Business
CSE indices reflect downward trend; retail participation seen as satisfactory
By Hiran H.Senewiratne
Lanka IOC’s Rs. 320 million grease plant in Trincomalee, the first of its kind in Sri Lanka, began commercial operations to meet Sri Lanka’s entire market demand. The construction of the plant began last year.
The opening of the grease plant will help save valuable foreign exchange, as at present the requirement is met entirely via imports. The plant’s capacity of 3,000 tons is capable of meeting the entire market demand in Sri Lanka, sources said.
The net foreign inflow to the CSE has reached the Rs. 7.5 billion mark so far this year, supported by SG Holdings’ buying into Expolanka Holdings PLC, among others developments.
According to market analysts, as of September 16, net buying amounted to Rs. 6.96 billion, while year-to-date the net inflow is Rs. 7.5 billion, marking a positive development for the first time in four years.
Last year, the net foreign outflow was Rs. 53 billion and in 2020 it was Rs. 51 billion and Rs. 11.7 billion and Rs. 23 billion in the preceding years. The previous net inflow was in 2017 at Rs. 17.6 billion.
Amid those developments, the CSE fell 0.52 per cent in mid-morning trade yesterday for the second session pulled down by index heavy shares. Both indices reported a downward trend. The All- Share Price Index went down by 35.7 points and S and P SL20 declined by 13.1 points. Turnover stood at Rs 3.3 billion without any crossings. However, retail participation was quite satisfactory during the day, market analysts said.
In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 626million (2.3 million shares traded), ACL Cables Rs 326 million (3.2 million shares traded), Expolanka Holdings Rs 289 million (1.3 million shares traded), Lankem Development Rs 201 million (5.7 million shares traded), Dipped Products Rs 196 million (4.3 million shares traded), Richard Pieris Rs 192 million (6.1 million shares traded) and Royal Ceramic Rs 94 million (2.2 million shares traded). During the day 1.3 million share volumes changed hands in 34000 share transactions. During the day Dipped Products, a subsidiary of Hayleys Group, recorded a 12 per cent or Rs 5.20 gain. Its share price moved to Rs 46.60 from Rs 41.40.
Yesterday the Central Bank- announced $ buying rate was Rs 359.17 and the selling rate was Rs 369.93. In the month of August, the Manufacturing and Services sector activities increased due to the Central Bank’s prudential monetary policy mechanisms, observers 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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