Business
CSE indices reach all-time high; market resumes bull run
By Hiran H.Senewiratne
The CSE yesterday began on a positive bullish note with sharp gains in both indices, propelling them to an all – time high amid robust turnover. It is said that the All-Share Price Index reached the 11796 mark or 116 points, stock analysts said.
With the extending of the import restrictions in the recent budget, local manufacturing sector counters noted some positive gains, especially in the tile sector. Amid those developments, throughout the day, the stock market was positive and the rally was driven by Expolanka Holdings, which surpassed Rs 700 billion with Rs 737 billion in market capitalization, which accounts for 14 per cent of the overall market capitalization in the CSE, analysts said.
The Expolanka share price appreciated by Rs 26.75 or eight points. Its share price shot up to Rs 377 from Rs 300.25, thus contributing 117 points to the All- Share Price Index. Profit- takings were witnessed in LOLC Group of companies but did not happen in a significant manner, market analysts added.
The All- Share Price Index gained by 2.00 per cent or 116 points and the S&P SL20 shot up by over two per cent or 48.6 points. Turnover improved to Rs. 8.5 billion, involving a whopping 533 million shares with five crossings. Those crossings were reported in Chevron Lubricants, which crossed 277,000 shares to the tune of Rs 38 million and its shares traded at Rs 108, Expolanka Holdings 80000 shares crossed to the tune of Rs 28.6 million; its shares traded at Rs 358, Resus Energy 750,000 shares crossed for Rs 26.6 million; its shares fetched Rs 35, Lanka IOC 600,000 shares crossed for Rs 23.8 million and its shares traded at Rs 39.70 and Windforce 1.3 million shares crossed for Rs 23.3 million, its shares traded at Rs 18.70.
In the retail market five companies that mainly contributed to the turnover were; Expolanka Holdings Rs 1.8 billion (4.9 million shares traded), Browns Investments Rs 635 million (44.7 million shares traded), Resus Energy Rs 457 million (12.6 million shares traded), ACL Cables Rs 358 million (3.5 million shares traded), Hayleys PLC Rs 335 million (2.8 million shares traded), Vallibel One Rs 322 million (four million shares traded) and LOLC Holdings Rs 322 million (273,000 shares traded).
It is said the Capital Goods sector was the top contributor to the market turnover (due to Brown & Company), while the sector index gained 2.11 per cent. Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings), while the sector index increased by 3.47 per cent. During the day 533 million share volumes changed hands in 58000 transactions.
Moreover, Kapruka and Co-operative Insurance will go for IPOs. Kapruka will start their initial offering to the public on December 22. The company will issue 32.8 million shares at a share value Rs 15.40 to raise Rs 5.5 million. With those funds they expect to expand, develop and upgrade infrastructure while launching a Kapruka digital platform. Co-operative Insurance will issue 166 million shares at a share price of Rs 3.60 to raise Rs 600 million. The objective of the IPO would be to expand and strengthen the asset portfolio, digital transformation of the business by leveraging IT and to construct a salvage yard at Ja-ela.
Yesterday, the US dollar rate was quoted at Rs 201.87, which was the controlled price set by the Central Bank to prevent price escalations in imported essential items. This artificial price suppression could negatively impact the economy. But a US $ one billion worth swap by the Indian government will give some economic relief in the short term, analysts 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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