Business
Profitability of dollar-earning export companies takes CSE to positive territory
By Hiran H.Senewiratne
The CSE bounced back yesterday to positive territory and sustained a Rs. 1 billion plus turnover in an apparent sign of improved investor sentiment stemming from positive gains in already released corporate quarterly results and an increase in profitability in dollar- earning export companies, stock market analysts said.
It is said that earnings from merchandise exports increased by 20 per cent year-on-year (Y-o-Y) in June 2022. As per statistics released by the Sri Lanka Customs, the earnings went up from US$ 980.2 million in May to US$ 1,208.2 million in June, giving some impetus to plantation and export oriented companies, market analysts said.
This growth in merchandise export earnings is a result of the increase in earnings from the export of apparel and textiles, rubber- and coconut-based products, food and beverages and seafood, the EDB mentioned. Apart from that, showing some political stability also stood the CSE in good stead and investor sentiment favourably improved at yesterday’s trading.
Amid those developments the stock market was positive from the beginning to the end and both indices moved upwards. The All- Share Price Index went up by 74.03 points and S and P SL20 rose by 16.23 points. Turnover stood at Rs 1.59 billion with one crossing. The crossing was reported in JKH, which crossed 509,000 shares to the tune of Rs 61.2 million, its shares traded at Rs 120.25.
In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 355 million (3.9 million shares traded), Expolanka Holdings Rs 174 million (839,000 shares traded), Dipped Products Rs 144 million (4.4 million shares traded), Hayleys Fabrics Rs 84.2 million (92.3 million shares traded), Browns Investments Rs 68.5 million (9.6 million shares traded), Richard Peiris Exports Rs 40.3 million (43000 shares traded) and Lankem Development Rs 38.8 million (4.1 million shares traded).During the day 65 million share volumes changed hands in 20000 transactions.
It is said high net worth and institutional investor participation was noted. Mixed interest was observed in Lanka IOC, Expolanka Holdings and Balangoda Plantations, while retail interest was noted in Kotagala Plantations, Browns Investments and Lankem Developments.
The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Kotagala Plantations and Browns Investments). The Energy sector was the second highest contributor to the market turnover (due to Lanka IOC), while the sector index increased by 4.03 per cent. The share price of Lanka IOC increased by Rs. 3.90 (4.81 per cent) to close at Rs. 84.90. Lanka IOC and Expolanka Holdings were also included among the top turnover contributors.Yesterday, the Central Bank announced the US dollar buying rate as Rs 357.16 and selling rate as Rs. 368.41. Therefore, it is visible that the rupee is now becoming stable due to prudent policies adopted by the Central Bank, financial sources 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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