Business
Chevron Lubricants, Aitken Spence and Lanka IOC drive share market; turnover exceeds Rs. 5 billion
By Hiran H.Senewiratne
The CSE gained over 1 per cent in mid-day trade yesterday pushed by Chevron Lubricants, Aitken Spence and Lanka IOC. The market remained extremely bullish yesterday too with mixed reactions in indices while the turnover exceeded the Rs 5 billion level. However, profit- takings were noted in certain blue-chip companies due to witnessing some down trend in certain companies, market analysts said.
Investors continue to focus on Lanka IOC stocks; which company dominated the country’s energy sector over the last two months. Consequently, its profitability also increased in leaps and bounds due to the heavy demand for fuel. Lanka IOC is to set up 50 filling stations and the approval has been granted by the Energy Ministry, which is also one of the reasons for the company’s share market to move up, stock market analysts said.
However, there was selling in most of the main counters of the CSE due to fears of unprecedented tax increases in the interim budget, a top market analyst said.
Further, Chevron Lubricants’ share prices also appreciated due to market speculation that the company is planning to enter the energy/fuel business with a Chinese company.
Amid those developments stock market indices reflected mixed reactions. The All- Share Price Index reached the 8500 points mark. It gained 77.03 points (0.91 per cent) to end at 8500 and S and P SL20 declined marginally by 9.49 points (0.34 per cent) to end the day at 2784.66.
Turnover stood at Rs 5.3 billion with four crossings. Those crossings were reported in Watawala Plantations, which crossed 4.6 million shares to the tune of Rs 403 million; its shares traded at Rs 87, Citizens Development Business Finance 1.1 million shares crossed for Rs 217 million, its shares traded at Rs 200, Commercial Bank 2.6 million shares crossed to the tune of Rs 145 million and its shares fetched Rs 54 and Hunas Falls 625,000 shares crossed to the tune of Rs 25 million; its shares traded at Rs 40.
In the retail market, top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 1.9 million (14 million shares traded), Expolanka Holdings Rs 449 million (2.3 million shares traded), JKH Rs 252 million (2.1 million shares traded), LOLC Holdings Rs 135 million (226,000 shares traded), Browns Investments Rs 131 million (16.9 million shares traded), Chevron Lubricants Rs 130 million (one million shares traded) and LOLC Holdings Rs 88.5 million (9.8 million shares traded).
It is said that high net worth and institutional investor participation was noted in Melstacorp and Bairaha Farms. Mixed interest was observed in Lanka IOC, Expolanka Holdings and JKH, while retail interest was noted in Browns Investments, LOLC Finance and Agstar.
Energy sector was the top contributor to market turnover (due to Lanka IOC), while the sector index gained 15.15 per cent. Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Melstacorp).
Expolanka Holdings, JKH and LOLC Holdings were also included among the top turnover contributors. The share price of Expolanka Holdings lost Rs. 1.50 (0.73 per cent) to close at Rs. 203. The share price of JKH closed flat at Rs. 119.
Yesterday the Central Bank- announced US dollar buying rate was Rs 357.29 and its selling rate Rs 368.61.
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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