Business
Commercial Leasing and Finance and LOLC Finance amalgamation boosts CSE
by Hiran H.Senewiratne
CSE activities yesterday started on a positive note especially because of the much-awaited amalgamation of two major financial institutions, namely, Commercial Leasing and Finance and LOLC Finance. This gave a boost to the bourse’s momentum but later mixed reactions were indicated due to selling pressure in two major index heavy entities, Expolanka Holdings and LOLC Holdings, stock analysts said.
It is said that more than 95 per cent of companies have announced their quarterly results and most companies have reported positive earnings despite the current pandemic situation in the country as well as globally. This has positively impacted the investor.
Further banking sector counters indicated a price appreciation owing to positive earning hopes and dividend payments, stock market analysts said. The banking sector was the major contributor to the All- Share Price Index. Those banks were, Sampath Bank (28 points), Commercial Bank (13.8 points), HNB (9.4 points) and NDB (5.3 points).
Major negative contributors to the All- Share Price Index were LOLC Holdings (13.6 points), JKH (7.4 points) and Melstacorp (6.7 points).
Amid those developments both indices showed mixed reactions. All- Share Price Index went down by 12.42 points and S and P SL20 rose by 5.52 points. Turnover stood at Rs 3.8 billion with a single crossing. The crossing was reported in Renuka Hotel PLC, which crossed 2.3 million shares to the tune of Rs 198.5 million, its shares traded at Rs 93.
In the retail market seven companies that mainly contributed to the turnover were; Commercial Leasing and Finance Rs 772 million (15.6 million shares traded), LOLC Finance Rs 703 million (25.6 million shares traded), Browns Investments Rs 271 million (19.2 million shares traded), Expolanka Holdings Rs 219 million (691,000 shares traded), Sampath Bank Rs 182 million (5.2 million shares traded), Guardian Capital Partners Rs 167 million (5.2 million shares traded) and LOLC Holdings Rs 74.5 million (65,000 shares traded). During the day 133 million share volumes changed hands in 35000 transactions.
It said high net worth and institutional investor participation was noted in Melstacorp, JKH and LOLC Holdings. Mixed interest was observed in Expolanka Holdings, Sinhaputhra Finance and Softlogic Life Insurance, while retail interest was noted in LOLC Finance, Commercial Leasing & Finance and Browns Investments.
The foreign sales so far this year has been Rs 3.4 billion. In 2021, the Sri Lanka stock market suffered a net foreign outflow of Rs 50 billion. Analysts had predicted that economic concerns would drag the market from time to time until the government finds a sustainable solution to the country’s looming debt crisis.
Yesterday, the US dollar rate was quoted at Rs 202.27, which was the controlled price of the Central Bank. The Central Bank has imposed a ceiling of Rs 203 per US dollar. However, financial market sources revealed that the actual price of a US dollar would be more than Rs 250. Former Prime Minister Ranil Wickramesinghe predicted at a forum that the US dollar rate would likely go beyond Rs 300 towards the end of the year.
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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