Sri Lankan stocks end at 11-week low; investors uncertain

Reuters: Sri Lankan shares ended lower on Wednesday led by blue-chip shares such as John Keells Holdings Plc while cautious investors awaited some direction from the budget.

The main stock index closed down 0.49 percent at 7,050.87, its lowest close since July 15.

Foreign investors were net sellers of 87.4 million rupees worth of shares on Wednesday extending the year-to-date net foreign outflow to 3.16 billion rupees.

"Budget is the holding factor as investors are looking for clear direction," said Reshan Kurukulasuriya, chief operating officer of Richard Pieris Securities (Pvt) Ltd.

The new government, which was elected after the Aug. 17 polls, will present its maiden budget in November.

Shares of conglomerate John Keells fell 1.74 percent while Nestle Lanka Plc fell 0.06 percent. Shares in biggest listed banker Commercial Bank of Ceylon fell 1.79 percent.

Turnover was 1.29 billion rupees ($9.14 million), slightly above this year's daily average of 1.12 billion. 

($1 = 141.2000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

Commercial Bank adjudged ‘Bank of the Year’ 2015

Commercial Bank was adjudged Sri Lanka’s ‘Commercial Bank of the Year 2015’ by the UK-based International Banker, giving the Bank its sixth international award since June this year.

The award is the first from International Banker to a bank in Sri Lanka.

In June this year, Commercial Bank was adjudged the Best Bank in Sri Lanka by FinanceAsia, and received the Euromoney award for the Best Bank in Sri Lanka in July. In August, the Bank received the award for Asia’s Best Employer Brand, and the award for Talent Management at the 2015 edition of Asia’s Best Employer Brand Awards in Singapore.

In September the Bank was recognised for its “Green Banking” efforts at the fifth Asian Customer Engagement Forum (ACEF) Awards in held in Mumbai, India.

“These awards are valuable affirmations of the results achieved through the dedication, passion and professionalism of the bank’s employees at all levels, as well as the loyalty of our customers,” the Bank’s Managing Director and CEO Jegan Durairatnam said.
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Renuka City Hotels re-brands

Renuka City Hotels have invested Rs. 550 million in the last two years to re-brand, refurbish and build a new wing.

Niruja Thambiayah, Executive Director, said that they introduced 18 super luxury rooms to the new win with a roof top swimming pool and also invested a further Rs. 300 million to refurbish 30 rooms in the old wing. “We also invested in conference, restaurant and other facilities.”

She said that profits from the operations were reinvested to the hotel. “The two hotels are three star plus and is mainly a business hotels,” she said.

The hotel’s gym, pool and lounge areas were also fully renovated as stage one of the project prior to the main refurbishment process. The banquet hall equipped with deluxe interiors and state of the art lighting is ideal for celebrating any special occasion, hosting a corporate function or conference. It has the flexibility to accommodate audiences from 250 to 20 people.

“However with the revamp of our hotel, we wanted the hotel’s identity to fully reflect the contemporary nature of our new offerings. With the hotel being refurbished, the opportunity was presented to us and we have aimed for a modern, luxurious and elegant touch on what the hotel already offers.”

“The new brand reflects Renuka Hotel Group’s continued commitment to meeting the changing needs of a global traveller today; a traveller that seeks the best accommodation and efficient service at a reasonable rate for a memorable stay in the heart of the city. “

“The newly designed logo is a testament to our willingness to adapt as a brand. After all, our first responsibility is to our guests and we are confident that the new offering will lead to an even more enjoyable stay for both business and leisure travellers.”
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