Business
Tax surcharge issue dampens bourse as investors turn cautious
By Hiran H.Senewiratne
The CSE has seen over Rs. 100 billion in value wiped off in two days as investor sentiment turned cautious amid macro issues as well as prospects of companies but the turnover level was satisfactory yesterday.
At the beginning of trading buying interest was noted on most of counters but suddenly the momentum dipped because of the 25 per cent surcharge tax on taxable income of companies that earn more than Rs two billion per annum. This created some gloom in the mind set of investors, stock market analysts said.
LOLC Group shares did not perform well yesterday despite LOLC Holdings being authorized to buy 73.2 per cent of Key Microfinance Bank PLC of Kenya.
LOLC is buying the Kenyan firm through a subsidiary in Mauritius, which is a financial centre. Mauritius had the first currency board in Asia set up by the British authorities in 1849. Ceylon’s currency board was set up in 1885, market analysts said.
Amid those developments both indices moved downwards. The All -Share Price Index went down by 300 points and S and P SL20 declined by 92.8 points. Turnover stood at Rs 5.3 billion with two crossings. Those crossings were reported in TJ Lanka, which crossed 500,000 shares to the tune of Rs 23.3 million and its shares traded at Rs 46.50 and Softlogic Holdings 300,000 shares crossed to the tune of Rs 21.9 million, its shares traded at Rs 73.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Rs 685 million (2.2 million shares traded), Softlogic Life Insurance Rs 539 million (3.2 million shares traded), Browns Investments Rs 371 million (26.1 million shares traded), Softlogic Capital Rs 255 million (14.3 million shares traded), LOLC Finance Rs 255 million (9.9 million shares traded), Commercial Leasing and Finance Rs 226 million (5.5 million shares traded) and Softlogic Holdings Rs 201 million (2.7 million shares traded). During the day 207 million share volumes changed hands in 52000 transactions.
During the latter part of the session the index gradually recouped but failed to hold a positive momentum before closing for the day at 12,382 losing. Turnover was led by a joint contribution of 44 per cent from the Diversified Financials sector and Capital Goods sector.
It is said that high net worth and institutional investor participation was noted in Teejay Lanka, Lanka Orix Finance and Vallibel One. Mixed interest was observed in Expolanka Holdings, Softlogic Life Insurance and Hela Apparel Holdings Limited, while retail interest was noted in Industrial Asphalts, Browns Investments and Commercial Leasing & Finance.
The Capital Goods sector was the second highest contributor to the market turnover while the sector index decreased by 2.26 per cent. Expolanka Holdings, Browns Investments and Softlogic Life Insurance were also included among the top turnover contributors.
Yesterday the US dollar was quoted at Rs 202.06, which was the controlled price of the Central Bank. The Central Bank has imposed a controlled price of Rs 203 per US dollar. The actual price would be around Rs 250, financial sources said.
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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