Business
Assurances of support by India on debt restructuring trigger positive trend in shares
By Hiran H.Senewiratne
CSE trading activities registered a positive trend yesterday following a Bloomberg report that India has formally notified that it would support Sri Lanka’s debt restructuring plan, clearing a major hurdle for the bankrupt nation to unlock a US $2.9 billion bailout from the International Monetary Fund, stock analysts said.
Debt restructuring talks with India and China are successful, President Ranil Wickremesinghe told parliament as the country tries to get an International Monetary Fund bailout. “I can tell this assembly that the talks are successful, Wickremesinghe told parliament yesterday.
Consequently, share prices appreciated in several selected stocks, mainly, Lanka IOC and Expolanka Holdings PLC. The Lanka IOC share price appreciated by Rs 15 or eight per cent. Its share price shot up to Rs 192.50 from Rs 177.50, while Expolanka Holdings’ share price appreciated by Rs 20.15 or 12 per cent. Its share price shot up to Rs 192.50 from Rs 172.
Meanwhile, selling pressure was noted in Softlogic Capital PLC and Softlogic Life Insurance. Accordingly, those share prices depreciated to a great extent. Amid those developments both indices moved upwards. The All- Share Price Index went up by 113.7 points and S and P SL20 rose by 70 points. Turnover stood at Rs 1.24 billion with a single crossing. The crossing was reported in HNB, which crossed 300,000 shares to the tune of Rs 23.4 million and its shares traded at Rs 78.
In the retail market seven companies that mainly contributed to the turnover were, Softlogic Capital PLC Rs 246 million (16.7 million shares traded), Softlogic Life Insurance Rs 168 million (1.65 million shares traded), Expolanka Holdings Rs 152 million (811,000 shares traded), Browns Investments Rs 119 million (70.7 million shares traded), LOLC Finance Rs 112 million (15.1 million shares traded), Lanka IOC Rs 93.6 million (494,000 shares traded) and ACL Cables Rs 32.3 million (484,000 shares traded). During the day 73 million share volumes changed hands in 17000 transactions.
Yesterday’s market turnover was the lowest for this year. However, the market is picking up because interest rates are likely to come down. Further, Treasury Bill rates are likely to come down in the future too, which possibility also positively impacted the stock market.
Yesterday, the Central Bank- announced US dollar buying rate was Rs 360.41 and the selling rate Rs 371.47.
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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