Business
Dollar selling rate of Rs. 200.06 having investors worried
By Hiran H.Senewiratne
CSE investors were reportedly worried yesterday over inflationary pressure on manufacturing sector companies due to the current buying rate of the US Dollar standing at Rs. 195.28 and the selling rate of the US dollar standing at Rs. 200.06.
This is the highest selling rate recorded for the US dollar since April 9, 2020. That day the selling rate of the US dollar stood at Rs.200.47. Further, the Central Bank is not in a position to sell down its dollars in order to protect current foreign reserves, which are only ample for three months for the country to survive, stock market analysts said.
According to the daily exchange report of the Central Bank, this is the third time in history that the selling rate of a US dollar has exceeded the Rs.200 mark. As a result, manufacturing sector companies’ cost of production tends to move up. In turn, those stocks will have a negative impact on the stock market, analysts said.
Amid those developments, the JKH share price slightly appreciated against the backdrop of arrangements relating to the development of the West Container Terminal of the Colombo Port.
JKH shares started trading at Rs. 148 and at the end of the day they moved up to Rs. 148.50, which was a 50 cents or 0.34 percent increase, stock market analysts said.
During the day the market started with marginal gains and began declining to 110 negative points. However, during the latter part of the day, CSE signalled some positive trends and closed at 40.71 negative points (All Share Price Index). S and P SL20 went down by 17,50 points. The top five companies in the retail market that mainly contributed to the turnover were, LOLC Rs. 183.7 million (620,000 shares traded), Expolanka Rs. 163 million (3.6 million shares traded), Browns Investments Rs. 159 million (31 million shares traded), Dipped Products Rs. 83.6 million (1.8 million shares traded) and Vallibel One Rs. 66.6 million (1.4 million shares traded). During the day, 83.3 million share volumes changed hands in 14912 transactions.CSE turnover stood at Rs. 1.23 billion.
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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