Business
Bourse in bearish mode as panic gathers over 25 per cent tax surcharge
By Hiran H.Senewiratne
The CSE began the fresh week on a negative note with both indices down 1 per cent as investor sentiment remained bearish yesterday. Stock market investors panicked due to the new 25 per cent surcharge tax on taxable income for companies that earned more than rupees two billion per year, stock market analysts said.
Sri Lanka will charge a 25 per cent windfall tax in the style of a ‘super gains tax’, started by the last administration on groups of companies, companies, partnerships and individuals earning over Rs 2.0 billion, according to a draft law that has been gazetted.
Group of companies will be charged from the stated year of assessment even if a subsidiary earned less than Rs. 2.0 billion. The tax proposed in the budget for 2022 will apply retrospectively from the year of assessment starting April 2020. The tax has to be paid in two tranches in March and June 2022, which news caused panic and discouraged stock market investors in a big way, market analysts said.
Amid those developments both indices showed a downward trend. The All- Share Price Index went down by 228 points and S and P SL20 declined by 102 points. Turnover stood at Rs 5.3 billion with two crossings. Those crossings were reported in TJLanka, which crossed 735,000 shares to the tune of Rs 34.9 million and its shares traded at Rs 47.50 and LOLC Finance 725,000 shares crossed for Rs 20.3 million; its shares traded at Rs 28.
In the retail market the top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 865 million (2.7 million shares traded), Commercial Leasing and Finance Rs 639 million (15 million shares traded), Browns Investments Rs 282 million (19.2 million shares traded), Softlogic Life Insurance Rs 280 million (1.9 million shares traded), Hela Apparel Rs 261 million (15 million shares traded), LOLC Finance Rs 241 million (8.6 million shares traded) and Vallibel One Rs `207 million (2.5 million shares traded). During the day 188 million share volumes changed hands in 56000 transactions.
It is said the bourse skidded to the red zone as ambiguous investors resorted to booking profits in selected counters over rising uncertainties in the economy while recording a turnover at a near two-week low.
“Shortly into the market opening, index started to decline sharply and continued to move on a downward trajectory for the rest of the session over an intensified selling spree mainly in retail favourite counters, such as, Expolanka and LOLC, which largely stirred the ASPI drop with the market closing for the day at 12,632, financial sources said.
It is said high net worth and institutional investor participation was noted in JKH, LOLC Finance and Lanka IOC. Mixed interest was observed in Expolanka Holdings, Softlogic Holdings and Sunshine Holdings while retail interest was noted in Hela Apparel Holdings, Commercial Leasing and Finance and Browns Investments.
Yesterday, the US dollar rate was quoted at Rs 203.02, which was the controlled price of the Central Bank. If the Central Bank allows a free float of the currency it would go up to more than 250, analysts 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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