Business
Budget is at variance with IMF claim plunges bourse into negativity
By Hiran H.Senewiratne
Allegations in some sections of the media that the 2024 budget is not on par with IMF targets, plunged some share market investors into a degree of pessimism yesterday, market analysts said.
Apart from that, these sections pointed out that Zambia, which also has a debt burden similar to that of Sri Lanka, had successfully concluded its negotiations. They reported that there is a clear absence of equal treatment for debt burden countries, market analysts said. Accordingly, Investors remain cautious ahead of the IMF second tranche announcement, analysts added.
Amid those developments both indices moved downward. All Share Price Index went down by 43.8 points and S and P SL20 declined by 5.98 points. Turnover stood at Rs 579 million with two crossings.
Those crossings were reported in Melstacope, which crossed 950,000 shares to the tune of Rs 73.6 million; its shares traded at Rs 77.50 and Sampath Bank 1 million shares crossed to the tune of Rs 67 million.
In the retail market top seven companies that mainly contributed to the turnover were; Sampath Bank Rs 65.4 million (976,000 shares traded), Expolanka Holdings Rs 47.5 million (468,000 shares traded), HNB Rs 27.7 million (167,000 shares traded), Colombo Fort Lanka Rs 25.8 million (952,000 shares traded), Commercial Bank Rs 25.6 million (300,000 shares traded), NTB Rs 13.8 million (137,000 shares traded) and Melsacope Rs 13 million (168,000 shares traded). During the day 19.82 million share volumes changed hands in 6000 transactions.
Meanwhile, Cargills Bank had obtained approval from the CSE to go for an Initial Public Offering (IPO) to raise Rs 62.5 million and its share price would be Rs 8. IPO will begins on December 14. The purpose of the IPO is to focus on major expansions and other development activities.
Yesterday, the rupee opened at Rs 328.50/90 to the US dollar, from Rs 328.60/80 on the previous day, dealers said. Bond yields were stable.
A bond maturing on 01.06.2025 was quoted stable at 13.80/14.10 percent. A bond maturing on 01.08.2026 was quoted at 14.20/35 percent from 14.20/40 percent. A bond maturing on 15.01.2027 was quoted at 14.30.40 percent from 14.35/45 percent. A bond maturing on 01.07.2028 was quoted stable at 14.55/65 percent.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
