Business
CSE on the uptick despite October’s inflation hike
By Hiran H.Senewiratne
CSE activities were bullish and positive yesterday despite Sri Lanka’s nationwide inflation in October 2021, determined under the National Consumer Price Index (NCPI), rising to 8.3 from 6.2 per cent recorded in September, stock market analysts said.
The Department of Census and Statistics released their report, where NCPI for all items for the month of October 2021 increased to 150.6 from 147.5 during the previous month. The inflation for the month of October 2021 was mainly due to the higher price levels prevailing in both food and non-food groups.
Further, LOLC Holdings off the floor Rs 41 billion transactions that occurred when LOLC Holdings last week completed the transfer of the shares of three finance companies to LOLC Ceylon Holdings Ltd. (LOCH) gave some impetus to the stock market, analysts said.
Amid those developments, substantial gains were recorded in LOLC Holdings, Bogala Graphite, ACL Cables, Kelani Cables, Watawala Plantations and Central Industries. Both indices moved upwards. The All- Share Price Index went up by 111.36 points and S and P SL20 rose by 57.62 points. Turnover stood at Rs 6.6 billion with two crossings. Those crossings were reported in LOLC Holdings, where 140,000 shares crossed to the tune of Rs 115 million, its shares traded at Rs 811 and Browns Investments 150,000 shares crossed to the tune of Rs 30.6 million, its shares traded at Rs 204.
In the retail market top seven companies that mainly contributed to the turnover were, LOLC Holdings Rs 807 million (968,000 shares traded), Browns Investments Rs 601 million (52.8 million shares traded), LOLC Finance Rs 546 million (20.1 million shares traded),Bogala Graphite Rs 536 million (four million shares traded), Expolanka Holdings Rs 513 million (2.2 million shares traded), ACL Cables Rs 278 million (3.3 million shares traded) and Sierra Cables Rs 211 million (14.7 million shares traded). During the day LOLC gained by 16.4 or Rs 126 per share. Its share price moved to Rs 907 from Rs 768.
During the day the stock market witnessed a price appreciation in the capital goods sector. Bogala Graphite share prices appreciated by 24 percent or Rs 27.75. Its share price moved to Rs 144.25 from Rs 116.25, ACL Cables share price moved 11 per cent or Rs 8.50. Its share price moved to Rs 86.60 from Rs 78.10, Central Finance recorded a Rs 20 or 11 per cent gain. Its share price shot up to Rs 203.75 from Rs 183.75 and Kelani Cable’s shares appreciated by Rs 74 or 25 per cent. Its share price started trading at Rs 300 and at the end of the day it shot up to Rs 374.
Further, plantation sector counters also made significant gains in their prices. Main gainers were Agalawatta Plantation, whose share price appreciated by Rs 2.90 or eight per cent. Its shares started trading at Rs 37.30 and at the end of the day they shot up to Rs 40.70 and Watawala Plantations share price appreciated by Rs 9.80 or 10 per cent. Its share price shot up to Rs 109.50 from Rs 99.70. During the day 216 million share volumes changed hands in 4800 transactions.
Further, Sarvodaya Development Finance oversubscribed their share issue on the first day itself.
Yesterday, the US dollar was quoted at Rs 202.41, which was the controlled price of the Central Bank.
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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