Business
Allegation against state bank hits investor confidence
By Hiran H.Senewiratne
CSE investor sentiment was affected yesterday close on the heels of Samagi Jana Balawegaya legislator Harsha de Silva telling parliament that a state bank had defaulted on a contract payment, stock market analysts said.
De Silva said that Sri Lankan banks had faced counterparty limit cuts since a downgrade of sovereign credit, which has tightened in recent times, making it harder to roll-over contracts.
“A few months ago, I warned in parliament about state banks borrowing dollars at high rates through swaps where premiums were negative, de Silva told parliament. The main opposition questioned in parliament whether a state bank had delayed payment on a contract, as the country struggles with a foreign exchange crisis triggered by money printed to maintain low interest rates.
Amid those developments the stock market was somewhat volatile and buying interests were noted in blue-chip counters but lower turnover level/ or below average turnover did not support the market to sustain its momentum. However, the market has some hope as the government has taken some steps to salvage fiscal and monetary consolidation via an IMF bailout, stock market analysts said.
Consequently, both indices showed mixed reactions. The All- Share Price Index went down by 6.1 points and S and P SL20 rose by 22.2 points. Turnover stood at Rs 1.7 billion with a single crossing. The crossing was reported in LB Finance, which crossed 323,000 shares to the tune of Rs 20.7 million, its shares traded at Rs 64.
In the retail market, top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 294 million (1.1 million shares traded), LOLC Holdings Rs 160 million (200,000 shares traded), ACL Cables Rs 133 million (1.6 million shares traded), Browns Investments Rs 119 million (11.6 million shares traded), JKH Rs 116 million (740,000 shares traded), Royal Ceramic Rs 94.8 million (1.8 million shares traded) and Chevron Lubricants Rs 74.7 million (764,000 shares traded). During the day 50.9 million share volumes changed hands in 14000 transactions.
Sunshine Holdings has entered into a sales and purchase agreement with another high-net worth investor, Govindasamy Sathasivam, for acquiring a 100 per cent stake in Sunshine Teas Pvt Limited for a Rs 1.4 billion consideration. Meanwhile, Sunshine Holdings plans to purchase a 28 per cent stake in Sunshine HealthCare Lanka Limited for a Rs 2.6 billion financial consideration from Akbar Brothers. However, a 72 per cent stake was purchased from the same company some time ago.
Though the index began trading on an upbeat note, retail favourite counters started losing the positive momentum and eventually led the market to close lower for the eighth consecutive day on the previous day at 10,458, losing 33 points.
It is said that high net worth and institutional investor participation was noted in JKH, Lanka IOC and Vallibel Finance. Mixed interest was observed in Hayleys and Expolanka Holdings, while retail interest was noted in Browns Investments and SMB Leasing voting.
Separately, the National Development Bank announced a first and final dividend of one rupee per share and a scrip dividend of Rs.4.50 per share.
Yesterday the US dollar rate was quoted at Rs 280.90, which was the free float of the rupee against the dollar. Its rate differs among commercial banks.
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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