Business
Heavy buying interest in ACL Cables and LOLC Group counters
By Hiran H.Senewiratne
The bullish trend continued at the CSE yesterday as well due to positive market conditions, which was attributed to heavy buying interest on several companies/counters, including ACL Cables and LOLC Group companies, stock market analysts said, On the previous day, the CSE achieved a new milestone in its benchmark index ASPI, which crossed the 10,000 points level as investors turned bullish with active trading on expectations of improved corporate earnings despite the impact of the pandemic.
As a result, CSE market capitalization crossed the 50 percent year to date growth to 51.22 per cent or Rs. 4.47 trillion. The Central Bank’s certain policy adjustments for the increase of foreign reserves and positive quarterly results of many companies enabled the market to achieve new records, market analysts said.
ACL Cables shares appreciated by 18 percent or Rs 10.50. Its shares started trading at Rs 56.90 and suddenly shot up to Rs 67.40. Two LOLC Group companies, Commercial Leasing and Finance and Browns Investments were the main contributors to the All Share Price Index. Commercial Leasing contributed 30 points and Browns Investments contributed 26 points to the All Share Price Index. Meanwhile, Browns Investments share price appreciated by seven percent of 80 cents. Its shares started trading at Rs 10.70 and at the end of the day they moved to Rs 11.50.
Amid those developments both indices moved upwards. The All Share Price Index went up by 76.95 points and S and P SL20 rose by 17.95 points. Turnover stood at Rs 6.7 billion with two crossings. Those crossings were reported in Renuka Hotel PLC, which crossed 388,000 shares to the tune of Rs 35.7 million and its shares traded at Rs 92 and Richard Pieris two million shares crossed for Rs 35 million and its shares traded at Rs 17.50.
In the retail market, five companies that mainly contributed to the turnover were, Browns Investments Rs 1.28 billion (114 million shares traded), ACL Cables Rs 940 million (14.7 million shares traded), Expolanka Holdings Rs 809 million (3.6 million shares traded), Dipped Products Rs 281 million (5.3 million shares traded) and Hayley Rs 231 million (2.1 million shares traded). During the day 272.2 million share volumes changed hands in 46000 transactions.
It said high net worth and institutional investor participation was noted in JKH, HNB non-voting and Expolanka Holdings. Mixed interest was observed in Vallibel One, ACL Cables and LOLC Holdings, while retail interest was noted in Commercial Leasing and Finance and Browns Investments.
Meanwhile, Lanka Credit and Business Finance Limited (LCBF) offered up to Rs 125 million in ordinary shares at Rs 4.00 at the close of the opening day after over subscription, issue managers NDB Investment Bank said.
The IPO had attracted over Rs 500 million of applications a few hours after opening yesterday and was to close at 1630 hours. NDB Investment Bank is the financial advisor to the offer. NDB Investment Bank said it had helped the firm’s acquisition by the current owners and had helped in capital infusion to make a turnaround in the firm from a previously distressed state.
Yesterday the US dollar rate was Rs 203, which was the maximum controlled price imposed by the Central Bank to maintain and control the price escalations of essential items.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
