Business
LOLC Holdings’ positive numbers boost bourse
By Hiran H. Senewiratne
CSE trading started on a positive note and continued that way for around half an hour yesterday as a result of top blue- chip company LOLC Holdings showing positive numbers in its internal financial statement. But the CSE later turned negative following data released on the state’s latest tax revision, stock market analysts said.
LOLC Holdings, which has interests in financial services, leisure and property, including foreign operations, reported profits of Rs 39 billion for the March 2022 quarter, up 442 per cent from a year earlier. As a result, other companies also started performing well during the early part of the day, stock analysts said.
Several stock market investors are worried about the Corporate Gain Tax that has been increased to 30 per cent while previously in 2019 it was 24 per cent. Further, other tax systems, such as, the Inland Revenue Tax, Withholding Tax and the Value Added Tax are also likely to be revised, stock analysts added.
Further, Lanka IOC share prices also appreciated with the latest fuel price hike due to the increase in global oil prices, which recorded US $ 120 per barrel. Its shares increased by six per cent or Rs 3.80. Its share prices shot up to Rs 59.50 from Rs 55.70.
Amid those developments stocks slipped within the first hour of trade yesterday as a liquid index fell over 1 per cent, dragged down by weak sentiments following the decision to hike rates to 2019 levels.
The main All- Share Price index fell by 43.4 points and the liquid S&P SL20 index slipped 1.1 per cent or 21.4 points. Market generated a turnover of Rs 1.2 billion with a single crossing. The crossing was reported in Cargills, which crossed 150,000 shares to the tune of Rs 24.2 million; its shares traded at Rs 161.
In the retail market top seven companies that mainly contributed to the turnover were; Browns Investments Rs 310 million (30.8 million shares traded), Expolanka Holdings Rs 207 million (979,000 shares traded), LOLC Holdings Rs 66.2 million (111,000 shares traded), Lanka IOC Rs 65 million (1.1 million shares traded), LOLC Finance Rs 51.4 million (5.9 million shares traded), Aitken Spence Rs 40 million (476,000 shares traded) and Dialog Rs 31.7 million (4.3 million shares traded). During the day 77 million share volumes changed hands in 14000 transactions.
It said high net worth and institutional investor participation was noted in Commercial Bank, JKH and Printcare. Mixed interest was observed in Expolanka Holdings, Lanka IOC and JKH, while retail interest was noted in Browns Investments, LOLC Finance and SMB Leasing voting and nonvoting.
The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments), while the sector index lost 2.21 per cent. The share price of Browns Investments decreased by Rs. 40 cents (3.85 per cent) to close at Rs. 10.
The Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) while the sector index decreased by 2.91 per cent. The share price of Expolanka Holdings lost Rs 6.50 (2.92 per cent) to close at Rs. 216.25.
Separately Royal Ceramics announced an interim dividend of 75 cents per share, while Malwatte Valley Plantations and United Motors Lanka announced their final dividends of 12 cents and 50 cents per share respectively.
Yesterday, the Central Bank announced the US dollar rate. The buying rate was Rs 355.12 and the selling rate Rs 365.09
Top losers were Expolanka, John Keells and Commercial Bank.
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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