Lanka shares rise to six-month high

Updated 19 April 2013
0

Lanka shares rise to six-month high

COLOMBO: Sri Lankan shares hit a six-month high yesterday, as investors bought diversified shares and retail investors came back after the central bank said there would be room for further monetary policy easing.
The central bank on Tuesday kept key monetary policy rates unchanged for a fourth straight month, as expected, but left the door open for easing later as inflation is expected to slow further.
The main stock index gained 0.4 percent, or 23.30 points, to 5,891.83, its highest close since Oct. 2, 2012.
“Retail investors and margin traders are active as they see at least stabilization of interest rates as a positive sign and (the central bank) will not increase the rates in the short term,” said a stockbroker.
Expectations of falling interest rates have boosted sentiment, after Treasury Secretary P. B. Jayasundera recently said Sri Lanka’s interest rates should fall in May-June as the borrowing needs of loss-making state energy companies recede. The index has risen for the last six straight sessions since the treasury secretary’s comments.
The turnover was at 800.8 million rupees ($ 6.38 million) yesterday, less than this year’s daily average of about 965.1 million rupees.
Foreign investors were net buyers of 159.9 million rupees worth of shares, extending the year-to-date net foreign inflow to 7.31 billion rupees. Last year, the bourse saw a net inflow of $ 303 million.
The rupee edged down for a third straight session to 125.72/78 to the dollar, from Wednesday’s close of 125.60/62, due to demand from importers for the greenback, said currency dealers.
The rupee has been on the rise since mid-March on inflows from remittances and exporter dollar sales ahead of the traditional new year, which most Sri Lankans celebrated on April 13 and April 14.


PepsiCo to buy SodaStream for $3.2bn

Updated 20 August 2018
0

PepsiCo to buy SodaStream for $3.2bn

  • The cash deal will see PepsiCo. pay $144 per share for SodaStream’s outstanding stock
  • PepsiCo. says it aims to provide environmentally friendly and cost-effective products that promote health and wellness

NEW YORK: PepsiCo. said Monday it plans to buy SodaStream, an Israeli maker of carbonation products, for $3.2 billion as the beverage and snacks giant makes further inroads with in-home goods.
The cash deal will see PepsiCo. pay $144 per share for SodaStream’s outstanding stock, a 32 percent premium over its average price of the past 30 days.
SodaStream offers consumers “the ability to make great-tasting beverages while reducing the amount of waste generated,” PepsiCo. chair and CEO Indra Nooyi said in a statement.
“That focus is well-aligned with Performance with Purpose, our philosophy of making more nutritious products while limiting our environmental footprint. Together, we can advance our shared vision of a healthier, more-sustainable planet.”
PepsiCo. says it aims to provide environmentally friendly and cost-effective products that promote health and wellness.
“From breakthrough innovations like Drinkfinity to beverage dispensing technologies like Spire for food service and Aquafina water stations for workplaces and colleges, PepsiCo. is finding new ways to reach consumers beyond the bottle,” said Ramon Laguarta, PepsiCo. CEO-elect and president.
While the boards of directors of both companies have approved the deal, it is still subject to a SodaStream shareholder vote, regulatory approvals and other conditions, PepsiCo. said, adding that closing was expected by January 2019.
PepsiCo. had $63 billion in revenue last year.