Business
CSE bull-run continues; ASPI reaches 9950 points level
By Hiran H.Senewiratne
Trading activities at the CSE were extremely bullish yesterday, moving up to the 10000 level. During the middle of the session profit- takings were noted and the market was able to set an all- time high record after touching the 9950 level in the All Share Price Index, stock market analysts said.
Amid those developments, Expolanka Holdings surpassed total market capitalization of Rs 408 billion, which was the highest in the CSE history, from the viewpoint of a company’s market capitalization, market analysts said. The Expolanka share price appreciated by Rs 7.50 or 3.7 percent. Its shares shot up to Rs 209 from Rs 201.50, thus contributing 32.9 points to the All Share Price Index.
Although Commercial Leasing and Finance, one of the subsidiaries of the LOLC Group, witnessed a price depreciation after recording price appreciations during the previous two days, the exceptional rally on LOLC stocks continued. This was because LOLC Group’s Singapore based subsidiary, LOLC Asia (Pvt) Ltd, had received approval from the financial services regulators in Pakistan to increase up to 100 percent its shares in PAK Oman Microfinance, by acquiring the remaining 49.9 percent shares of the company for a consideration of Pakistan Rs 1.21 billion or US $ seven million, stock market analysts said. Commercial Leasing share price went down by Rs 3 or six percent. Its shares started trading at Rs 44.40 and at the end of the day its shares depreciated to Rs 41.40.
Due to these positive market developments, the All Share Price Index went up by 33.7 points and S and P SL20 rose by 32.25 points. Turnover stood at Rs 4.5 billion with three crossings. Those crossings were reported in Melstacorp, where 500,000 shares crossed for Rs 28.2 million and its shares traded at Rs 56.50, Cargills Ceylon PLC 100,000 shares crossed for Rs 23.2 million, its shares traded at Rs 232 and Royal Ceramic 396,000 shares crossed for Rs 26 million, its shares traded at Rs 55.60.
In the retail market, top five companies that mainly contributed to the turnover were, Expolanka Holdings Rs 812 million (3.9 million shares traded), Browns Investments Rs 391 million (36.5 million shares traded), LOLC Holdings Rs 334 million (510,000 shares traded), Royal Ceramics Rs 265 million (7.4 million shares traded) and Hayleys Fabrics Rs 265 million (7.4 million shares traded). During the day, 149.4 million share volumes changed hands in 37000 transactions.
The Colombo CSE had given, in principle, approval for Sarvodaya Development Finance Ltd.’s (SDF) Rs. 1 billion Initial Public Offering (IPO). SDF will issue 22.727 million shares at Rs. 22 each with an option to issue a further 22.727 million shares at the same price in the event of an oversubscription of the original amount.
CSE said it had approved the listing of SDF shares by way of an offer for subscription on the Main Board or Diri Savi Board, as applicable. The official opening of the SDF IPO is November 23, while it will be available for subscription from October 28 onwards.
Yesterday, the US dollar rate was Rs 201.04, which was the controlled rate set by the Central Bank of Sri Lanka.
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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