Business
Perceived Tax Amnesty Act benefits bring bounce to bourse
By Hiran H.Senewiratne
The CSE bounced back yesterday after witnessing a heavy market drop on the previous day due to panic-stricken investors disposing of their stocks to gain short term profits after the Central Bank’s involvement in controlling the rupee rate as against the dollar, stock market analysts said.
One of the reasons for the stock market to bounce back yesterday was a comment by State Minister of Finance, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal to the media that the recently passed Tax Amnesty Act would benefit the capital market and that there could be an inflow of around Rs. 100 billion to the CSE before the end of the year. This gave a slight impetus to the highly volatile stock market, analysts said.
Further, the Central Bank also issued new directions to licensed commercial banks and the National Savings Bank on the import of certain non-essential and non-urgent goods with immediate effect until further notice to preserve foreign reserves. This slightly impacted export- oriented companies yesterday, analysts said.
Consequently, both indices moved upwards. The All Share Price Index went up by 222 points and S and P SL20 rose by 66.80 points. Turnover stood at Rs. 5.7 billion with four crossings. Those crossings were reported in Sampath Bank, where four million shares crossed to the tune of Rs. 204.8 million, its shares traded at Rs. 51.50, Expolanka Holdings 600,000 shares crossed for Rs. 105.6 million, its shares traded at Rs. 176, HNB 250,000 shares crossed for Rs. 35.7 million, its shares fetched Rs. 143 and HNB (Non Voting) 200,000 shares crossed for Rs 26 million, its shares trading at Rs. 130.
In the retail market, five companies that mainly contributed to the turnover were, Expolanka Holdings Rs. 1.59 billion (9.2 million shares traded), Browns Investments Rs. 1.26 billion (129 million shares traded), LOLC Holdings Rs. 400 million (725,000 shares traded), Nestle Lanka Rs. 379 million (314,000 shares traded) and Hayleys Rs. 221 million (two million shares traded). During the day 265 million share volumes changed hands in 36000 transactions.
It is said that clients are using the current market weakness to accumulate fundamentally strong stocks. This is because it is believed that there are no structural reasons, whether on a macroeconomic level or at a company level, to justify the current sell off. It was important to note that major shareholders continued to hold their stakes, or even increased their stakes, reflecting strong confidence in the stocks they had invested in, 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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