Business
LOLC Development Finance leads market activity, analysts taken by surprise
by Hiran H. Senewiratne
Share trading at the Colombo Stock Exchange (CSE) was positive overall yesterday and one of the LOLC subsidiaries LOLC Development Finance Plc shares were trading heavily thus creating an ‘artificial’ effect on the stock market, analysts said.
“Due to the illiquid nature, its share price appreciated by 25 percent or Rs 26.25. Its share price started at Rs 105 and at the end of the day it moved to Rs 131.25, which was an unprecedented appreciation of its share price the previous day as well. Its share price moved up without any reasons, stock market analysts said.
LOLC Development Finance total shares issued to the public was 238 million out of which 99.9 percent held by LOLC group, while 263.754 shares were available for the public to trade. Thus LOLC Development Finance became the highest contributor for the All Share Price Index yesterday with 14 points out of 17.81 points.
Amid those developments, both indices moved up. All Share Price Index up by 17.81 points and S&P SL20 up by 11.55 points. Turnover stood at Rs 3.96 billion with a single crossing. The crossing took place in Windforce , which crossed 103.6 million shares to the tune of Rs 1.89 billion and its share price traded at 18.20.
In the retail market top five companies that contributed to the turnover were Expolanka Rs 667.6 million (12.9 million shares traded), LOLC Rs129.7 million (320,000 shares traded), Dipped Products Rs 106.1 million (1.96 million shares traded), Royal Ceramic Rs 99.6 million (2.67 million shares traded), and Hayleys Rs 91.4 million (1.17 million shares traded).
Expolanka is the highest traded company in the stock market with 30 million shares traded during the day. Its share price appreciated by 3.8 percent or Rs 1.90. At the commencement of the market its share price started at Rs 50.40 and at the end of the day it moved upto Rs 52.30. Expolanka contributed seven points to the All Share Price Index.
Windforce’s contribution to the turnover was 49 percent with its crossing and retail market activities (Rs 55 million contributed trading of 2,9 million shares) . Its crossing traded below 80 cents and Rs 2 below the market price at the commencement of its share price of Rs 19.During the day 166 million share volume changed hands in 20649 transactions.
High net worth and institutional investor participation remained subdued during these days, according to market analysts. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and Royal Ceramics, whilst retail interest was noted in Browns Investments, People’s Leasing and Finance and SMB Leasing.
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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