Business
Dropping inflation stimulates business sentiment elevation in bourse
By Hiran H.Senewiratne
The overall business sentiment at the CSE improved yesterday following the Department of Census and Statistics announcement that Sri Lanka’s national inflation rate has come down to 2.1 percent, which at one time moved up close to 70 percent last year, market analysts said.
Further, the market also got a boost when world leaders and international donor agencies expressed and confirmed support for the Sri Lankan economy to President Ranil Wickremeisghe, who is currently in New York attending the United Nations General Assembly annual sessions.
Further, market analysts said that they are seeing some renewed interest in the bourse possibly with the announcement of another bond auction today. There is expectation that rates will come down. That created a positive sentiment for yesterday’s market.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 58.8 points while S and P SL20 index rose by 25.1 points. Turnover stood at Rs 1.1 billion with two crossings. Those crossings were reported in Melstacope, which crossed 2 million shares to the tune of Rs 172 million and its shares traded at Rs 86 and Windforce 4 million shares crossed for Rs 76 million; its shares traded at Rs 19.
In the retail market top five companies that mainly contributed to the turnover were; CIS Holdings Rs 88.3 million (1.1 million shares traded), JKH Rs 81 .9 million (431,000 shares traded), Distilleries Rs 59.6 million (2.2 million shares traded), Print Care Rs 36.8 million (695,000 shares traded) and Melstacope Rs 32.6 million (379,000 shares traded). During the day 33.1 million share volumes changed hands in 9000 transactions.
Yesterday the rupee opened stable at Rs 324/75 to the US dollar, same as at the close on Thursday, dealers said.Bond yields were up. A bond maturing on 01.08.2026 was stable at 14.75/15.25 percent. A bond maturing on 15.09.2027 was quoted up at 14.75/15.25 percent from 14.60/15.20 percent. A bond maturing on 01.05.2028 was quoted at 14.40/50.
Business
AHK Sri Lanka champions first-ever Sri Lankan delegation at Drupa 2024
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.
Business
HNB General Insurance recognized as Best General Bancassurance Provider in Sri Lanka 2024
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.”