Business
Policy uncertainties restrain investors
By Hiran H.Senewiratne
CSE activities were positive briefly yesterday but turnover proved negative as investors were cautious and tended to think twice before investing in the stock market due to the government’s inconsistent policies, stock market analysts said.
However, JKH share prices started moving up because India’s Adani Ports and Special Economic Zone Limited selected JKH as a local partner along with the Sri Lanka Ports Authority (SLPA) to develop the West Container Terminal of the Colombo Port.
Cabinet spokesman Minister Keheliya Rambukwella told a press briefing that Sri Lanka will join hands with a giant Indian conglomerate to launch a Build, Operate and Transfer deal to develop the West Container Terminal of the Colombo Port.
Accordingly, JKH share prices began to move up and at the end of the day its shares increased in price by 0.2 percent or 25 cents. JKH shares started trading at Rs. 150.50 and at the end of the day they moved up to Rs. 150.75.
Amid those developments, both indices moved downwards. The All Share Price Index went down by 94.75 points and S and P SL20 went down by 52.18 points. Turnover stood at Rs. 1.99 billion with four crossings. Those crossings were reported in Sampath Bank, which crossed 3.2 million shares to the tune of Rs. 492 million, its shares traded at Rs. 155, HNB 450,000 shares crossed for Rs. 58.5 million, its shares fetching Rs. 130, Lion Brewery 89800 shares crossed for Rs. 48.5 million; its shares traded at Rs. 540 and Royal Ceramic 165,000 shares crossed for Rs. 45.5 million; its shares traded at Rs. 276.
In the retail market, five companies that contributed to the turnover were, Expolanka Rs. 144.4 million (3.1 million shares traded), Sampath Bank Rs. 131.8 million (848,000 share traded), Browns Investments Rs. 119 million (21.2 million shares traded), Dipped Products Rs. 100.4 million (2.1 million shares traded) and LOLC Rs. 87.7 million (251,000 shares traded). During the day 68.7 million share volumes changed hands in 16422 transactions.
It is said that with the corporate results season having now come to an end and in the absence of any significant market catalyst, one expects the market to trade range-bound in the immediate term.
“Nonetheless, given our sanguine long term outlook for the bourse, supported by our expectation of a low interest rate environment, we advise investors to gradually start accumulating a well-diversified portfolio of stocks which are cash generative, have strong earnings and revenue growth attributes, and have the ability to outperform over a complete market cycle, stock market analysts said.
Vidullanka PLC yesterday completed the acquisition of a 51% equity stake in Orik Corporation Ltd., which holds the right and approvals to develop a 1 MW ground mounted solar power plant in Moneragala.The power purchasing agreement signed with the Ceylon Electricity Board (CEB) allows the company to sell the generated electricity at a tariff of Rs. 15.97 for a 20-year period.According to the share purchase agreement, Vidullanka will further acquire a 10 percent stake in the company upon achieving the financial close for the project. It will continue to invest in the equity of Orik Corporation, which would ultimately increase the ownership of Vidullanka to 87 percent, while the 13 percent equity stake will be held by the promoters.
Sri Lanka’s rupee quoted weaker at 196.20/197.00 levels to the US dollar in the one-week forwards market on Tuesday while bond yields were steady, dealers said. The rupee last closed in the spot market at 195.50/196.00 to the dollar on Monday. The rupee has fallen from 186.40 in December 2020 to 194.40 to the US dollar in January 2021.
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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