Business
SINGER Sri Lanka and DELL surge ahead to number one in laptop market share
Singer Sri Lanka, the country’s premier consumer durables retailer together with DELL Technologies has surged ahead as the dominant leader acquiring a sizeable and impressive 35.6% market share for Dell branded laptops according to an International Data Corporation (IDC) Report released recently. This supremacy is in addition to Singer’s recent success as the country’s No. 1 computer seller.
While Singer is the exclusive distributor for Dell consumer laptops in Sri Lanka, significantly, the company has helped to drive Dell Sri Lanka revenue accounting for a bulk 70% of Dell revenues comprising all segments. Dell’s other channel partners share the balance 30%.
Shanil Perera, Marketing Director, Sri Lanka PLC said, “Dell’s continued innovation and diverse product offerings reinforce its standing as the leading brand globally. We at Singer are recognised as the undisputed number 1 computer seller in the country. Together we aim to remain focused on providing best in class technology that meets the needs of our customers. Our rise in leading the consumer laptop market-share demonstrates deep commitment to continue offering value throughout our portfolio.”
Despite challenging market conditions, Singer’s solid growth is also due to the surge in remote work and education, as the pandemic continues to demand higher levels of laptop usage for working and studying from home catering to the new ‘normal’.
However, the preference for Dell laptops over other brands showcase customers choice in seeking cutting-edge products as well as reaffirming their confidence and trust placed in the brand. This is especially noteworthy, as Dell laptops are at a premium price compared to other competitors in the market.
Aabid Aslam, Head of Distribution (Client & Enterprise) Sri Lanka and Maldives, stated, “We are extremely pleased to be the frontrunner and achieve market-share dominance for consumer laptops with the help of Singer Sri Lanka. Over the years our partnership has flourished and continues to deliver superior results. Today, we mark our success by delivering unprecedented levels of performance and value that customers can rely on.”
Dell offers a wide range of products to meet the diverse needs of its customers; the entry level range is attractively priced at Rs. 64,799 in addition to high-end laptops such as the award winning XPS13 range, recognised as the best laptop in 2020 and other gaming laptops. Dell’s innovative in-house software ‘Dell Mobile Connect’, which seamlessly creates a bridge between a user’s smartphone and their laptop, ensure customers receive equipment that is superior, high quality and intrinsic in value.
Contributory to Dell’s accomplishment is Singer’s attractive payment easy schemes such as credit card offers, cash discounts and special student offers. Moreover, in the highly competitive consumer laptop market, Singer’s hire purchase facilities has afforded greater incentives for customers to own a laptop at an extremely accessible price and this has also fueled Dell’s market share growth.
An additional benefit offered by Singer is the extension of the applicable two-year warranty to a four-year period, its legendary service standards, enhanced e-commerce platform www.singer.lk, and easily accessible extensive network of over 400 showrooms located islandwide resonate well with Dell customers seeking greater choice and value for money.
Working from a shared vision of success, Singer and Dell aim to continue to collaborate and strengthen its market share, achieve higher revenue, continuing to provide industry-leading technology solutions and services to its mutual customers.
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SLT-Mobitel, the nation’s ICT and Telecommunications Service Provider recently partnered with Spotify, to mark their launch in Sri Lanka. Spotify is a paid premium music streaming app which allows subscribers to listen to music to their hearts content. Both, SLT-Mobitel Post-Paid and Pre-Paid customers will now be able to enjoy Spotify by activating a monthly recurring subscription or one-time subscription plan and access unlimited music streaming and downloading facilities.
The subscription charges will get added to the user’s customary billing, where payment will be deducted in real time. Starting from the payment date, the user will be able to access Spotify and download their favourite songs, for the next 30 days. Users who sign up for their first monthly subscription will receive an additional one month, courtesy of Spotify. The one-month subscription plan is not applicable with one-time subscription plans. SLT-Mobitel data rates, depending on the user’s respective broadband charges, will apply.
Spotify also has some exciting features that will provide SLT-Mobitel customers with the opportunity to listen to ad-free music, access millions of uninterrupted music under one platform, play any song they like, anywhere they go, and also be able to enjoy their music offline.
SLT-Mobitel customers can select their preferred premium package under four categories; Individual, Duo, Family, Student. Each category has recurring and non-recurring plans. After one month of free streaming, the package will activate once the offer period terminates. While both, the Individual and Student premiums are limited to one account user, the Duo package offers two accounts and the Family premium is accessible through six accounts. To view Spotify plans, users can log on to https://spoti.fi/3aLWvce
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by Sanath Nanayakkare
Anyone conversant with the elements of a political economy would know that Sri Lanka is using its ‘sovereign power’ to manage the different dynamics of the economy in a sustainable manner, Professor W. D Lakshman Governor of the Central Bank said on Wednesday.
