Business
Demand soars for Expolanka shares
By Hiran H.Senewiratne
The CSE bounced back strongly yesterday with higher turnover as investors showed signs of renewed optimism, despite a worsening COVID-19 situation in the country.
Amid those developments most investors are now rallying round Expolanka stocks anticipating better profit results for the company as the Covid 19 pandemic has punctured many businesses in a big way, stock market analysts said,
Expolanka share prices moved up by 7 percent or Rs. 1.60. The company is in the sea and air cargo handling business and its shares started trading at Rs. 22.30 and at the end of the day they moved up to Rs. 23.90, which contributed approximately one third of the turnover, stock market analysts said.
Further, share prices of Piramal Glass Private Limited appreciated in the stock market by one percent or 15 cent with the entry of the new buyer of the company. Global private equity Bain Capital has joined the race to acquire a controlling stake in Ajay Piramal-promoted Piramal Glass Private Limited (PGPL).
Bain Capital’s offer which came over the weekend is higher than rival Blackstone Group’s binding bid of $790 million, sources said.
“Bain Capital is a late entrant but has made a higher offer which is close to $900 million for the company, said a source. “Piramal Group is seeking a valuation of around $1 billion in enterprise value.”analysts said. Its share price also started trading at Rs. 8.40 and at the end of the day it moved up to Rs. 8.50.
Another company, Dipped Products PLC also witnessed foreign selling and its share price also moved up by Rs. 10 or 3 percent. Its shares started trading at Rs. 323 and at the end of the day it moved up to Rs. 333.
The CSE was bullish and both indices moved upwards. The All Share Price Index was up by 81.5 points and S and P SL20 up by 23.6 points. The turnover stood at Rs. 3.53 billion with four crossings. Those crossings were reported in Vallibel Power, which crossed 33.5 million shares to the tune of Rs. 268 million, its share price traded at Rs. 8, JKH 609,000 shares crossed for Rs. 80.7 million, its share price traded at Rs. 132.50, Cargills 400,000 shares crossed for Rs. 76 million and its share prices traded at Rs. 190 and Kelani Valley 300,000 shares crossed for Rs. 25.5 million, its shares trading at Rs. 85.
In the retail market top five contributors to the turnover were, Expolanka Rs. 909 million (38.4 million shares traded), Vallibel Power Rs. 251 million (34.8 million shares traded), Piramal Glass Rs. 241 million (27.8 million shares traded), Dipped Products Rs. 182 million (556,000 shares traded) and RIL Properties Rs. 153 million (16.9 million shares traded). During the day 242 million share volumes changed hands in 27618 transactions.
It is said the bourse gained back momentum experiencing a Rs. 2 billion plus turnover after seven trading sessions, while recording a two-week high amid heavy retail buoyancy.
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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