Business
Power cut rumours hit stock market amid profit-taking
By Hiran H.Senewiratne
CSE trading started on a positive note yesterday but in the middle of the session it turned negative due to profit- takings in most valued counters. The reason being that shareholders panicked over possible power cuts, which would hit manufacturing related counters. However, a few hours before wrapping- up the market, it turned positive, when the government scotched rumours over power cuts in the future, stock market analysts said.
According to brokers the Index opened on a significant upswing and remained high into the first hour of the session. Subsequently, the index declined slightly with minimum fluctuations, yet managed to hold onto the green territory before closing for the day at 13,457.
It is said the bourse closed in the green zone for the third straight session driven by investor expectations on solid earnings in selected counters with a slightly improved turnover.
The All- Share Price Index went up by 5.1 points and S and P SL20 rose by 12.96 points. Turnover stood at Rs 5.5 billion with five crossings. Those crossings were reported in LOLC Finance, which crossed 4.9 million shares to the tune of Rs 137 million and its shares traded at Rs 28, Commercial Bank 785,000 shares crossed for Rs 65.1 million, its shares traded at Rs 83, Cargills 200,000 shares crossed for Rs 43 million, its shares traded at Rs 215, Pan Asia 2.5 million shares crossed for Rs 43 million, its shares traded at Rs 17 and Sampath Bank 748,000 shares crossed for Rs 41.2 million, its shares traded at Rs 55.
In the retail market top seven companies that mainly contributed to the turnover were Vallibel One Rs 379 million (four million shares traded), ACL Cables Rs 388 million (3.4 million shares traded), Browns Investments Rs 268 million (15.9 million shares traded), TJLanka Rs 253 million (4.5 million shares traded), Chevron Lubricants Rs 227 million (1.7 million shares traded), Expolanka Holdings Rs 221 million (1.7 million shares traded) and Sunshine Holdings Rs 197 million ( three million shares traded). During the day 205 million share volumes changed hands in 46000 transactions.
The Capital goods sector was the top contributor to the market turnover (due to Vallibel One), whilst the sector index gained 1.10 per cent. The share price of Vallibel One increased by Rs. 9.60 (10.93 per cent) to close at Rs. 97.40. Diversified Financials sector was the second-highest contributor to the market turnover (due to Softlogic Capital) whilst the sector index increased by 0.95 per cent. The share price of Softlogic Capital moved up by Rs. 2.20 (18.49 per cent) to close at Rs. 14.10.
Yesterday, the US dollar was quoted at Rs 203.65, which was the Central Bank controlled price to prevent prices from going up for all imported essential items, sources said.
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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