Business
CSE total market turnover hits Rs. 600 billion within first eight months of 2021
By Hiran H.Senewiratne
Investor confidence in the Colombo Stock Exchange recorded an all-time high with the total market turnover touching Rs. 600 billion as at 24th August 2021 within the first 08 months of the year. Therefore, the investor sentiment has shown some significant improvement despite the country’s economic woes and the Covid 19 pandemic condition, CSE-Head of Marketing Niroshan Wijesundera said.
“Last year, the CSE’s total turnover reached Rs. 396.8 billion but this year we have surpassed last year’s total market turnover in less than eight months. Therefore, market trading activities have also increased by approximately 27.5 percent, Year-To-Date growth is seen in ASPI, Wijesundere told The Island Financial Review.
He said daily turnover marked the highest value for the quarter at Rs. 10.8 billion, recorded on the previous day. Yesterday the market turnover stood at Rs. 9.9 billion. The two days’ market turnover averaged Rs10 billion year to date; a 34 percent increase of active accounts compared to year 2020.
The CSE implemented the Delivery Versus Payment (DVP) Settlement mechanism on August 16, 2021. “The increased market participation and growth indicates how all the market participants have embraced the new trading systems and its operating infrastructure, Wijesundera explained.
“With the announcement of new policy rates, although a public reaction was exhibited soon after, the positive trajectory of the market indicates that the amended policy rates have not posed a negative effect on the market performance and activity, Wijesundere said.
CSE trading activates were bullish yesterday and a major contributor to the All Share Price Index was Commercial Leasing Finance, which contributed 124 points. Commercial Leasing Finance’s share price yesterday appreciated by 50 percent or Rs. 8.70. Its shares started trading at Rs. 17.50 and at the end of the day they shot up to Rs. 26.20.Expolanka Holdings, performed well on the previous day with noted profit taking but its share price depreciated by two percent or Rs. 2.75. It shares started trading at Rs. 122.75 but at the end of the day they came down to Rs. 120.
Amid those developments both indices moved upwards. All Share Price Index went up by 188.30 points to 8667.95 and S and P SL20 rose by 24.44 points. Turnover stood at Rs. 9.95 billion with three crossings. Those three crossings were reported in Cargills PLC where 730,000 shares crossed to the tune of Rs. 171.5 million and its share price traded at Rs. 235, HNB (Non Voting) 880,000 shares crossed for Rs. 100.4 million, its shares traded at Rs. 114 and JKH 630,000 shares crossed for Rs. 83.2 million, its share price being Rs. 132.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs. 1.59 billion (13 million shares traded),LOLC Finance Rs. 1.06 billion (86.3 million shares traded), Browns Investments Rs. 1.04 billion (133 million shares traded), LOLC Holdings Rs. 965 million (1.8 million shares traded), Hayleys PLC Rs. 956.8 million (10.8 million shares traded, Dipped Products Rs. 602 million (10 million shares traded) and Royal Ceramic Rs. 474 million (10.8 million shares traded). During the day 421.4 million share volumes changed hands in 62000 transactions.
LOLC Group now owns a 15 percent stake in SANASA Development Bank (SDB bank) following the conclusion of the bank’s Secondary Public Offering (SPO).SDB Bank said that when the issue closed last week, the SPO had drawn applications worth Rs. 3.69 billion; short of the desired Rs. 4.5 billion aimed at. The SPO received 111 applications requesting for 71.76 million shares.
It said Iconic Property Twenty Three Ltd., a fully owned subsidiary of LOLC Investments, has been allocated 24.1 million shares or 15 percent. Kotagala Plantations PLC’s Rs. 790 million Rights Issue has seen demand worth Rs. 1 billion, reflecting a successful oversubscription.
The Issue involved 263,287,500 Ordinary Shares at Rs. 3 per share on the basis of seven new shares for two held. The aim was to raise Rs. 790 million. Kotagala said the Rights Issue had been oversubscribed with total subscription received amounting to Rs. 1.01 billion inclusive of additional shares applied for. It said the information was subject to the realisation of cheques, bank confirmation, elimination of duplications (if any) and other verifications.
Consolidated Tea Plantations Ltd. owns 45 percent in Kotagala and related parties Lankem Tea and Rubber Plantations own 21.76 percent. The percentage of shares held by the public in Kotagala as of 30 June was 32.77 percent with 13,439 public shareholders.
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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