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Wednesday February 1st, 2023

Sri Lanka’s Noyon Lanka develops eco-friendly plant based dye

ECONOMYNEXT – Noyon Lanka, a unit of Sri Lanka’s MAS apparel group has developed a new plant extract-based dye that reduces water and energy use in washing plants and makes the industry more environmentally friendly, officials said.

The ‘Planetones’ branded dye is also biodegradable.

“We initiated the plant extraction process at our Noyon research and development labs in Sri Lanka,” Manjula Jayawardena, the Director General Manager of Innovation at Noyon Lanka said.

“However, when it comes to the commercial state we cannot do that in a lab and we have to go for partners with bigger capacity.”

“We bring these extracts to our facilities and the formulation is being done here.”

Planetones dye reduces water use in the washing cycle by 30 percent and energy 15 percent, the company said.

The dye has also been cleared by Control Union, a EU-based certification group.

Initially, dyeing is being promoted with lace, but Jayawardena said dye can be applied to all synthetic materials, including nylon fabrics and garments.

Jayawardena said polyester and cotton products with natural dying will be also presented to the market going forward.

Noyon’s facility in Biyagama is capable of making 500 kilograms per colour per month and expects to expand the capacity according to the demand.

The firm has started commercializing the product in French and Italian markets under Etam and Yamamay brands.

The plant extract-based dye is expected to cost around 8 percent more than synthetic dyes.

“Some of our customers have already working on taking the product to the market,” Sunesh Rodrigo, the General Manager of Sales and Marketing at Noyon Lanka said. “In the next two to three years, we will have another 3-4 brands that will be commercializing our products.”

“A leading brand in the industry is currently in discussion with us for this product. We also have regional level manufacturers who are interested in the product, such as in India and the Far East.” (Colombo/ Aug 31/2022)

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Sri Lanka shares edge up at close

ECONOMYNEXT- Sri Lanka’s shares edged up on Wednesday pushed as investors bought in to beaten down shares following the previous session’s drop, market analyst said.“

At this price level what we are seeing is a lot of confidence from the investors to collect when the prices drop. So, the market is not falling sharply,” a market analyst said.

Market had also seen buying in Expolanka shares on speculation that the parent company of SG Holdings was buying back into the shares.

All Share Price Index (ASPI) edged up by 0.96 percent or 84.96 points to 8,950.01.

The most liquid index S&P SL20 gained 1.27 percent or 35.02 points to 2,799.53.

Banking and Insurance counters had seen interest on the back of positive sentiments from the IMF.

The central bank has said it could cut interest rates in future when the the country sees fall in inflation, which has already started decelerating.

The market saw a turnover of 1.5 billion rupees today,lower than the month’s daily average of 1.8 billion rupees and nearly half of 2022 average turnover of 2.9 billion rupees.

The bourse saw a flow of net foreign inflow of 45 million rupees extending the net offshore buying to 1.9 billion so far this year.

Top gainers of the day were Commercial Bank, Expolanka, and Ceylinco Insurance. (Colombo/Feb01/2023)

 

 

 

 

 

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Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

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Sri Lanka bill auction hits pothole after 2025 bond spike

ECONOMYNEXT – Sri Lanka sold only 45 billion rupees in Treasury bills at Wednesday’s auction after offering 120 billion rupees, data from the state debt office showed, amid market confusion over a spike in a two year bond at an earlier action.

30.1 billion rupees of 3-month bills were sold at 29.91 percent, unchanged from a week earlier after offering 60 billion rupees for auction.

5.1 billion rupees of 6-month bills were sold at 28.72 percent, flat after offering 30 billion.

10.3 billion rupees of 12-month bills were sold at 27.72 percent after offering 30 billion.

Phase II subscriptions have been opened.

The market was foxed after the 2025 bonds were accepted at sharply higher yield than market on January 30, dealer said.

There was further confusion as the there was an outright purchase of 2025 at around 29 percent earlier in January.

Some investors speculated that the authorities were trying to drive more buyers towards short end bonds as bill volumes were getting larger. (Colombo/Feb01/2023)

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