Business
Rate reduction by Central Bank exerts rejuvenating impact on CSE
By Hiran H.Senewiratne
The stock market yesterday was extremely bullish on account of the Central Bank decision to reduce the Standing Deposit Facility Rate and the Standing Lending Facility Rate by 50 basis points. It was a major surprise for stock market investors.
Further, Central Bank Governor Dr Nandalal Weerasinghe’s positive comments on the national economy and its way forward lifted the spirits of local and foreign investors, market analysts said.
Amid those developments both indices moved upwards. The All Share Price Index went up by 100.7 points while S and P SL20 rose by 57.21 points. Turnover stood at Rs 2.4 billion with four crossings. Those crossings were reported in Sampath Bank, which crossed 5 million shares to the tune of Rs 390 million; its shares traded at Rs 78, LOLC 200,000 shares crossed for Rs 79.25 million; its shares traded at Rs 405, Hayleys 650,000 shares crossed for Rs 53.3 million; its shares traded at Rs 82 and Hayleys Fabrics 590,000 shares crossed for Rs 23.9 million and its shares sold at Rs 40.50.
In the retail market top seven companies that mainly contributed to the turnover were; Sampath Bank Rs 314 milllion (4 million shares traded), DFCC Bank Rs 280 million (3.9 million shares traded), HNB Rs 121 million (706,000 shares traded), Browns Investments Rs 69.1 million (12.7 million shares traded), LOLC Finance Rs 49.9 million (9 million shares traded), LOLC Holdings Rs 46.9 million (117,000 shares traded) and Ceylon Grain Elevators Rs 41.65 million (248,000 shares traded). During the day 80.7 million share volumes changed hands in 14200 transactions.
It is said that high net worth and institutional investor participation was noted in Sampath Bank, LOLC Group of companies and Hayelys. Mixed interest was observed in Sampath Bank and LOLC Holdings while retail interest was noted in Tess Agro, Industrial Asphalts and Browns Investments.
The Banking sector was the top contributor to the market turnover (due to Sanasa Development Bank and Nations Trust Bank) while the sector index gained 0.20%. The share price of Sanasa Development Bank decreased by 40 cents to descend to Rs. 30.60. The share price of Nations Trust Bank closed flat at Rs. 104.50.
The Capital Goods sector was the second highest contributor to the market turnover (due to Hayleys), whilst the sector index edged down. The share price of JKH recorded a gain of 50 cents to reach Rs. 190.50. The share price of ACL Cables appreciated by 50 cents to reach Rs. 83.90.
Yesterday, the rupee opened stronger at Rs 301.90/302.00 to the US dollar in the spot forex market, stronger from Rs 302.60/70 the previous day, dealers said.
Bond yields were down. A bond maturing on 15.12.2026 was quoted at 11.25/32 percent, down from 11.30/40 percent on Monday. A bond maturing on 15.12.2028 was quoted at 12.05/15 percent, down from 12.10/15 percent.
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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