Business
SDR allocation reports put CSE in bullish mode; turnover exceeds Rs. 6 billion
By Hiran H.Senewiratne
CSE activities were bullish throughout yesterday following an International Monetary Fund decision, announced by its Board of Governors, that it has approved a 457 billion creation of Special Drawing Rights (about US 650 billion) that will be allocated to members effective August 23, stock market analysts said.
Under this arrangement Sri Lanka is expecting around US $ 780-800 million or an equivalent SDR allocation, which is expected to ease foreign exchange reserve pressures/ imports, since Sri Lanka does not have ample dollars in the country, analysts said.
“The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy, IMF Managing Director Kristalina Georgieva said.
“It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis, she said. SDRs are paper assets which can be exchanged for currencies, such as the US dollar, by selling to other central banks which are willing to part with their reserves.
Another reason for the market to be bullish was that Expolanka, which recorded very good profit, traded heavily in the market, being the fourth most valuable listed company in the CSE. It witnessed a price appreciation of Rs. 6.30 or 8.6 percent. Its shares started trading at Rs. 73.40 and at the end of the day they shot up to Rs. 79.70, contributing 27 points to the All Share Price Index.
In this bull run situation banking sector counters witnessed a marginal drop. Further, Senkadagala Finance yesterday announced plans for a right issue to raise up to Rs.474.5 million to help the company maintain its capital adequacy requirements ordered by the Central Bank.
Accordingly, the finance company controlled by the Balasuriya family will issue 8.6 million ordinary voting shares in the proportion of one new share for every nine existing shares, at a price of Rs.55 per share. The current stated capital of the company is Rs.1.95 billion. The Senkadagala Finance share was last traded at Rs.90.53.
Amid those developments both indices moved upwards. The All Share Price Index went up by 85.95 points and S and P SL20 rose by 43.08 points. Turnover stood at Rs. 6.65 billion with six crossings. Those crossings were reported in JKH, which crossed 1.65 million shares to the tune of Rs. 228 million, its shares traded at Rs. 138, TJLanka 2.5 million shares crossed for Rs. 107 million, its shares fetched Rs. 42.50, Hayleys 755,000 shares crossed for Rs. 51.5 million, its shares traded at Rs. 82, Grain Elevators 200,000 shares crossed for Rs. 28.4 million, its shares fetching Rs. 142, LOLC 50000 shares crossed for Rs. 24 million, at Rs. 485 per share and Royal Ceramic 536,000 shares crossed for Rs. 22 million, its shares trading at Rs. 41.
In the retail market, five companies that mainly contributed to the turnover were, Expolanka Rs. 1.89 billion (24.3 million shares traded), Browns Investments Rs. 688 million (101 million shares traded), Royal Ceramic Rs. 493 million (11.9 million shares traded), Vallibel One Rs. 351 million (5.7 million shares traded) and LOLC Rs. 288 million (597,000 shares traded). During the day 282.3 million share volumes changed hands in 37697 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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