Business
LOLC counters continue momentum: main indices up
By Hiran H.Senewiratne
The CSE yesterday gathered more momentum notwithstanding private sector concerns over some of the tax proposals in Budget 2022. The stock market was highly volatile throughout the day. It was positive at the beginning and selling pressure was witnessed during the middle of the day. However, during the latter part of the day, the CSE became positive because LOLC Group counters were able to maintain their momentum, stock market analysts said.
New buying interest was noted in tile sector and construction sector counters but profit takings appeared in LOLC Group counters. Both indices showed an upward trend. All Share Price Index went up by 16.56 points and S and P SL20 rose by 51.02 points. Turnover stood at Rs10.2 billion with a single crossing. The crossing was reported in Sunshine Holdings, which crossed 28 million shares to the tune of Rs 767 million and its shares traded at Rs 30.70.
Year-to-date return of ASPI crossed the 60 per cent mark yesterday to 62.50 per cent. S&PSL20 has seen a 36.7 per cent return. Market capitalization on the other hand is nearing the Rs. 5 trillion mark with the previous day closing being Rs. 4.912 trillion, up by 66% so far this year.
In the retail market, top seven companies that mainly contributed to the turnover were, LOLC Finance Rs 3.4 billion (95.7 million shares traded), Expolanka Holdings Rs 1.5 billion (6.9 million shares traded), Sunshine Holdings Rs 944 million (26.9 million shares traded), Browns Investments Rs 363 million (32.4 million shares traded), LOLC Holdings Rs 275 million (368,000 shares traded), Shaw Wallace Investment Rs 266 million (21.6 million shares traded) and Commercial Leasing and Finance Rs 207 million (2.6 million shares traded).
During the day Expolanka Holdings and Sunshine Holdings made some gains. Expolanka share price appreciated by five percent or Rs 11.75. Its share price started at Rs 215 and at the end of the day it shot up to Rs 236.75 and Sunshine Holdings share price appreciated by nine percent or Rs 2.90. Its share price started at Rs 32.50 and at the end of the day it moved up to Rs 35.20. During the day 384 million share volumes changed hands in 59000 transactions. Separately, Vidullanka announced an interim dividend of 175 cents (Rs. 0.175) per share.
It is said high net worth and institutional investor participation was noted in Vallibel One, Chevron Lubricants and Melstacorp. Mixed interest was observed in Expolanka Holdings, Browns Investments and Sunshine Holdings, while retail interest was noted in Lanka Orix Finance, SMB Leasing nonvoting and Lanka Credit and Business Finance Ltd.
Meanwhile, Capital Alliance Limited, a leading primary dealer company, will go for an initial public offering on November 25. The company will offer 41.7 million ordinary shares at a price of Rs 10 to raise Rs 411.7 million. It will be listed in the Divisavi Board. The objective of the IPO is to improve the co-capital requirement of the company.
Yesterday, the US dollar rate was Rs 201.34, which was the Central Bank controlled price to prevent price escalation of essential imported items into the country. The actual price of a US dollar would be more than Rs 130.
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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