Business
LOLC reclaims the crown as Most Valuable Stock
ASPI ends sharply higher amid healthy turnover levels
By Hiran H. Senewiratne
Financial services-heavy conglomerate LOLC regained the status as the most valuable stock in the Colombo Stock Exchange (CSE) achieving a price milestone after Expolanka closed lower following its meteoric rise, stock market analysts said yesterday.
LOLC recaptured lost glory as most valuable was short-lived as the share price gained by Rs. 16 or 3 percent to cross the Rs. 500 mark to close at Rs. 507.50. This saw LOLC market capitalization move to Rs. 241.1 billion. Around 1.87 million of LOLC shares changed hands via 2,149 trades for Rs. 965 million.
However, on Monday’s most valued, Expolanka did not survive the frenzied trading for the second day with a price gain due to profit taking. Expo saw 13 million of its shares change hands via 5,671 trades with a Rs. 1.6 billion turnover. The stock closed Rs. 2.75 or 2 percent lower to Rs. 120 with a market capitalisation of Rs. 234.58 billion, market analysts said.
Amid those developments market was bullished and the All Share Price Index touched the 200 point market but later the market witnessed some month end profit taking and could not able to maintain that momentum and settled down at 90 point mark. Commercial Leasing and Finance Plc became the highest contributor for the All Share Price Index out of 90 points 68.7 points came from the company and Expolaka contributed 12 points to the All Share Index.
Both indices moved upwards. All Share Price Indexc up by 90 points and S and P SL20 up by 13.44 points. Turnover stood at Rs 7.3 billion with three crossings. Those crossings were reported in Sanasa Development Bank, which crossed 1.5 million shares to the tune of Rs 76.6 million and its sahre price traded at Rs 51.10, Lanka Tiles 400,000 shares crossed for Rs 35 million and its share price traded at Rs 70 and Commercial Leasing and Finance 700,000 shares crossed for Rs 21 million and its share price traded at Rs 30.
In the retail market top five companies that mainly contributed to the turnover were Expolanka Rs 1.46 billion (11.9 million shares traded), Hayleys Plc Rs 763 million (8.1 millions shares traded), LOLC Finance Rs 757 million (60.4 million shares traded), Commercial Leasing and Finance Rs 660 million (20.4 million shares traded) and million ) and Browns Investments Rs 496 million (65.8 million shares traded).
Further Sanasa Development Bank started trading yesterday in the CSE after the Secondary Public Offer, which issued 69.12 million shares to the stock market. Further, Laugfs Gas announced that they have resumed their commercial operations following the approval by the Consumer Affairs Authority for a price revision, market analysts said. During the day 287 million share volume changed hands in 55,000 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.”
US sports envoys to Lanka to champion youth development
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