Business
Share market fortunes up in the wake of CBSL decision on interest rates
by Hiran H.Senewiratne
The CSE closed on a positive note yesterday following the CBSL decision to keep policy interest rates unchanged. However, during the morning session the market was volatile due to share price fluctuations in LOLC Finance and Commercial Leasing and Finance, subsidiaries of the LOLC Group. But during the latter part of the day buying interest was noted in Browns Investments and Brown and Company, moving the stock market to positive territory, market analysts said.
During the day, the food and beverage and manufacturing sectors were the main turnover contributors. The manufacturing sector, which involves tile and aluminium enterprises, showed good performance in the market but the reversal of the chemical fertilizer policy boosted plantation stocks.
Two index heavy companies that lifted the market were, Browns Investments and Brown and Company. Browns Investments’ share price appreciated by 11 per cent or Rs 1.10. Its shares traded at Rs 11.90 at the commencement of trading and at the end of the day they shot up to Rs 13 and Brown and Company shares appreciated by Rs 18 or 7.5 per cent.
Amid those developments both indices were positive. The All- Share Price Index rose by 115.6 points and S and P SL20 went up by 16.4 points. Turnover stood at Rs 9.98 billion with two crossings. Those crossings were reported in Sampath Bank, which crossed 713.2 million shares to the tune of Rs 38.1 million, its shares traded at Rs 53.50, HNB 224,000 shares crossed for Rs 34.6 million, its shares traded at Rs 154 and Windforce 1.15 million shares crossed for Rs 20.5 million, its shares traded at Rs 18.10.
In the retail market, top seven companies that mainly contributed to the turnover were, Browns Investments Rs 2.36 billion (186.6 million shares traded), Lanka Realty Investments Rs 995 million (39.1 million shares traded), Expolanka Rs 609 million (2.6 million shares traded), Bogala Graphite Rs 465 million (2.9 million shares traded), Agalawatte Plantations Rs 423 million (8.1 million shares traded), Brown and Company Rs 378 million (1.5 million shares traded) and Royal Ceramic Rs 361 million (6.3 million shares traded). During the day 459 million share volumes changed hands in 61435 transactions.
Yesterday the US dollar was quoted at Rs 200.97, which was the controlled price of the Central Bank to prevent price escalation of essential imported items. But the actual market price exceeds that.
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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