Business
CLC beats Expolanka Holdings in market capitalization
By Hiran H. Senewiratne
Investor sentiment at the CSE remained mixed with the two price indices moving in opposite directions, though turnover was on a healthy trajectory. But the stock market was driven by Commercial Leasing and Finance PLC (CLC), which contributed 171 points to the All-Share Price Index. Further, CLC became the company with the biggest market capitalization in the CSE beating Expolanka Holdings yesterday, stock market analysts said.
CLC’s market capitalization swells to Rs 452 billion, which is 9.7 percent of the total market capitalization in the CSE. But Expolanka Holdings’ total market capitalization was around Rs 397 billion as of yesterday, stock market analysts said.
But on the previous day, CLC overtook parent and one- time high flyer LOLC Holdings PLC to become the second most valuable entity in the CSE. Its share price appreciated by 20 percent or Rs 12. Yesterday its shares started trading at Rs 59 and at the end of the day they shot up to Rs 71. Despite the bullish sentiment on the stock, CLC saw a relatively low volume with 7.2 million shares changing hands via 4,575 trades for Rs. 396.7 million.
Another LOLC subsidiary LOLC Finance’s share price also appreciated by 5 percent or 50 cents. Its shares began trading at Rs 9.80 and at the end of the day they shot up to Rs 10.30.
Amid those developments both indices showed mixed reactions. All Share Price Index went up by 140.31 points and S and P SL20 came down by 8.44 points. Turnover stood at Rs 6.1 billion with three crossings. Those crossings were reported in Access Engineering, which crossed 16.2 million shares to the tune of Rs 405 million and its shares traded at Rs 25, JKH 250,000 shares crossed for Rs 37.8 million, its shares traded at Rs 151 and Colombo Fort Lands two million shares crossed for Rs 31 million, its shares traded at Rs 15.50.
In the retail market top five companies that mainly contributed to the turnover were Expolanka Holdings Rs 1.03 billion (five million shares traded), Agalawatte Plantations Rs 786 million (25 million shares traded), Commercial Leasing and Finance Rs 754 million (10.9 million shares traded), LOLC Finance Rs 331 million (31.8 million shares traded) and Browns Investments Rs 308 million (29 million shares traded). During the day 188 million share volumes changed hands in 42000 transactions.
Ex-Pack Corrugated Cartons Limited’s Rs 700 million IPO, witnessed 6,000+ applicants seeking to subscribe, resulting in 11 plus oversubscriptions. This is the highest rate of oversubscription witnessed by any recent IPO, making it the highest subscribed IPO for 2021. The IPO, which opened on the 22nd of October 2021, was oversubscribed in a matter of minutes and, thus, closed at 4.30pm the same day. Yesterday the US dollar was quoted at Rs 202.55 as per the Central Bank controlled price.
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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