Business
CSE plunges due to profit-takings in LOLC Group companies and Expolanka Holdings
By Hiran H.Senewiratne
The CSE suddenly dropped yesterday due to profit- takings in the LOLC Group of companies and Expolanka Holdings but on the previous day the CSE sustained its bullishness disregarding political and economic concerns with both indices up by over 1 per cent and above average turnover, stock market analysts said.
Index heavy LOLC Group of companies and Expolanka Holdings pulled the market downwards. LOLC Holdings contributed 35 negative points, LOLC Finance 11 negative points and Commercial Leasing and Finance ten negative points to the All- Share Price Index.
The All- Share Price Index fell by 42.4 points and the S&P SL20 went down by 6.46 points. Turnover improved to Rs. 6.48 billion involving 302.5 million shares without a single crossing. Expolanka share price went down 0.3 per cent to Rs. 375.75 from Rs 377 with market capitalization crossing Rs. 737 billion.
Capital Alliance, which started trading for the first time, saw its Rs 10 share price appreciating by 107 per cent or Rs 10.70 to Rs 20.70. Further, Hayleys share price appreciated by Rs 8 or seven per cent to Rs 126 from Rs 118.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Rs 1.54 billion (4.1 million shares traded), Capital Alliance Rs 659 million (31.7 million shares traded), Browns Investments Rs 574 million (40.9 million shares traded), Hayleys Rs 440 million (3.6 million shares traded), Commercial Bank Rs 416 million (5.2 million shares traded), ACL Cables Rs 239 million (2.2 million shares traded) and Brown and Company Rs 208 million (592,000 shares traded). During the day 302 million share volumes changed hands in 56879 share transactions.
High net worth individual investor Imtiaz Buhardeen has increased his stake in Shaw Wallace Investments Ltd. (KZOO) to over 10% this week.
He reached the 10 per cent threshold after acquiring 3.295 million shares of KZOO (formerly Renuka Capital PLC) at an average price of Rs. 12.49 per share or Rs. 41 million. His 10.18% holding is via Almas Organization Ltd. (16.69 million shares) and Carlines Holdings Ltd. (1 million shares) according to a disclosure filed with the Colombo Stock Exchange. He becomes the second largest shareholder of Shaw Wallace Investments, controlling (51%) held by Renuka Enterprises Ltd.
Sri Lanka’s Resus Energy will sell Rs 1.2 billion of debentures with maturities of up to 10 years to be listed on the CSE, Fitch Ratings said, giving them a rating of ‘A+(lka)’. Resus sells power to state-run Ceylon Electricity Board.
Sarvodaya Development Finance Limited started trading at the Colombo Stock Exchange following an initial public offer which raised a Rs one billion.
“Sarvodaya Development Finance Limited (SDF)which is part of the Sarvodaya Movement in Sri Lanka is the first impact investment opportunity to come to the public market, chairman, CSE Dumith Fernando said at a bell- ringing ceremony.
Yesterday, the US dollar was quoted at Rs 203.41, which was the Central Bank controlled price. The actual market rate would be more than Rs 250.
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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