Business
VAT hike spreads gloom among investors; disposable income an issue
By Hiran H.Senewiratne
The stock market remained positive yesterday but reported low turnover and local and foreign investor participation. The recent VAT hike created a sense of gloom among investors, since it tends to narrow people’s disposable income.
Investors are also worried that if a new government is voted in and it moves out of the current strong economic reforms, it would end up in disaster for the country, market analysts said.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 30.12 points and S and P SL20 rose by 17.62 points. Turnover stood at Rs 335 million without any crossings.
In the retail market, top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 28.8 million (202,000 shares traded), CTC Rs 25 million (26000 shares traded), Associated Motor Finance Rs 23.8 million (1.3 million shares traded), HNB Rs 22.2 million (131,000 shares traded), Sampath Bank Rs 14.9 million (211,000 shares traded), NDB Rs 14.5 million (222,000 shares traded) and Royal Ceramic Rs 13.9 million (532,000 shares traded). During the day 14.9 million share volumes changed hands in 7000 transactions.
The rupee closed stronger at 322.20/40 to the US dollar on Monday from 323.90/324.00 on Friday, dealers said.
The banking sector counters were active in the market and mixed market reactions were witnessed in Expolanka, CTC and Associated Motor Finance.
Bond yields were broadly stable. A bond maturing on 01.06.2025 closed at 13.60/80 percent from 13.60/75 percent. A bond maturing on 01.02.2026, closed stable at 13.80/90 percent. A bond maturing on 15.01.2027 closed at 13.80/90 percent from 13.80/95 percent. A bond maturing on 01.07.2028 closed at 14.15/25 percent from 14.10/25 percent. A bond maturing on 15.03.2030 closed stable at 14.05/30 percent. A bond maturing on 01.07.2032 closed at 14.10/30 percent, from 14.05/30 percent.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
