Business
CBSL’s positive signals add buoyancy to bourse
By Hiran H.Senewiratne
The CSE moved up over 1 per cent in mid-morning trade yesterday, continuing the momentum from the previous day. The main reason for the market to bounce back is because the Central Bank has sent out positive signals on the IMF bailout for Sri Lanka, stock market analysts said.It is said that Clifford Chance and Lazard are inviting those interested for an update on Sri Lanka’s debt restructuring today at 5.30 p.m. local time, market analysts added.
This will be the first open engagement with creditors of Sri Lanka since the appointment of Clifford Chance and Lazard as legal and financial advisors respectively to the government. Up to now they have had individual meetings with bilateral creditors.
Sri Lanka in April suspended servicing of its $ 47 billion external debt held by bilateral and private creditors as well as in International Sovereign Bonds. In August, the Finance Ministry issued its update to creditors on the measures taken to ensure debt sustainability.Amid those developments both indices moved upwards. The All- Share Price Index went up by 87.9 points and S and P SL20 rose by 29.8 points. Turnover stood at Rs 4.1 billion with five crossings.
Those crossings were reported in Expolanka Holdings, which crossed 1.2 million shares to the tune of Rs 273 million, its shares traded at Rs 228, Sunshine Holdings 1.6 million shares crossed to the tune of Rs 72 million, its shares traded at Rs 45, Lankem Development 1.1 million shares crossed for Rs 41.3 million, its shares fetched Rs 35.50, Richard Pieris one million shares crossed for Rs 32.5 million, its share price was Rs 32.50 and Alumax three million shares crossed to the tune of Rs 32.1 million, its shares traded at Rs 10.70.
In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 355 million (1.2 million shares traded), ACL Cables Rs 302 million (2.6 million shares traded), ACL Cables Rs 225 million (5.2 million shares traded), Expolanka Holdings Rs 204 million (312,000 shares traded), Lankem Development Rs 182 million (4.9 million shares traded), Browns Investments Rs 179 million (22.6 million shares traded) and Colombo Port Lands Rs 163 million (5.4 million shares traded). During the day 147 million share volumes changed hands in 36000 transactions.
During the day previous day, bull-runners showed some profit- takings and those were mainly bluechip companies.It is said that high net worth and institutional investor participation was noted in Expolanka Holdings, Lanka IOC and CIC Holdings. Mixed interest was observed in ACL Cables, Printcare and Hayleys, while retail interest was noted in Browns Investments, SMB Leasing and Asia Siyaka Commodities. The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings), while the sector index gained 0.78 per cent. The share price of Expolanka Holdings increased by Rs. 1.75 (0.78 per cent) to close at Rs. 226.50.
The Capital Goods sector was the second highest contributor to market turnover (due to ACL Cables and Hayleys), while the sector index increased by 0.90 per cent. The share price of ACL Cables moved up by Rs. 8.60 (8.88 per cent) to close at Rs. 105.50. The share price of Hayleys declined by Rs. 2.50 (2.51 per cent) to close at Rs. 97.Yesterday, the Central Bank- announced US dollar buying rate was Rs 359.18 and the selling rate Rs 369.92.
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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