Business
CSE brought down once again by ill-liquid stocks
By Hiran H.Senewiratne
CSE fell for the third consecutive session yesterday, dragged down by shares like Commercial Leasing and Finance and LOLC Finance in thin trade, brokers said. On previous days Commercial Leasing and Finance and LOLC Finance, being index heavy stocks, were traded heavily. Those stocks are ill-liquid shares and people tend to purchase them in a big way. However, with the realizing of profits by share-holders prices also depreciate, dragging both indices to negative territory, market analysts said.
Commercial Leasing and Finance share prices depreciated by nine per cent or Rs 2.20. Its shares started trading at Rs 25.70 and at the end of the day they dropped to Rs 25.50, thus contributing 152 negative points to the All – Share Price Index and the LOLC Finance share price depreciated by 21 per cent or Rs 10.70. Its shares started trading at Rs 50.90 at the end of the day they dropped to Rs 40.20, contributing 25 negative points to the All- Share Price Index.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 263 points and S and P SL20 declined by 25.7 points. Turnover stood at Rs 7 billion sans crossings.
In the retail market, top seven companies that mainly contributed to the turnover were, Browns Investments Rs 2.3 billion (162 million shares traded), Expolanka Holdings Rs one billion (3.6 million shares traded), Commercial Leasing and Finance Rs 825 million (19.9 million shares traded), LOLC Finance Rs 356 million (14.8 million shares traded), LOLC Holdings Rs 287 million (296,000 shares traded), Brown and Company Rs 173 million (615,000 shares traded) and Access Engineering Rs 169 million (5.3 million shares traded). During the day 305 million share volumes changed hands in 45000 transactions.
The IPO for Sri Lankan multinational software solutions provider, hSenid, opened yesterday, aimed at raising Rs. 691 million and was oversubscribed.
Further, Browns Investments 99- year lease- holding right identified its plot at Port City by entering into an indenture of lease on December 2, 2021 to initiate three major projects within the Colombo Port City Economic Commission Zone. Those projects would be, Colombo International Finance Center (US $ 102 million), Colombo Marine Development Project (US $ 55 million) and Colombo City Marine Development Project (US $ 43 million). Total cost of those projects would be US $200 million).
Yesterday, the US dollar rate was quoted at Rs 200.44, which was the Central Bank controlled rate.
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
Rahuman questions sudden cancellation of leave of CEB employees
