Business
Plantation stock trade loses steam
By Hiran H.Senewiratne
Kotagala and Balangoda Plantation companies made clarifications before the CSE yesterday for the high price appreciation of their shares in recent times, resulting in plantation stock trades losing momentum, market analysts said.
Kotagala Plantation shares appreciated by 50 percent and Balangoda Plantations shares rose by 30 percent on the previous day. Consequently, Balangoda Plantation share prices dropped by four percent and Kotagala Plantation shares rose by only 11 percent yesterday
The first nine months’ tea crop was the lowest in over 20 years, helping to keep auction prices up. Industry also saw an export volume dip in September, but was up in the first nine months, while earnings were also up, though lagging year-to-date (YTD).
Due to the sharp decline in crops, national tea sales average in September totalled Rs. 619.33 ($ 3.38), up by Rs. 108.02 ($ 0.48), as against Rs. 511.31 ($ 2.84) a year earlier.
Amid those developments, both indices showed mixed reactions and the market was down slightly due to profit taking owing to an increase in the number of Covid 19 positive cases. All Share Price Index was down by 11.85 points and S and P SL20 up by 7.3 points. The turnover stood at Rs. 2.26 billion with two crossings.
Those crossings were reported in Hemas Holdings, which crossed 3.5 million shares to the tune of Rs. 246.4 million, its share price trading at Rs. 70.40 and JKH 900,000 shares crossed for Rs. 128.7 million, per share value being Rs. 130.50.
In the retail market, top five companies that mainly contributed to the turnover were, Expolanka Rs. 190.5 million (10 million shares traded), Kotagala Plantations Rs. 116.9 million (10 million shares traded), ACL Cables Rs. 83.6 million (1.36 million shares traded), Melstacorp Rs. 83.1 million (2.45 million shares traded) and JKH Rs. 77.9 million (573,000 shares traded). During the day 107.8 million share volumes changed hands in 24896 transactions.
The market also saw a net foreign outflow of Rs. 161 million yesterday, increasing the YTD figure to Rs. 44 billion. Sri Lanka rupee quoted flat at 184.30/40 to the US dollar on Tuesday while bond yields were steady in the overall market, dealers said. The rupee closed at 184.30/40 against the greenback on Monday.
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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