CCS-Reliance Group of India agreement adds sparkle to share market

By Hiran H.Senewiratne

Ceylon Cold Stores (CCS) , a subsidiary of JKH, signed an agreement with one of India’s largest conglomerates, Reliance Group, to promote the “Elephant House ” brand in India to compete with Pepsi and Coca Cola. This resulted in an appreciation of CCS shares at yesterday’s stock market, analysts said.

Reliance Consumer Products Ltd., (RCPL), the FMCG arm and wholly-owned subsidiary of Reliance Retail Ventures Ltd., (RRVL) announced that it has partnered with Sri Lanka-headquartered “Elephant House” to manufacture, market, distribute and sell beverages under the “Elephant House” brand across India.

This association will not only help RCPL bolster its growing beverage portfolio that boasts iconic brands, such as, Campa, Sosyo and Raskik, but will also bring exceptional new products and value propositions to Indian consumers, analysts said.

The All Share Price Index went down by 26.53 points, while S and P SL20 declined by 11.57. Turnover stood at Rs 1.6 billion with three crossings. Those crossings were reported in JKH, which crossed 1.4 million shares to the tune of Rs 261 million; its shares traded at Rs 185, Lion Brewery 105,000 shares crossed for Rs 106 million; its shares traded at Rs 95 and ACL 1 million shares crossed for Rs 79.1 million and its shares sold at Rs 77.90.

In the retail market top seven companies that mainly contributed to the turnover were; Commercial Bank Rs 195 million (92.1 million shares traded), JKH Rs 182 million (984,000 shares traded), ACL Cables Rs 96.1 million (1.2 million shares traded), Expolanka Holdings Rs 69.8 million (474,000 shares traded), Hayelys Fabrics Rs 68.2 million (1.6 million shares traded), Ceylon Cold Stores Rs 67.1 million (1.3 million shares traded) and Lanka IOC Rs 30.6 million (294,000 shares traded). During the day 42.9 million share volumes changed hands in 9800 transactions.

Yesterday, the rupee appreciated further to open at Rs 309.90/310.00 to the US dollar, from Rs. 310.00/15 the previous day, dealers said.

Bond yields were broadly steady. A bond maturing on 01.08.2026 was quoted at 10.90/11.00 percent from 10.85/11.05 percent on Wednesday. A bond maturing on 15.09.2027 was quoted at 11.95/12.05 percent from 11.90/12.00 percent. A bond maturing on 01.07.2028 was quoted at 12.10/25 percent from 12.15/25 percent.