Business
S&P SL20 index declines amidst waning turnover; LOLC Group counters recover
By Hiran H.Senewiratne
The CSE managed to push its benchmark index to a positive trajectory though the more active S&PSL20 declined amid waning turnover yesterday. At the beginning profit- takings were noted and the market went down but later it turned positive and settled in positive territory, market analysts said.
The index- heavy Browns Investments share price declined to Rs 16.50 but later settled at Rs 17. The recovery of Browns Investments made other LOLC Group counters and other shares move to a positive momentum.
Softlogic Life Insurance witnessed a 40 per cent gain during the last five days. But yesterday it recorded a Rs 10.90 or 11 per cent price appreciation. Its shares traded at Rs 99.10 and at the end of the day they shot up to Rs 110.
Amid those developments both indices moved upwards. The All -Share Price Index went up by 215.5 points and S and P SL20 shot up by 74.6 points. Turnover stood at Rs 7.07 billion with three crossings. Those crossings were reported in LOLC Finance, which crossed 7.5 million shares to the tune of Rs 205 million, its shares traded at Rs 28, TJLanka 1.4 million shares crossed for Rs 72.3 million, its shares traded at Rs 50 and Browns Investments 1.2 million shares crossed to the tune of Rs 20.3 million; its shares traded Rs 16.90.
In the retail market top seven companies that mainly contributed to the turnover were Browns Investments Rs 636.3 million (37.8 million shares traded), Expolanka Holdings Rs 610 million (1.6 million shares traded), Softlogic Life Rs 368 million (2.4 million shares traded), LOLC Holdings Rs 321 million (237,000 shares traded), ACL Cables Rs 306 million (2.77 million shares traded), Softlogic Holdings Rs 283 million (4.2 million shares traded) and LOLC Finance Rs 236 million (8.2 million shares traded). During the day 253 million share volumes changed hands in 56280 share transactions.
Mixed interest was observed in Expolanka Holdings, Softlogic Life Insurance and Access Engineering while retail interest was noted in SMB Leasing non-voting, Browns Investments and Softlogic Capital. The Diversified Financials sector was the top contributor to market turnover.
Yesterday the US dollar was quoted at Rs 201.50, which was the controlled price of the Central Bank. S&P Global Ratings earlier in the day lowered its long-term sovereign credit rating on Sri Lanka to ‘CCC’, from ‘CCC+’, saying the country’s external position continues to weaken due to elevated external obligations and an uneven access to financing.
S&P said Sri Lanka’s economic recovery would be challenged by the ongoing pandemic and external financial stresses. The rating agency forecast real gross domestic product growth of 2.2% this year, compared with its estimate of 3 per cent expansion in 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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