Sri Lanka Keells Food share price perks up on higher profits

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

Jan 31, 2008 (LBO) – Sri Lankan stocks ended higher Thursday with two foreign crossings of Dialog Telekom propping up turnover. . The All Share Index went up half a percentage point or 12.34 points to 2,446.13 while the liquid Milanka index closed up 0.69 percent or 21.45 points at 3,113.07.

Turnover went up to 325 million rupees, with 10 million shares of Dialog Telekom being traded. The stock closed up 25 cents or 1.39 pct at 18.25 rupees.

“The market is not coming down but holding on with some select counters being traded,” said R Muralidaran, managing director of Bartleet Mallory Stock Brokers.

“Investors are looking to pick bargains here and there.”

The highest gainer for the day was Keells Food Products which rose 28 percent or 14.75 rupees to 68 rupees from a month high of 50 rupees with 257,800 shares traded.

The company has reported December quarter net profit shot up 228 percent year-on-year to 41 million rupees with net profit for the nine months up 144 percent to 59 million rupees.