Business
Increasing state tax revenue seen as having a bearing on stock investments
By Hiran H. Senewiratne
Most CSE investors are adopting a wait- and- see approach on how their investments would be viable in view of the local tax hike, which has increased tax revenue by 116 percent in the first quarter of the year, market analysts said.
During this year’s first quarter the Department of Inland Revenue had collected Rs 316.6 billion in tax revenue as against Rs 146.6 million last year. Therefore, investors are observing how, with the new tax hike, companies have performed during the first four month of the year, market analysts explained.
The market started on a negative note yesterday but during the latter part of the session indicated a slight recovery, on the basis of which they anticipate the market would turn positive from today, analysts said.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 37.39 points and S and P SL20 declined by 9.81 points. Turnover stood at Rs 1.1 billion with four crossings.
Those crossings were reported in Windforce, which crossed 8.1 million shares to the tune of Rs 142.6 million, its shares traded at Rs 17.50, TJLanka 881,500 shares crossed for Rs 29.8 million and its shares traded at Rs 33.90, Melstacorp 500,000 shares crossed for Rs 27.2 million, its shares fetching Rs 54.50 and RIL five million shares crossed to the tune of Rs 27 million, its shares traded at Rs 5.40.
In the retail market top seven companies that mainly contributed to the turnover were, Aitken Spence Rs 170 million (2.2 million shares traded), Dialog Axiata Rs 93.5 million (8.5 million shares traded), Capital Alliance Rs 56.6 million (1.9 million shares traded), Expolanka Holdings Rs 54.3 million (341,000 shares traded), CTC Rs 146.9 million (65000 shares traded), Browns Investments Rs 40.7 million (seven million shares traded) and Ceylon Theatres Rs 34.1 million (187,000 shares traded). During the day 61.3 million share volumes changed hands in 12184 transactions.
Foreign investment in Sri Lanka government securities has been rising substantially during the last week from a stagnant US $ 231 million to an improved $ 365 million as at end of April 21.
Despite the domestic market being rattled by DDR concerns and a slight upward revision of the secondary market rates the above inflow is substantial. Still, it is not clear whether these inflows are focused on a short-term gain on T-Bills or long-term investment on T-Bonds, Central Banks sources said.
Yesterday the Central Bank’s US dollar buying rate was Rs 313.26 and the selling rate Rs. 328.54.
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
