Business
Stock investors welcome interim budget; turnover hits Rs. 4.3 billion
By Hiran H.Senewiratne
The CSE gained on positive sentiments yesterday as investors welcomed the interim budget that was presented in parliament on Tuesday. It didn’t have any deviations from the economic policy that was presented on May 31, a top analyst said.
Stock brokers welcomed the interim budget and said that it was a long term economic development budget based on IMF recommended reforms. The IMF mission’s stay in Sri Lanka has been extended by one day as discussions are ongoing, Mission Chief Peter Breuer said in a statement.
“The IMF Mission in Colombo has been extended by one day because discussions are still ongoing with the authorities, he said. Breuer further said they planned to conclude the mission and issue a press release today. Meanwhile, Reuters reported that Sri Lanka and the International Monetary Fund have reached a preliminary agreement on an emergency loan.
However, a top CSE official told The Island Financial Review that this is an interim budget for only a few months. But the 2023 budget was the most important one, which will be presented to parliament in November.
Amid those developments both indices moved upwards. The All- Share Price Index gained 205.92 points (2.32 per cent) to end at 9071.32 and S and P SL20 gained by 75.92 points (2.65 per cent) to end the day at 2938.67. The turnover stood at Rs. 4.3 billion with four crossings. Those crossings were reported in Expolanka Holdings, where 1.4 million shares crossed to the tune of Rs 308 million, its shares traded at Rs 220, Commercial Bank four million shares crossed to the tune of Rs 204 million, its shares traded at Rs 51, Aitken Spence 207,000 shares crossed to the tune of Rs 31.2 million, its shares fetched Rs 150 and Lankem Development one million shares crossed to the tune of Rs 30 million, its shares fetching Rs 30.
In the retail market top seven companies that mainly contributed to the turnover were, Aitken Spence Rs 918 million (6.2 million share traded), Lanka IOC Rs 362 million (two million shares traded), Lankem Development Rs 223 million (7.5 million shares traded), Kotagala Plantations Rs 204 million (19.9 million shares traded), Expolanka Holdings Rs 119 million (914,000 shares traded), Agsta PLC Rs 151 million (ten million shares traded) and Hayleys Rs 122 million (1.1 million shares traded).
Further Aitken Spence reported a significant gain, whose share price appreciated by Rs 18.25 or 14 per cent. Its share price moved to Rs 148.74 from Rs 130.50. It contributed approximately 33 per cent to the turnover. Main sectors that contributed to the turnover were the Capital Goods, which contributed Rs 1.3 billion or 31 per cent and Food Beverage and Tobacco Rs 900 million or 21 per cent. During the day 134 million share volumes changed hands in 33000 share transactions.
Yesterday, the Central Bank’s dollar buying rate was Rs 357.55 and selling rate Rs 368.90.
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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