Business
Rs. 700 million Horana Plantations crossing boosts CSE
By Hiran H.Senewiratne
The CSE persisted in its bearish run yesterday amid poor investor sentiment and resultant low activity despite the boost from the government’s deal with the IMF and other positives. The turnover level increased with a massive Horana Plantation crossing, where its majority stake of 51 per cent, which was held by Vallibel Plantations, was transferred to Hayleys Plantations, market analysts said.
The crossing had generated Rs 700 million to the total turnover, analysts said.
Since Vallibel Plantations and Hayleys Plantations both belong to local business magnate Dhammika Perera, with this crossing the majority stake is now being held by Hayleys Plantations in Horana Plantations, stock market analysts said.
However, the stock market was highly volatile and shares edged- up in mid- day trade yesterday, as buying interest renewed and selling pressures and profit- taking eased, an analyst said.
Lanka IOC was up after the Cabinet had granted approval for three oil companies from China, the United States and Australia in collaboration with Shell to lease 150 fuel stations for each company to operate in the local market, Minister of Energy Kanchana Wijesekera said.
However, the share is coming down as there is an unexpected fuel price revision and investors are retracting, looking at the short term as returns may fall.
Profit- taking has been seen in Sri Lanka Telecom and Lanka Hospitals as Cabinet approval has been granted for the divestment of the stakes held by the Treasury Secretary in the two companies.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 39 points and S and P SL20 rose by 24.9 points. Turnover stood at Rs 1.46 billion with two crossings. Those crossings were reported in Horana Plantations, which crossed 12.75 million shares to the tune of Rs 700 million and its shares traded at Rs 54.90 and NDB 470,000 shares crossed to the tune of Rs 21.2 million; its shares traded at Rs 43.
In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 86 million (507,000 shares traded), Expolanka Holdings Rs 67.8 million (515,000 shares traded), SLT Rs 62.2 million (594,000 shares traded), NTB Rs 45.3 million (756,000 shares traded), Tokyo Cement Rs 39.1 million (772,000 shares traded), Hayleys Fabrics Rs 32 million (1.2 million shares traded) and Tokyo Cement (Non- Voting) Rs 27.2 million (550,000 shares traded). During the day 49.1 million share volumes changed hands in 13000 transactions.
It is said high net worth and institutional investor participation was noted in National Development Bank, Sampath Bank and JKH. Mixed interest was observed in Lanka IOC, Expolanka Holdings and ACL Cables, while retail interest was noted in SMB Leasing Non-Voting, Browns Investments and Softlogic Capital.
The Capital Goods sector was the top contributor to the market turnover (due to ACL Cables), while the sector index lost 0.93 per cent. The share price of ACL Cables moved down by Rs. 1.10 to Rs. 80.90.
The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank), while the sector index decreased by 0.72 per cent. The share price of Sampath Bank closed flat at Rs. 51.
Yesterday the Central Bank’s US dollar buying rate was Rs 315.70 and selling rate Rs 333.49.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
