Business
Major transactions in Hayleys related stocks; CSE winning streak ends
By Hiran H.Senewiratne
The CSE yesterday saw an end to its four-day-strong winning streak, influenced by price declines in heavyweights Expolanka and LOLC Holdings, with active investors booking profit and others abstaining, market analysts said.
However, heavy rallies on Hayleys stocks were noted during the day. Major transactions took place yesterday when Finco Group, being one of the largest shareholders of Hayleys, divested/shed 22 million shares, which is equal to a three per cent stake of Hayleys, to several high net worth individuals and institutional buyers to the tune of Rs 2.9 billion, by way of a crossing, stock market analysts said.
The Hayelys share price in the last few days was a bit active and its shares appreciated by Rs 4.50 or three per cent yesterday. Its share price shot up to Rs 128.75 from Rs 124.25.
Sri Lanka’s gross domestic product, meanwhile, is estimated to have contracted 1.5 per cent in the third quarter of 2021 amid a Coroanvirus curfew and import restrictions, data from the state statistics office showed.
Growth slowed from a 12.3 per cent recovery in the second quarter and 1.3 per cent growth in the third quarter of 2020. Agriculture grew 1.7 percent, industries contracted 2.1 percent and services also contracted 1.6 per cent. A Covid curfew was imposed from August 20 and continued until mid- October.
Amid those developments both indices were down. The All- Share Price Index down by 75.03 points and S and P SL20 declined by 10.03 points. Turnover stood at Rs 8.3 billion with four crossings. Those crossings were reported in Hayleys PLC, which crossed 23 million shares to the tune of Rs 2.9 billion and its shares traded at Rs 125, JKH, 1.1 million shares crossed for Rs 163 million, its shares traded at Rs 143, Sampath Bank 900,000 shares crossed for Rs 47.7 million, its shares fetched Rs 53 and Amana Bank 10 million shares crossed for Rs 45 million, its shares traded at Rs 4.50.
In the retail market, seven companies that mainly contributed to the turnover were; Expolanka Rs one billion (2.9 million shares traded), Hayleys Rs one billion (8.2 million shares traded), Browns Investments Rs 281 million (20 million shares traded), Commercial Bank Rs 202 million (2.5 million shares traded), ACL Cables Rs 151 million (1.4 million shares traded), RIL Property Rs 133 million (8.9 million shares traded) and Royal Ceramic Rs 105 million (1.4 million shares traded).
It is said high net worth and institutional investor participation was noted in Expolanka Holdings, Hayleys and Commercial Bank. Mixed interest was observed in ACL Cables, Brown & Company and Guardian Capital Partners, while retail interest was noted in SMB Leasing, Browns Investments and Capital Alliance.
It is said the bourse slipped back to the red zone, snapping the previous four-day rally on the back of profit-taking in selected counters.
Yesterday, the US dollar was quoted at Rs 200.67, which was the controlled price of the Central Bank to maintain price stability in imported essential items. This artificial price control would be inimical to the economy. The excessive money- printing by the government is also adding insult to injury, market analysts said.
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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