Business
ASPI hits record high for fourth consecutive day
By Hiran H.Senewiratne
The CSE was on a high yesterday with both indices gaining by over 10 per cent and turnover hitting a healthy record due to strategic deals and an active retail market. The All- Share Price Index of the CSE surged 92.49 points to close at a record all- time high of 13.169.40 for the fourth consecutive day, stock market analysts said.
The stock market was positive throughout, driven by LOLC Group counters and other such blue-chip counters. One reason for the market to move up was the Central Bank decision to grant permission for Commercial Leasing and Finance and Sinhaputhra Finance to merge according to a consolidation plan. Under this proposed merger, Sinhaputhra Finance shareholders having 10000 shares of the company, will obtain 7803 shares in Commercial Leasing and Finance.
Further, LOLC Holdings has rolled out a major business consolidation master plan where they strengthen the financial sector entities. Under this plan one of its subsidiaries, LOLC Finance, will merge with Commercial Leasing and Finance. With this merger Commercial Leasing and Finance will exit the business, analysts said.
Amid those developments LOLC Holding companies’ share prices appreciated in the stock market. During the day Lanka IOC stocks also appreciated with the announcing of the possible joint venture with Ceylon Petroleum Corporation. The new joint venture would be Trinco Petroleum Terminals Ltd and it is expected to get Cabinet approval this week.
Accordingly, both indices moved upwards. The All -Share Price Index went up by 92.5 points and S and P SL20 rose by 46.9 points, which also reached the 4500 level. Turnover stood at Rs 9.4 billion with three crossings. Those crossings were reported in LBL Energy Fund, which crossed six million shares to the tune of Rs 66 million and its shares traded at Rs 11, Windforce 1.3 million shares crossed for Rs 24.7 million, its shares trading at Rs 19 and Browns Investments 49000 shares crossed for Rs 20 million, its shares fetching Rs 402.
In the retail market seven companies that mainly contributed to the turnover were, LOLC Finance Rs 1.2 billion (40.7 million shares traded), Browns Investments Rs 966 million (51.8 million shares traded), Sunshine Holdings Rs 683 million (10.5 million shares traded), Hayleys Rs 446 million (3.1 million shares traded), Expolanka Holdings Rs 384 million (985,000 shares traded), Royal Ceramic Rs 380 million (4.8 million shares traded) and LOLC Holdings Rs 363 million (253,000 shares traded). During the day 418 million share volumes changed hands in 67000 transactions.
On the previous day, Browns Investments’ acquisitions of Sierra Cables (Rs. 1,792 million – consisting of 29.50 per cent of an outstanding number of shares) and Agstar PLC (Rs. 1,123 million – consisting of 43.75 per cent of Voting shares and 66.66 per cent of non- Voting shares) pushed turnover to reach a four-month high at Rs. 15,561 million. However, that momentum continued yesterday as well.
Due to that Agstar and Sierra Cables share prices appreciated. Agstar share price appreciated by 45 per cent or Rs 3.60. Its share price shot up to Rs 11.40 from Rs 8. Sierra Cables share price appreciated by 40 per cent or Rs 10.90. Its share price appreciated to Rs 16 from Rs 11.50. Further, Softlogic Holdings share price appreciated by 28 per cent or Rs 10.90. Its share price appreciated to Rs 48.80 from Rs 39.10.
It is said that high net worth and institutional investor participation was noted in JKH, Teejay Lanka and Softlogic Capital. Mixed interest was observed in Expolanka Holdings, Lanka Orix Finance and LOLC Holdings, while retail interest was noted in Sierra Cables, Agstar and Browns Investments.
Yesterday, the US dollar was quoted at Rs 202.06, which was the Central Bank controlled price to prevent price escalations of the essential imports. This artificial suppression of the dollar as against the rupee created some negative impact to the economy, sources 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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