Business
Stock market recovers in second session and reaches 98 point level
By Hiran H.Senewiratne
The first half session of the CSE yesterday indicated a highly volatile market due to the country’s Covid 19 deaths rise, while during the second half session the stock market showed some recovery and reached the 98 point level. Buying interest was noted especially in investor favorite counters, stock market analysts said.
Despite the latest LMD-Nielsen IQ Business Confidence Index (BCI) survey indicating that sentiment surrounding the economy continued to regress in July, as 59 percent of respondents said that economic conditions are likely to deteriorate in the coming 12 months, still for all the market was able to retain a healthy turnover level, market analysts said.
Meanwhile, 10 percent of those polled feel that conditions are likely to improve during this period while another 31 percent say the economy will ‘stay the same’. According to the survey sample, long-term prospects for business are likely to improve. More than half (56 percent) of those consulted by Nielsen IQ anticipate an increase in sales volumes in the next 12 months.
The outlook for the short term has also improved slightly with 16 percent of respondents expecting an increase in sales over the next three months. On the other hand, a majority (61 percent) of executives believe that sales will ‘stay the same’ in the coming three months.
Where the investment climate is concerned, 6 percent (compared to 3 percent the previous month) describe conditions as ‘good’ while 16 percent say it is ‘fair.’ However, a majority (78 percent) do not consider this to be a good time to invest in Sri Lanka.
Amid those developments both indices moved upwards. All Share Price Index went up by 87.18 points and S and P SL20 rose by 23.72 points. Turnover stood at Rs. 4.07 billion with three crossings. Those crossings were reported in Melstacorp, where 14.75 million shares crossed to the tune of Rs. 14.75 million, its shares traded at Rs. 49.50, Ambeon Holdings 3.65 million shares crossed for Rs. 122.2 million, and its shares traded at Rs. 33.50 and Hayleys Fabrics one million shares crossed for Rs. 23.2 million, its shares trading at Rs. 23.20.
In the retail market, companies that mainly contributed to the turnover were, Expolanka Rs. 706.5 million (9.4 million shares traded), Browns Investments Rs. 386 million (58.4 million shares traded), LOLC Holdings Rs. 240 million (528,000 shares traded), Dipped Products Rs. 235 million (4.2 million shares traded) and Hayleys Fabrics Rs. 179 million (7.5 million shares traded).
Meanwhile, state-owned Bank of Ceylon’s (BOC) subsidiary, Merchant Bank of Sri Lanka and Finance PLC (MBSL) plans to raise Rs. 2.24 billion in fresh capital via a right issue.
The main purpose of the issue is to comply with the minimum capital rules of the Central Bank of Sri Lanka (CBSL). Approval for the capital raising had been obtained from the Board of MBSL, its majority owner BoC and the regulator, Central Bank of Sri Lanka (CBSL). Exhibiting full confidence in the capital raising effort and in the management of their majority-owned subsidiary and thereby guaranteeing a successful outcome to the capital raising effort, BoC with a near 75% direct ownership stake in MBSL will be subscribing to its entire entitlement in full. The issue will be on the basis of nine new shares for four held, resulting in the issuance of 373.2 million new shares at Rs. 6 each. The stated capital of MBSL at present is Rs. 2.12 billion. During the day 182.2 million share volumes changed hands in 25546 transactions.
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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