Business
Panic selling by foreign investors at CSE
By Hiran H.Senewiratne
CSE activities witnessed some negative trends yesterday initially but later recorded some recovery. However, the sessions ended in a downward trend due to some panic selling, specially by foreign investors due to the current Covid 19 pandemic situation, market analysts said.
In the previous four sessions, CSE saw a net foreign inflow of Rs. 93 million. The total foreign outflow was Rs. 36.48 billion as of yesterday in spite of a healthy turnover level, which was recorded throughout the year, stock market analysts said.
Amid those developments, JAT Holdings share prices noted a depreciation from the first day of its trading of shares at the CSE. JAT”s market capitalisation was Rs. 12.3 billion and it had issued 510 million shares to the stock market at a mentioned price of Rs 27. At the end of the day its share price depreciated to Rs. 24.90 which was a Rs. 2.10 or 8 percent drop, stock market analysts said.
Against this backdrop, both indices moved downwards. The All Share Price Index was 114.66 points down, while the S and P SL20 was 37.77 points down yesterday. Turnover stood at Rs. 4.13 billion with four crossings. Those crossings were reported in Sunshine Holdings, which crossed 10.5 million shares to the tune of Rs. 267.7 million; its shares traded at Rs. 25.50, Renuka Capital 17.3 million shares crossed for Rs. 143.5 million, its shares traded at Rs. 8.30, Royal Ceramic 1.9 million shares crossed for Rs. 72.2 million, its shares traded at Rs. 38 and Seylan Bank (Non Voting) 1.6 million shares crossed for Rs 57.3 million, its shares fetched Rs. 35.50.
In the retail market, five companies that mainly contributed to the turnover were, Expolanka Holdings Rs. 839.2 million (10.4 million shares traded), LOLC Holdings Rs. 250.8 million (475,000 shares traded), JAT Holdings Rs. 224 million (8.6 million shares traded), Renuka Capital Rs. 205 million (23.3 million shares traded) and Royal Ceramic Rs. 156.6 million (4.1 million shares traded).
In a CSE disclosure it was revealed that Associated Motor Finance Company PLC’s right issue was oversubscribed. The company issued 3.5 million shares on the proportion of ten new shares for every 17 existing shares, which raised Rs. 500.2 million. Further, Softlogic also announced a right issue.
It was said that high net worth and institutional investor participation was noted in Sunshine Holdings and JKH. Mixed interest was observed in Expolanka Holdings, Ambeon Holdings and Royal Ceramics, while retail interest was noted in Renuka Capital, Vallibel Power, Erathna and Ambeon Capital. During the day 208.3 million share volumes changed hands in 37000 share transactions.
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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