Business
Share depreciation in two LOLC Group companies dampens bourse
By Hiran H.Senewiratne
CSE trading activities were negative throughout yesterday due to two index heavy companies belonging to LOLC Group, i.e., LOLC Finance and Commercial Leasing Finance share prices depreciating; pushing the All-Share Price Index into negative territory. However, the turnover level was quite healthy like on most other trading days, stock market analysts said.
The share depreciation witnessed in those companies followed the announcement by the CSE on the revision/changing of index calculation methodology with effect from January next year. The stock market index will change from a weighted market capitalization method to an index -based calculation method.
Due to these developments, stock market analysts and brokers said, investors who had invested in the said LOLC companies tended to sell their stocks in those two companies. However, other blue-chip companies traded well and drove the S and P SL20 index to positive territory.
LOLC Finance shares depreciated by 30 percent or Rs 11.40. Its shares started trading at Rs 37.20 and at the end of the day their price dropped to Rs 25.80 by contributing 134 negative points to the All -Share Price Index. Commercial Leasing and Finance shares depreciated by 19 percent. Its shares started trading at Rs 78.50 and at the end of the day they dropped to Rs 66.10, contributing 214 negative points to the All -Share Price Index.
Amid those developments mixed reactions were witnessed in both indices. All Share Price Index went down by 366.17 points and S and P SL20 went up by 38.37 points. Turnover stood at Rs 9.3 billion with two crossings. Those crossings were reported in Chevron Lubricants, where 2.6 million shares crossed for Rs 284 million and its shares traded at Rs 105.50 and Alumex two million shares crossed for Rs 28 million; its shares traded at Rs 14.
In the retail market top seven companies that mainly contributed to the turnover were LOLC Finance Rs 2.8 billion (91.2 million shares traded), Expolanka Holdings Rs 1.5 billion (6.6 million shares traded), Browns Investments Rs 554 million (50.4 million shares traded), Sierra Cables Rs 491 million (38.5 million shares traded), LOLC Holdings Rs 356 million (471,000 shares traded), Commercial Leasing and Finance Rs 266 million (3.9 million shares traded) and Royal Ceramic Rs 218 million (3.9 million shares traded).
CSE yesterday fell by two percent even with a healthy turnover level. During the day 322 million share volumes changed hands in 62000 transactions. Yesterday, the US dollar was quoted at Rs 201.78, which was the Central Bank controlled price to prevent price escalations in the prices of essential goods.
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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