Plantations stocks hammered after wage hike gazette

Plantations stocks closed upto 2.5 percent lower Thursday after the government announced that companies would have to pay a daily wage of 1,700 per worker.

Already some workers who were paid on a model somewhat similar to that of small holder workers, were earning higher wages than those who were paid through a mandate wage.

According to the gazette notice, plantations workers will have to be paid 1350 rupees a day, there will be a ‘daily special allowance’ of 350 rupees and an over kilogram rate of 80 rupees a day.

Talawakelle Tea Estates Plc closed down at 112.75, Elpitiya Plantations Plc closed down at 120.50, Watawala Plantations Plc closed down at 90.10, Madulsima Plantations Plc closed down at 9.90, Kelani Valley Plantations Plc closed down at 74.90, Sunshine Holdings Plc closed down at 61.60, Maskeliya Plantations Plc closed down at 32.00.

Kahawatte Plantations Plc closed down at 18.00, Agalawatte Plantations Plc closed down at 34.50, Malwatte Valley Plantations Plc closed down at 61.90, Namunukula Plantations Plc closed down at 349.75, Hapugastenne Plantations Plc closed down at 32.00, Udapussellawa Plantations Plc closed down at 71.40, Bogawantalawa Tea Estates Plc closed down at 36.50, Kotmale Holdings Plc closed down at 426.75, Kegalle Plantations Plc closed down at 116.25.

Hatton Plantations Plc was up at 75.40, while Horana Plantations Plc closed up at 39.80.Kotagala Plantations Plc closed flat at 6.30.