Business
Debt restructuring delays seen as sowing confusion among stock market circles
By Hiran H.Senewiratne
CSE trading yesterday was unable to maintain the previous day’s trading momentum due to speculation that the delay in the internal debt restructuring plan had created some confusion among stock market investors, market analysts said.
It is said that the debt restructuring process was expected to be completed in September but speculation in some sections revealed that it would likely be completed by November. That has created some confusion among the investors, which negatively impacted the stock market, analysts said.
“Majority of the selling pressures was borne by the tile counters and tile holding companies, market sources said.
The main All- Share Price Index was down 42.25 points, while the most liquid index S&P SL20 declined by 2.7 points. Turnover stood at Rs 893 million with one crossing. The crossing took place in JKH, which crossed 3.2 million shares to the tune of Rs 453 million and its shares traded at Rs 140.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs72 million (520,000 shares traded), Watawala Plantations Rs 29.8 million (410,000 shares traded), Sunshine Holdings Rs 29.6 million (687,000 shares traded), Expolanka Holdings Rs 19.9 million (140,000 shares traded), Lanka IOC Rs 15.5 million (124,000 shares traded), Elpitiya Plantations Rs 15.8 million (158,000 shares traded) and Ceylon Cold Stores Rs 15.3 million (393,000 shares traded). During the day 22.8 million share volumes changed hands in 8000 transactions.
High net worth and institutional investor participation was noted in PGP Glass Ceylon, Lanka IOC and Windforce Limited. Mixed interest was observed in HNB, Expolanka Holdings and Ceylon Cold Stores, while retail interest was noted in Industrial Asphalts, Browns Investments and Access Engineering.
The Banking sector was the top contributor to the market turnover (due to Hatton National Bank), while the sector index gained 1.15 per cent. The share price of HNB closed flat at Rs 120.The Energy sector was the second highest contributor to the market turnover (due to Lanka IOC), while the sector index increased by 3.37 per cent. The share price of Lanka IOC increased by Rs 4 to Rs 134.
PGP Glass Ceylon, Expolanka Holdings and Ceylon Cold Stores were also included among the top turnover contributors. The share price of PGP Glass Ceylon moved up by 30 cents to Rs 20.10.The Central Bank terminated a cash margin requirement on import letters of credit imposed over the previous 12 months to limit imports, as liquidity injection triggered forex shortages and a currency collapse.In an order issued under the monetary law, the Central Bank imposed a 100 per cent cash deposit margin on 843 imports on May 19, 2022 and February 16, 2023 to discourage imports.
Sri Lanka plans to lift import controls on 100 items which were banned during forex shortages in the past two years, which was hurting small and medium industries, State Minister for Finance Shehan Semasinghe said.Sri Lanka had controlled imports of 3,000 items denoted by HS codes out of a total of 8,000 during the past two years. The controls were then brought down to 1,000 as they hurt small and medium industries which depended on inputs.
The rupee pegged at Rs 302.80/303.10 against the US dollar in the spot market yesterday, while bond yields were steady, dealers said. A bond maturing on 01.09.2027 was quoted at 26.80/90 per cent, steady from Wednesday’s close at 26.85/27.00 per cent.The rupee was at Rs 302.80/303.10 against the US dollar in the spot market yesterday from Rs 303.50/304.20 a day earlier.
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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