Keells Food goes to India

The market saw volumes drop and the indices dip marginally in the absence of any significant developments. Keells Food Products disclosed an investment in India to manufacture and market processed meats.

John Keells Foods India Ltd, a 100% owned subsidiary, is targeting the population of India's major cities. Light House Hotels declared a first and final dividend of Rs 1.50.

The ASPI closed down 4 points (-0.14%) at 2677 while the MPI declined by 6 points (-0.18%) to close at 3316. Tokyo Cement (NV) (Rs 63.6 million), Ceylinco Insurance (Rs 37.9 million), East West Properties (Rs 15.1 million), Balangoda Plantations (Rs 9.3 million) and Pan-Asia Bank (Rs 8.9 million) were the biggest contributors to turnover, which totaled Rs 271.4 million.

The top advancers for the day were Associated Electricals by 20% to Rs 1,200.00, Hayley's Exports by 10% to Rs 29.25, Vanik Incorporated (NV) by 8% to Rs 1.40, CT Land 7% to Rs 18.00 and Tangerine Hotels by 7% to Rs 30.00.

The decliners for the day were Seylan Merchant (NV) by 14% to Rs 0.60, Bogala Graphite by 5% to Rs 24.50, Merchant Bank 5% to Rs 15.50, HDFC by 4% to Rs 126.00 and Colombo Fort Investments by 4% to Rs 19.50.

Source: First Guardian Equities