Business
Hopes of equity-friendly budget boost bourse
By Hiran H.Senewiratne
CSE trading activities were positive from the beginning yesterday because stock market investors are expecting an equity market- friendly budget to be presented to parliament by Finance Minister Basil Rajapaksa today, stock market analysts said.
The budget would be an investment- friendly, pro-private sector job- creation budget and it would target to attract foreign investments, analysts said. Sri Lanka’s budget this year is likely to look into the strategic interests of foreign countries as well as the country’s need for dollar inflows to boost its reserves, another analyst said.
Yesterday, new buying interest was witnessed in the LOLC Group of companies, especially LOLC Finance, whose share price appreciated by 24 percent or Rs 4.70. At the commencement of trading, shares stood at Rs 20.10 and at the end of the day they shot up to Rs 24.80.
Amid those developments both indices showed mixed reactions. The All Share Price Index went up by 163.77 points and S and P SL20 declined by 9.04 points. Turnover stood at Rs 6.8 billion with three crossings. The crossing were reported in Renuka Hotel, which crossed four million shares to the tune of Rs 80 million, its shares traded at Rs 20, Aitken Spence one million shares crossed for Rs 40 million, its shares traded at Rs 40 and Sampath Bank 500,000 shares crossed for Rs 27.5 million, its shares fetching Rs 55.
In the retail market, five companies that mainly contributed to the turnover were; LOLC Finance Rs 1.9 billion (80.2 million shares traded), Browns Investments Rs 539 million (46.5 million shares traded), Shaw Wallace Investments Rs 519 million (42.7 million shares traded), Expolanka Holdings Rs 305 million (1.5 million shares traded), LOLC Holdings Rs 296 million (438,000 shares traded) and Agalawatte Plantations Rs 245 million (seven million shares traded).
During the day, Watawala Plantations shares appreciated by 11 percent or Rs 8.30. Its share price shot up to Rs 81.60 due to recording healthy profits in the last quarter and also as a result of paying considerable dividends to shareholders. During the day 347 million share volumes changed hands in 55000 transactions. Further, the industry diversified financial sector contributed more than Rs 2.9 billion, which accounts for almost 50 per cent of the day’s turnover. The Diversified Financials sector was the top contributor to the market turnover (due to Lanka Orix Finance and LOLC Holdings).
It is said high net worth and institutional investor participation was noted in Access Engineering, Vallibel One and JKH. Mixed interest was observed in R I L Property, Expolanka Holdings and LOLC Holdings, while retail interest was noted in Browns Investments, Lanka Orix Finance and Pan Asian Power. Yesterday, the US dollar was quoted at Rs 201.21, which was the controlled price 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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