Business
CSE recovers after shaky start to reap turnover of Rs. 5.41 billion
By Hiran H.Senewiratne
Stock market trading was positive during the morning session yesterday but later investors panicked and profit-takings were noted when the Central Bank announced that it had decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points each, to 5.00 per cent and 6.00 per cent respectively. However, towards the latter part of the day the CSE showed some recovery, stock market analysts said.
On the back of a bullish market dominated by local investors, the logistics-rich but young diversified conglomerate Expolanka Holdings PLC yesterday dislodged JKH and Ceylon Tobacco to become the second-most valuable listed company in Sri Lanka. Further, Commercial Leasing and LOLC Finance made announcements that they have no undisclosed price sensitive information in relation to their companies or any other reasons to have unusual trading activities during the last two days, analysts said. Despite both indices going down yesterday, the market reported a healthy turnover of Rs. 5.41 billion without a crossing. All Share Price Index went down by 89.03 points and S and P SL20 declined by 20.43 points.
In the retail market top five companies that mainly contributed to the turnover were, Expolanka Holdings Rs. 1.7 billion (18.3 million shares traded), Browns Investments Rs. 739.4 million ( 104.4 million shares traded), LOLC Finance Rs. 692 million (61.4 million shares traded), Sierra Cables Rs. 233.7 million (25.7 million shares traded), LOLC Finance Rs. 225.4 million (485,000 shares traded), Commercial Leasing Rs. 191.1 million (11.6 million shares traded) and Royal Ceramic Rs. 155.5 million (four million shares traded). During the day 310 million share volumes changed hands in 45000 transactions.
Major negative contributors to the All Share Price Index were NIFL (19.9 negative points), LOLC (17.1 negative points) and Expolanka (16 negative points). JAT Holding Ltd. became JAT Holdings PLC after listing in the stock market.
CSE said that it had showcased a strong growth trajectory in capital raised by Sri Lankan corporates of all scales during the first seven months of 2021.
It said Sri Lankan corporates are increasingly recognizing the Exchange as a platform to achieve greater financial freedom, improved access to capital and as a means of enhancing their global profile besides accessing liquidity and proving an attractive proposition to tap into for global capital.
To date, the CSE has facilitated 12 new listings, including seven debt IPOs with a value of Rs. 47.29 billion, four equity IPOs with a value of Rs. 7.49 billion and one SPO with a value of Rs. 3.5 billion. This is the highest number of equity IPOs that the CSE has facilitated since 2014 and the largest in cumulative value since 2011.
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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