Business
Share market in bullish trend; TU action seen as unsuccessful
By Hiran H. Senewiratne
The stock market was extremely bullish in the early part of the session yesterday and edged- up in mid-day trade, ending on a positive note with news that the IMF loan agreement talks would come to a conclusion by March 20, market analysts said.
“The market is moving sustainably and is healthy because the market moves between profit- taking and buying interests. These are considered positive factors and contributors. Yesterday’s trade union action not being successful also gave an impetus to the market, analysts added.
Both indices moved upwards. The All- Share Price Index was up 37.1 points, while the most liquid index S&P SL20 was also up by 18.7 points. Turnover stood at Rs 1.63 billion with two crossings. Those crossings were reported in HNB, which crossed 1.7 million shares to the tune of Rs 232 million, its shares traded at Rs 135 and JKH 216,000 shares crossed to the tune of Rs 30.8 million, its shares traded at Rs 142.75.
In the retail market top seven companies that mainly contributed to the turnover were, JKH Rs 134 million (933,000 shares traded), Piramal Glass Rs 92.4 million (4.4 million shares traded), Browns Investments Rs 86.7 million (13.7 million shares traded), Tokyo Cement (Non-Voting) Rs 74.9 million (1.6 million shares traded), Tokyo Cement (Voting) Rs 66.4 million (1.3 million shares traded), Dialog Axiata Rs 58.1 million (5.5 million shares traded) and ACL Cables Rs 56.3 million (641,000 shares traded). During the day 66.8 million share volumes changed hands in 18000 share transactions.
“The turnover is slow because people are entering minimal profit- taking, not eagerly wanting to dump shares and sell them, an analyst said. Buying was mainly seen in financial indexes, retail counters and construction indexes, market sources said.
Yesterday, the Central Bank quoted the rupee at around Rs 337/340 to the US dollar in the spot market in intra-day trade, after opening wide at Rs 336/344 levels, dealers said. The rupee closed at Rs 336/341 to the US dollar on Tuesday.
Sri Lanka operated a consistent policy peg until March when the Central Bank was buying and selling dollars at around Rs 360/370 and sales went down as domestic credit reduced and the rupee came under upward pressure.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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