Business
Finance minister’s Rs. 229 billion economic relief package buoys stock market
By Hiran H.Senewiratne
The Colombo Stock Exchange (CSE), which kicked off with a bullish momentum on the previous day continued the same momentum yesterday with both indices sharply rising, recording a turnover of more than Rs. 10 billion.
The All Share Price Index surged by 174.72 points to close at a record all time high of 12,800.53, stock market analysts said.”The two days of trading saw net foreign buying of Rs. 13 million against a net annual outflow of over Rs. 50 billion in 2021 and 2020. The reason for the CSE to be more positive throughout the day was because it would be the best investment option with the increase of money supply into the economy with the Minister of Finance Basil Rajapaksa’s economic relief package that was announced on Monday, worth 10 percent of projected 2022 revenues.
The total handout of Rs 229 billion is about 1.2 percent of gross domestic product. It is 10 percent of the Rs 2,274 billion revenues for 2022 already described as ‘ambitious’ by analysts and rating agencies.
Amid those developments both indices were positive. All Share Price Index up by 174.7 points and S and P SL20 up by 51.5 points. Although the first one and half hours indicated some profit takings, the market most of the time was positive, driven by LOLC group counters and other blue chip counters, stock market analysts said. Those companies were LOLC Holdings 67 points, LOLC Finance 39 points LOLC Development Finance 19.2 points contributed to the All Share Price Index.
Turnover stood at Rs 10.8 billion with four crossings. Those crossings were reported in NDB, which crossed 7.3 million shares to the tune of Rs 125.6 million and its share price traded at Rs 72, Sampath Bank one million shares crossed for Rs 52 million and its share price traded at Rs 52, Asia Siyaka Commodities ten million shares crossed for Rs 34 million and its share price traded at Rs 3.40 and Renula Holdings 1.2 million shares crossed for Rs 25.2 million and its share price traded at Rs 21.
In the retail market top seven companies that mainly contributed to the turnover were LOLC Finance Rs 1.7 billion (60 million shares traded), Browns Investments Rs 788 million (45 million shares traded), Prime Lands Residencies Rs 621 million (46.2 million shares traded), Sunshine Holdings Rs 449 million (8.3 million shares traded), LOLC Holdings Rs 390 million (314,000 shares traded), Expolanka Holdings Rs 341 million (893,000 shares traded) and Overseas Realities Rs 250 million (10.5 million shares traded). During the day 806 million share volumes changed hands in 76000 transactions.
Watawala Plantations, which is the market leader in palm oil in Sri Lanka share price appreciated by 16 percent or Rs 21.75. The reason being in the international market the palm oil price has gone up considerably. Therefore, its share price shot upto Rs 160 from Rs 138.25. The parent company of Watawala Plantations Sunshine Holdings share price also appreciated by 18 percent or Rs 8.80. Its share price shot upto Rs 57.80 from Rs 49. The share price of LOLC General Insurance recorded a gain of Rs. 1.20 (5.85 percent) to close at Rs. 21.70. The share price of Expolanka Holdings appreciated by Rs. 11.50 (3.06 percent ) to close at Rs. 386.75.
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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