Business
Default rating assigned to bonds in domestic restructuring plunges CSE into negative territory
By Hiran H.Senewiratne
The stock market kicked off on a positive note last morning but subsequently investor sentiment dipped into negative territory with Fitch Ratings downgrading several bonds involved in domestic debt restructuring to default status. Besides, the long-term local currency rating was downgraded to ‘Restricted Default’.
“The ratings on local-currency bonds tendered in the domestic debt exchange have been downgraded to ‘D’ from ‘C’, while four local-currency bonds not tendered in the domestic debt exchange have been affirmed at ‘C’, the rating agency said.
The All- Share Price Index went down by 66.6 points and S and P SL20 declined by 16.17 points. Turnover stood at Rs 784 million with two crossings.
Those crossings were reported in Hayleys Fabrics, which crossed 460,000 shares to the tune of Rs 21.85 million and its shares traded at Rs 47.50 and Access Engineering 1 million shares crossed for Rs 20 million; its shares sold at Rs 20.
In the retail market top seven companies that mainly contributed to the turnover were, Hayleys Fabrics Rss 50.2 million (1.1 million shares traded), Expolanka Holdings Rs 44 million (310,000 shares traded), Access Engineering Rs 40.9 million (2 million shares traded), Hayleys Rs 25.4 million (261,000 shares traded), JKH Rs 25 million (131,000 shares traded), Capital Alliance Rs 24.9 million (308,000 shares traded) and CIC Holdings Rs 23.6 million (413,000 shares traded). During the day 36.8 million share volumes changed hands in 9800 transactions.
Yesterday the rupee opened at Rs 323.00/50 to the US dollar from the previous day’s close at Rs. 323.25/75 to the US dollar, dealers said.
A bond maturing on 01.08.2026 was quoted down at 14.05/15 percent from 14.25/40 percent. A bond maturing on 15.09.2027 was quoted down at 13.70/14.00 percent from 14.00/45 percent a day earlier. A bond maturing on 01.05.2028 was quoted down at 13.40/70 from 14.25/40 percent the 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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