Business
Buying interest in Expolanka and Lanka IOC shares due to biz expansions
By Hiran H.Senewiratne
Buying interest was witnessed in two of the CSE’s premier companies, Expolanka and Lanka IOC, yesterday due to business expansions in both companies, stock market analysts said.
Expolanka Holdings announced that they have acquired US- based Transa American Customs House Brokers LLC for a monetary consideration of US $ 42.5 million, while Lanka IOC announced the opening- up of 25 new fuel stations island-wide. These two announcements gave some impetus to the CSE but did not make a positive impact due to delays in getting the IMF loan for Sri Lanka, analysts said.
Over the weekend, the International Monetary Fund said a new predictable and orderly debt resolution process is needed for countries like Sri Lanka and Surinam, which are not covered by existing frameworks.
According to analysts this didn’t heavily impact market sentiment which was solely on a wait- and- see approach, until harder facts in the macro-economy hit the surface.
Sri Lanka’s shares edged down in mid-day trade. The market saw some selling pressure which moved the market to the red, an analyst said.
The All- Share Price Index was down by 117.2 points and the most liquid index S&P SL20 was down by 22.6 points. Turnover stood at Rs 1.2 billion with three crossings. Those crossings were reported in Royal Ceramic, which crossed 1.2 million shares to the tune of Rs 36.9 million and its shares traded at Rs 31, Lanka IOC 150,000 shares crossed to the tune of Rs 30 million, its shares traded at Rs 200 and Union Bank 2.7 million shares crossed for Rs 26.1 million; its shares fetched Rs 9.50.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 179 million (999,000 shares traded), Lanka IOC Rs 171 million (858,000 shares traded), Softlogic Capital Rs 55.9 million (6.1 million shares traded), JKH Rs 44.8 million (327,000 shares traded), Softlogic Life Insurance Rs 43.6 million (508,000 shares traded), Browns Investments Rs 42.2 million (seven million shares traded) and Hayleys PLC Rs 42.9 million (547,000 shares traded). During the day 56 million share volumes changed hands in 14000 transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 358.36 and the selling rate Rs 367.92.
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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