The present trend in the Construction Industry is to make payments to the Contractors over delays encountered during the execution of Contracts in honoring the payments.
But still some of the Professional Engineers are interpreting the relevant documents in selecting the applicable interest of payment in such a way that it would be beneficial to him/his Client monetarily and the Employers also looking at such an event with Nelsonian Eye.
The Relevant Clause in the Conditions of Contract of CIDA stipulates “late payment is made at the prevailing rate of interest of 1% over the lending rate of the Central Bank to Commercial Banks”.
A Treasury’s reply states that “It is appropriate to use the Standing Lending Facility Rate [SLFR] given in the bulletin as the lending rate of the Central Bank to Commercial Banks.”
In a move that could boost agricultural and food products exports from Ladakh, the first commercial shipment of Apricot sourced from the Union Territory (UT) has been exported to Dubai.
The consignment of Apricot was transhipped from Leh, Ladakh to Mumbai prior to being exported to Dubai
Agricultural and Processed Food Products Export Development Authority (APEDA) has been working to establish an export value chain for Ladakh Apricot in association with an importer group based in Dubai. The shipment was exported by APEDA registered exporter from Mumbai, the Ministry of Commerce and Industry said in a press release.
The Bourse ended the week on a positive note this week with ASPI increasing by 385.32 points (or 4.31%) to close at 9,316.65 points, while the S&P SL20 Index also increased by 149.51 points (or 4.47%) to close at 3,494.76 points.
Expolanka was the highest contributor to the week’s turnover value, contributing LKR 15.64Bn or 26.17% of total turnover value. Browns Investments followed suit, accounting for 22.12% of turnover (value of LKR 13.22Bn) while L O L C Holdings contributed LKR 3.35Bn to account for 5.60% of the week’s turnover.
Total turnover value amounted to LKR 59.75 Bn (cf. last week’s value of LKR 55.05 Bn), while the daily average turnover value amounted to LKR 11.95Bn (8.54% W-o-W) compared to last week’s average of LKR 11.01Bn. Market capitalization meanwhile, increased by 4.31% W-o-W (or LKR 171.70 Bn) to LKR 4,151.63 Bn cf. LKR 3,979.93 Bn last week.
Liquidity (Value & Volume)
Transportation Industry Group was the highest contributor to the week’s total turnover value, accounting for 26.27% (or LKR 15.70Bn) of market turnover. Industry Group’s turnover was driven primarily by Expolanka which accounted for 99.62% of the sector’s total turnover. Food Beverage & Tobacco Industry Group meanwhile accounted for 24.79% of the total turnover value while Capital Goods Industry Group contributed 21.32% to the weekly turnover.