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Lanka SSL strengthens its partnership with TATA Steel

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With an undisputed reputation in the steel industry, Lanka Special Steel Limited (Lanka SSL), a subsidiary of E. B. Creasy Group, stepped up to strengthen its longstanding partnership with TATA Steel Ltd’s Global Wire India (GWI), one of the world’s largest steel wire manufacturers with industrial facilities in India and Thailand.

Lanka SSL will be the sole agent and distributor in the country for all of its premium quality wire products, further expanding its existing portfolio.

The products now include High Tensile wire (HTS) used in concrete reinforcement of electric poles and pre-stressed concrete pipes, Prestress Concrete Strand wire used in pre-stressing concrete for constructing various types of structures, Spring wire for mattresses and body parts of motorbikes, Bead wire for tyres in automotive products, Shutter wire for roller gates, Heavy GI for Gabions and high value products.

Its steel wires being used across various industry segments ranging from construction, automotive and power to general engineering and retail. It takes pride in having supplied wires for many iconic structures across the world. GWI is a division of Tata Steel, one of the world’s most geographically-diversified steel producers.

With this strategic move, Lanka SSL will now ship and store its products in contrast to having to pre-order them. Customers can now seamlessly access these premium high-quality products with Lanka SSL taking all possible measures to assure its reach and availability in the market.

Anurag Pandey, Chief of Marketing and Sales said: “It is with great pleasure that we announce the new level of relationship with LSSL, one of the most respected and reputed companies, as our sole distributor in Sri Lanka. Tata Steel has a long serving history of strong channel presence in the retail and institutional segments which Global Wires India Division now seeks to extend and leverage in International markets”.

“With the appointment of LSSL as its sole distributor in Sri Lanka, the two decades of mutual trust between these two companies is further reinforced, besides opening up new avenues for business development, increase our market presence and significantly augments our customer serviceability in the market place, bringing us closer to the customers and market”, he further said.

“Our commitment to our customers lies in the offering of high quality products with differentiated top notch service levels which gets further strengthened with this strategic alignment with LSSL. My warmest congratulations to LSSL on this appointment and best wishes for greater success and continued improvement of our business relationship”, he added.

Pravin De Silva, CEO of Lanka Special Steel Limited, said “We are delighted to reinforce our successful partnership with a global leader in steel wires. Though we have represented as a local agent in the past offering a few of their products, we’ve now expanded to include all of its wire products as the sole distributor in Sri Lanka. This will be helpful to our customers in numerous ways to enhance their cost-effectiveness since material is readily available in Sri Lanka”.

Over the last sixteen years, Lanka SSL has been providing excellent customer service and superior products to its clientele, especially in the booming construction sector in Sri Lanka, making it a leader in the industry. LSSL has built their reputation with repetitive and loyal customers, and their highly qualified team. The team provides a well personalized and individualized approach to each order and each client, and continually strives to provide solutions to all their customer needs and requests.

Lanka SSL is an ISO 9001: 2015 and SLS 139: 2003 certified company.

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Unlimited music streaming platform in Sri Lanka

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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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Sri Lanka using ‘sovereign power’ over economy: CB Governor

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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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CSE on the rebound; indices close positive

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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.

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