Business
‘CSE has bounced back, spurred by positives’
By Hiran H.Senewiratne
CSE has bounced back, encouraged by the positives and future upside, State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal said.
“The CSE has so much value as stocks are grossly under-priced. While it is true that foreign investors have sold out to the tune of over Rs. 30 billion, Sri Lankans have reinforced confidence by buying foreign holdings and it reflected the actual depth of the local investor base, “Cabraal told an investor forum titled “Twenty 21 and Beyond” organised by Softlogic Stockbrokers on Tuesday. He told capital market players that if they can succeed in securing 1 percent of a Rs. 10 trillion deposit base of banks and finance companies, the CSE will benefit by Rs. 100 billion in captive funds. “This is the true potential of the CSE, and stakeholders must harness it,” he said. Cabraal also recalled that even in its best effort, state funds such as the EPF, invested only Rs. 70 billion.
Amid those developments the CSE was bullish yesterday with heavy trading in the market. However, Expolanka which traded heavily during the last few days saw a price drop following its announcement they have no undisclosed price sensitive information in relation to Expolanka. Therefore, its stock price dropped by 30 cents during the day, sources said.
However, both CSE indices moved upwards; i.e, the All Share Price Index was up by 51.71 points and S and P SL20 up by 24.15. Turnover stood at Rs. 3.53 billion with six crossings.
Those crossings were reported in HNB, which crossed 26 million shares to the tune of Rs. 318 million, its share price trading at Rs. 123, CCS 126,000 shares crossed for Rs. 81.9 million, per share value Rs. 650.10, JKH 414,000 shares crossed for Rs. 56.3 million, per share value being Rs. 136, Central Finance 371,000 shares crossed for Rs. 29.3 million, per share value standing at Rs. 79, Melstacorp 700,000 shares crossed for Rs. 23.5 million at a per share value of Rs. 33.50 and DFCC 294,000 shares crossed for Rs. 20 million, per share value being Rs. 68.
In the retail market top five companies that mainly contributed to the day’s turnover were; Expolanka Rs. 465 (49 million shares traded), Tokyo Cement Rs. 165 million (3.3 million shares traded), Melstacorp Rs. 156.5 million (4.7 million shares traded), ACL Cables Rs. 154 million (three million shares traded) and JKH Rs. 151.6 million (1.1 million shares traded). During the day 85.1 million share volumes changed hands in 27759 transactions.
During the day several companies, Tokyo Cement, Lanka IOC, Melstacorp, LMF and ACL Cables witnessed more than 9 percent gain in their respective shares. During the day 169 companies’ shares prices moved up and only 55 companies’ prices depreciated.
Chevron Lubricants Lanka PLC has appointed Muhammad Najam Shamsuddin as their new Managing Director & CEO with effect from October 1, 2020, stock market sources said.
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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