“Some critics are saying that we adopt a so-called modern monetary theory. That’s not the case. In fact, Sri Lanka is using its sovereign power in a number of economic aspects to honour its external debt repayment commitments as well as to reduce its debt burden in the medium term as well as achieve resilient growth in the medium to long term, he said.
“We make policy decisions to boost our gross foreign reserves, meet our external debt servicing, to facilitate monetary expansion, to boost our GDP growth, to strengthen our current account balance and manage our domestic and external economic variables in a sustainable manner. This is not a modern monetary theory. This is an age-old tool used by central banks around the world when the circumstances demand it, he said.
“Certain trade-offs will be necessary when dealing with an economy which has a big fiscal gap to bridge. There are efforts to push Sri Lanka towards the IMF again which would in turn have influence on our policymaking. We have taken policy measures to stabilize the economy and we have adequate reserve levels to meet our debt repayments. Meanwhile, we are in negotiations with overseas central banks and multilateral agencies to further boost our reserve level and it would materialise within a matter of weeks,” he noted.
“One of the tools the Central Bank has introduced is in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lankan rupees in order to strengthen the foreign exchange situation of the country,” he said.
The Governor made these remarks while delivering the keynote speech at a webinar organised by the Veemansa Initiative led by its Managing Director Luxman Siriwardene – the former Executive Director of Pathfinder Foundation.
The webinar revolved round the topic ‘External debt situation in Sri Lanka: Are we heading for a resolution or crisis?’
Professor Sirimal Abeyratne, Prof. Sumanasiri Liyanage, Dr. Nishan de Mel and Dr. Ravi Liyanage were the other speakers on the panel.
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By Hiran H.Senewiratne
CSE produced signs of a rebound yesterday with both indices closing positive, though turnover remained low. Central Bank Governor W.D Lakshman’s recent statement on managing foreign reserves gave some boost to the market yesterday, stock market analysts said.
The index experienced a zigzag movement within the early hours of trading; thereafter, it recorded a slight up-trend as it reached its intraday high of 7,439. Later, the market witnessed a down-trend at mid-day, followed by a sideways movement and closed at 7,372, gaining 43 points during the month of February, market sources said.
It is said the banking sector dominated turnover with a contribution of considerable parcel trades in Sampath Bank, Commercial Bank and HNB.
Further, the Commercial Bank’s impressive quarterly results during the recent turbulent period also built investor confidence. Commercial Bank was able to register a18 percent net interest income when other banks were reporting a decline. Its share price increased by Rs. 3 or 3.5 percent. On the previous day, its shares started trading at Rs. 85 and at the end of the day they moved up to Rs. 88. Due to the positive growth results, the bank announced a Rs. 4.40 dividend per share, plus a Rs. 2 script divergent for every share.
Further, Sampath Bank shares also appreciated in both crossing and retail. In crossings its shares appreciated by Rs. 1.At the end of the day they moved up to Rs. 154.50. In the retail market, its shares moved up by Rs. 2 or 1.3 percent. Previously, its shares fetched Rs. 154 and at the end of yesterday they moved up to Rs. 156.
Amid those developments, both indices moved upwards. The All Share Price Index went up by 104.48 points and S and P SL20 rose by 67.78 points. Turnover stood at Rs. 3 billion with four crossings. Those crossings were reported in Sampath Bank, where 3.9 million shares crossed for Rs. 602.2 million, its share price being Rs. 154.50, HNB 375,000 shares crossed for Rs. 39.4 million, its shares traded at Rs. 105, Pan Asia Power 9.5 million shares crossed for Rs. 33.2 million, its shares traded at Rs. 3.50 and Access Engineering 1.2 million shares crossed for Rs. 28.2 million; its shares traded at Rs. 24.
In the retail market top five companies that mainly contributed to the turnover were, Expolanka Rs. 450 million (10 million shares traded), JKH Rs. 205 million (1.3 million shares traded), Browns Investments Rs. 199 million (34.9 million shares traded), Sampath Bank Rs. 191 million (1.2 million shares traded) and Dipped Products Rs. 137.7 million (2.8 million shares traded). During the day 101 million share volumes changed hands in 18046 transactions.
During the day, Expolanka, the biggest contributor to the turnover, saw its share price appreciating by Rs. 6.20 or 15 percent. Its share price quoted on the previous day was Rs. 41 and at the end of trading yesterday it moved up to Rs. 47.
Sri Lanka’s rupee quoted wider at 193.50/195.50 levels to the US dollar in the spot next market on Thursday while bond yields remained unchanged, dealers said. The rupee last closed in the spot market at 194.50/195.00 to the dollar on Wednesday.
