Business
High manufacturing costs having negative impact on CSE
By Hiran H.Senewiratne
CSE trading started on a positive note yesterday but did not sustain its momentum due to unfavourable macro- economic conditions. High global prices are worrying stock market investors because they tend to increase manufacturing costs, stock market analysts said.
High oil prices are putting pressure on the economy since Sri Lanka needs to pay a US $ 554 oil bill next month and is now left with only US $ 100 million from the Indian credit line. Therefore, the government has to look for another credit arrangement to find the balance payment of US$ 454 million. This has created some worries for stock market investors, market analysts said.
Analysts said that the market is extremely volatile with news of impending taxes weighing heavily on it. Moreover, an announcement made by the World Bank of a US $ 70 million disbursement for Sri Lanka and positive quarterly results/earnings in some companies did not considerably impact yesterday’s stock market, analysts added.
Amid those developments both indices showed a downward trend. The All-Share Price Index went down by 84.2 points and S and P SL20 declined by 17.91 points. Turnover stood at Rs 1.39 billion with a single crossing. The crossing was reported in HNB, which crossed 1.5 million shares to the tune of Rs 120 million; its shares traded at Rs 78.
In the retail market, top seven companies that mainly contributed to the turnover were; Browns Investments Rs 404 million (38.5 million shares traded), Expolanka Holdings Rs 156 million (698,000 shares traded), Melstacorp Rs 96.8 million (2.3 million shares traded), JKH Rs 69 million (555,000 shares traded), LOLC Finance Rs 65.8 million (6.8 million shares traded), Seylan Bank (Non- Voting) Rs 57.2 million (3.1 million shares traded) and Lanka IOC Rs 46 million (794,000 shares traded). During the day 130 million share volumes changed hands in 13000 transactions.
Yesterday two major companies showed some price appreciations due to positive quarterly earnings. Those two entities were; Aitkens Spence whose shares appreciated by 12 per cent or Rs 9.10. Its shares shot up to Rs 82.10 from the previous price of Rs 73 and Melstacorp share prices appreciated by seven per cent or Rs 2.80. Its share price moved to Rs 43.60 from Rs 40.80.
Sri Lanka’s commercial banks quoted the dollar at Rs 365.7 against telegraphic transfers yesterday while in Central Bank interbank spot trade it was at Rs 360.7 under a daily guidance rate.
Commercial banks were quoting Rs 355.7/365.7 for telegraphic transfer dollars yesterday, up from Rs 354.5/364.5 on Friday. Yesterday the Central Bank guidance margin was set at plus Rs 1.00 or minus Rs 4.00.
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
