Business
CSE crossings in Cargills, Expolanka and TJ Lanka
By Hiran H.Senewiratne
So far more than a Rs. 30 billion foreign outflow has been reported from the CSE, while last year the foreign outflow was Rs. 48 billion, stock market analysts said.
On the other hand, CNBC (Singapore) quoting a JPMorgan strategist report said that the best time to buy Asian stocks could be now.
Mixo Das, Asia equity strategist at the bank said US markets have been hitting record levels while Europe and Japan are approaching their all-time highs. However, Asian markets have not seen the same trend.
“Ever since the highs in February, we’re down quite a bit in Asian equities and the way we look at it is, our framework is telling us that now is probably the best time to be taking risks in Asia,” he told CNBC recently.
The report said that investor positioning in Asia is currently “extremely light” while valuations have come down to more normal levels. If macroeconomic momentum in the region starts to stabilise, Asia stocks could move a lot higher, the report revealed.
Amids those developments, both CSE indices showed downward trend yesterday. All Share Price Index went down by 19.50 points and S and P SL20 went down by 1.05 points. It is said that the LOLC Development Finance share price which depreciated by Rs. 22 or five percent had contributed 16 negative points to the All Share Price Index. Another reason for the index to become negative was that JKH, Browns Investments, LOLC and several other high profile companies’ had notable profit taking, which triggered selling pressure on their stocks during the day, market analysts said.
Turnover stood at Rs 3.08 billion with three crossings. Those crossings reported in Cargills, which crossed 3.72 million shares to the tune of Rs. 930.2 million, its shares traded at Rs. 250, Expolanka one million shares crossed for Rs. 54.9, its shares traded at Rs 54.90 and TJLanka 500,000 shares crossed for Rs. 20.5 million, its shares traded at Rs. 41.
In the retail market top five companies that mainly contributed to the turnover were Expolanka Rs 451.7 million (8.4 million shares traded), Singer (Sri Lanka) Rs 152.5 million (8.2 million shares traded), TJLanka Rs 121.4 million (2.95 million shares traded), LOLC Rs 105 million (246,000 shares traded), RIL Properties Rs. 73 million (9.3 million shares traded). It is also said that there was a foreign outflow of around Rs. 930.2 million. During the day 219.1 million share volumes changed hands in 24546 transactions.
Meanwhile, Hatton National Bank’s (HNB) Rs. 7 billion BASEL III compliant listed debenture issue was oversubscribed on its official opening day. HNB said, as per the prospectus, the issue closed following oversubscription.
The bank issued 50 million BASEL III compliant-Tier 2, listed, rated, unsecured, subordinated, redeemable debentures with a non-viability conversion at Rs. 100 each to raise Rs. 5 billion and offered a further 20 million debentures to raise Rs. 2 billion in the event of an oversubscription of the initial amount. The debentures carry a fixed rate of 9.50 percent payable annually. Joint managers and placement agents were Acuity Partners Ltd. and Capital Alliance Partners Ltd., respectively.
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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