Business
Predominantly rupee-driven stock market can mitigate effects of exchange rate: CSE chairman
by Sanath Nanayakkare
As a large number of investors in the stock market at the moment are local rupee investors rather than others, the exchange rate of the local currency has been less severe on stock trading, chairman, CSE Dumith Fernando told ‘The Island Financial Review’ yesterday.
Responding to a question on the potential effects of the current exchange rate volatility on stock trading, the CSE chairman said, “Generally speaking, at the moment most of the stock market investors are local rupee investors. So clearly the exporters will find the situation positive and net importers would find it negative. This means there will be individual companies that are ‘up and down’, but as the overall market at the moment is driven by local rupee investors, the impact of the exchange rate can be mitigated.”
CSE chairman made these comments soon after WindForce Plc began trading yesterday.
When asked about the current trend where foreign investors remain net sellers while recording low participation on the trading floor of the CSE, Fernando said, “Continuous improvement in the market, positive macro economic aspects and with positive news like the stock debut by WindForce Plc, the China Development Bank loan and a few other things, confidence will be rebuilt on the strength of the currency. I do feel that foreign investors will start looking at the CSE in the time to come. In fact, we are trying to make a big push to market the potential here with the Board of Investments (BOI) and the Chamber of Commerce to attract foreign investors. We have planned a big virtual investment conference – the first of its kind – to try and educate internationally. We are expecting about a 1,000 participants for the conference. We are preparing the invitations and hope that it will be a key event for potential investors and investors keen to come here to be informed about the positive growth prospects of the market here.”
Asked when he hopes to see a positive attitude in foreign investors towards the CSE, he said, “Probably we should see this shift in the second half of this year.”
Windforce Limited, renewable firm, began trading above its price of 16 rupees per share yesterday after raising 3.2 billion rupees for wind power projects in Sri Lanka and Senegal.
The firm which started in 2020 has 27 power plants with 218 megawatts of capacity. Of the total 55.4 percent is based in Sri Lanka and the rest in Uganda.
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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