Business
Excessive share price increases in low-float stocks warrant effective oversight: analysts
By Hiran H.Senewiratne
Trading activities at the Colombo Stock Exchange (CSE) indicated mixed reactions yesterday while low- float company LOLC Development Finance and Nestle Lanka dominated the market, stock market analysts said.
“The market managed to remain positive as those companies attributed in a positive way. However, this development calls for some regulatory control for low- float companies that would make unexpected price appreciation, otherwise it would give a wrong picture about the stock market”, stock market analysts said.
All Share Price Index up by 11.27 points and S and P SL20 down by 19.66 points. Turnover stood at Rs 1.95 billion with two crossings. Those crossings were reported in Alliance Finance, which crossed 1.2 million shares to the tune of Rs 90.6 million and its share price traded at Rs 75.50 and Lion Brewery 100,000 shares crossed for Rs 54 million and its share price traded at Rs 540.
In the retail market, top five companies that mainly contributed to the turnover were Nestle Rs 257.3 million (214,600 shares traded), LOLC Rs 148.4 million (352,700 shares traded), Browns Investment Rs 122 million (19.7 million shares traded), Expolanka Rs 105.6 million (2.1 million shares traded) and Royal Ceramic Rs 93.5 million (2.53 million shares traded),
During the day LOLC Development Finance contribution to the turnover was Rs 835,000 from trading of 4125 shares. The contribution to the All Share Price Index was 22 points. Its share price startered trading at Rs 164 at the end of the day it moved to Rs 205. This was a 35 percent or Rs 41 increase. Other low float companies are Nestle and Associated motor Finance. Nestle share price started trading at Rs 1118.75 at the end of the day it shot up to Rs 1200, which was Rs 81.25 or seven percent price appreciation The company contributed 10 points to the All Share Price Index.
Associated Motor Finance witnessed 50 percent price appreciation, without any price sensitive reasons. Its share started trading at Rs 414.75 and at the end of the day it moved up to Rs 622. During the day 62.5 million share volume changed hands in 18865 transactions.
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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