Demand soars for Expolanka shares

By Hiran H.Senewiratne

The CSE bounced back strongly yesterday with higher turnover as investors showed signs of renewed optimism, despite a worsening COVID-19 situation in the country. 

Amid those developments most investors are now rallying round Expolanka stocks anticipating better profit results for the company as the Covid 19 pandemic has punctured many businesses in a big way, stock market analysts said,

Expolanka share prices moved up by 7 percent or Rs. 1.60. The company is  in the sea and air cargo handling business and its shares started trading at Rs. 22.30 and at the end of the day they moved up to Rs. 23.90, which contributed approximately one third of the turnover, stock market analysts said. 

Further, share prices of Piramal Glass Private Limited appreciated in the stock market by one percent or 15 cent with the entry of the new buyer of the company.  Global private equity Bain Capital has joined the race to acquire a controlling stake in Ajay Piramal-promoted Piramal Glass Private Limited (PGPL).

Bain Capital’s offer which came over the weekend is higher than rival Blackstone Group’s binding bid of $790 million, sources said.

“Bain Capital is a late entrant but has made a higher offer which is close to $900 million for the company, said a source. “Piramal Group is seeking a valuation of around $1 billion in enterprise value.”analysts said. Its share price also started trading at Rs. 8.40 and at the end of the day it moved up to Rs. 8.50. 

Another company, Dipped Products PLC also witnessed foreign selling and its share price also moved up by Rs. 10 or  3 percent. Its shares started trading at Rs. 323 and at the end of the day it moved up to Rs. 333.

The CSE was bullish and both indices moved upwards. The All Share Price Index was up by 81.5 points and S and P SL20 up by 23.6 points. The turnover stood at Rs. 3.53 billion with four crossings. Those crossings were reported in Vallibel Power, which crossed 33.5 million shares to the tune of Rs. 268 million, its share price traded at Rs. 8, JKH 609,000 shares crossed for Rs. 80.7 million, its share price traded at Rs. 132.50, Cargills 400,000 shares crossed for Rs. 76 million and its share prices traded at Rs. 190 and Kelani Valley 300,000 shares crossed for Rs. 25.5 million, its shares trading at Rs. 85.

In the retail market top five contributors to the turnover were,  Expolanka Rs. 909 million (38.4 million shares traded), Vallibel Power Rs. 251 million (34.8 million shares traded), Piramal Glass Rs. 241 million (27.8 million shares traded), Dipped Products Rs. 182 million (556,000 shares traded) and RIL Properties Rs. 153 million (16.9 million shares traded). During the day 242 million share volumes changed hands in 27618 transactions.   

It is said the  bourse gained back momentum experiencing a Rs. 2 billion plus turnover after seven trading sessions, while recording a two-week high amid heavy retail buoyancy.