Business
LOLC Group share prices impact CSE
By Hiran H.Senewiratne
CSE activities were negative throughout yesterday as the LOLC Group witnessed some share price declines, because LOLC Holdings’ strategic investment arm, Browns Investments, had entered into an MoU with China Harbour Engineering Company Limited (CHEC) recently.
This MoU was signed last year to commence the Colombo International Finance Center (CIFC) mixed development project in the Colombo Port City (CPC). Several petitions have been filed against the Port City Bill before the Supreme Court. Any delays in implementing the Port City Bill, consequent to any court decisions, could affect Browns Investments business interests, stock market analysts said.
Further, profit taking that was witnessed last Friday continued yesterday as well. Both indices moved downwards. All Share Price Index went down by 47.07 points and S and P SL20 declined by 28.51 points. The turnover stood at Rs. 2.98 billion with three crossings. Those crossings were reported in HNB, which crossed 850,000 shares to the tune of Rs. 112.2 million, its shares traded at Rs. 132, Swisstech 2.1 million shares crossed for Rs. 53 million, its shares traded at Rs. 30 and Lanka Walltiles 500,000 shares crossed for Rs. 26.6 million, its shares fetched Rs. 53.10.
In the retail market top five companies that mainly contributed to the turnover were; Royal Ceramic Rs. 540 million (1.6 million shares traded), Browns Investments Rs. 452 million (71 million shares traded), Dipped Products Rs. 187.4 million (3.1 million shares traded), Hayleys Rs. 170.5 million (2.1 million shares traded) and Lanka Walltiles Rs. 160 million (three million shares traded). During the day, 126.8 million share volumes changed hands in 19911 transactions.
The Sri Lankan rupee further appreciated against the US dollar with the buying rate of the dollar dropping to Rs. 187.93 yesterday, according to Central Bank’s daily exchange rates.
The selling rate of the US dollar has, meanwhile, reached Rs. 191.97, while this is the first time the selling rate has dropped below the 200-mark since March 15, 2021.
This is also the lowest selling rate of the US dollar recorded after January 08, 2021.
The selling rate of the US dollar had reached the highest figure in the country’s history on April 15 when it climbed to 204.62, while it had dropped back to 201.28 the following day.
According to the Central Bank of Sri Lanka, as of April 16, the Sri Lankan rupee has depreciated by 6.8% against the US dollar so far this year.
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
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