retrieved and it is now in Kandy, in the golden Temple of the Tooth Relic.

The sumptuous paintings, lavish layers of gold and overwhelming perfume of hundreds of frangipani flowers left as tributes create a meditative atmosphere.

Outside, monkeys scamper around the ornate carvings in the wooden roof and, beyond the moat that surrounds the temple, elephants flick their ears in the heat of the day. It is a magical place that will cast a spell over even the most cynical visitor.

Sri Lanka is, of course, famous for its tea and the main plantations are in the cloudy mountains of Nuwara Eliya, where the fields stretch as far as the eye can see. Women labour there, with baskets hanging from loops across their foreheads. They work long, hard hours for barely £1 a day. If you can, try to visit a Fair Trade factory - they provide help, such as micro-loans and schooling, for workers.

After a night in the Grand Hotel, the former residence of the governor of Sri Lanka, I spend the next day wandering around the pretty colonial town, amused to spot a doubledecker London bus, sent over after the tsunami. Being a foreigner makes me something of an attraction, with everyone keen to show off their English skills: "Hello! Bye bye."

I visit the Ramya Tex sari shop and pick up a genuine pashmina for a fraction of the cost at home.

Lunch is at the Cafe Milano, a plate of spicy curry and rice, which you mix with your right hand into little mouthfuls. It cost just 165 rupees (less than £1). Newspapers are provided as napkins and my clumsy efforts at neatly rolling the curry and rice mix is clearly the entertainment for the day.

My final destination, Rafters Retreat (www.raftersretreat.com) in Kitulgala, is far from the colonial luxury of the Grand Hotel but easily my favourite, an eco lodge created by a rafting legend called Channa. I sleep soundly in a treehouse. The bathroom is accessed through a trapdoor and the shower is cool spring water that shoots over a rock.

My next experience fills me with fear: white-water rafting. I've never done it before but I'm persuaded to try - and I'm glad I do. It is exhilarating and I am amazed what fun it is racing down the rapids, following Channa's soft calls, "...paddle forward... hard left... hard right...". The journey ends with a float down the river, the chirps and whistles of birds a perfect accompaniment to the water's roar.

Far overhead, a plane is leaving Colombo, I'll be on it the next day, but in the meantime, I think I'll just go with the flow...

source - http://www.mirror.co.uk/advice/travel