Business
Buying interest in Expolanka and Lanka IOC shares due to biz expansions
By Hiran H.Senewiratne
Buying interest was witnessed in two of the CSE’s premier companies, Expolanka and Lanka IOC, yesterday due to business expansions in both companies, stock market analysts said.
Expolanka Holdings announced that they have acquired US- based Transa American Customs House Brokers LLC for a monetary consideration of US $ 42.5 million, while Lanka IOC announced the opening- up of 25 new fuel stations island-wide. These two announcements gave some impetus to the CSE but did not make a positive impact due to delays in getting the IMF loan for Sri Lanka, analysts said.
Over the weekend, the International Monetary Fund said a new predictable and orderly debt resolution process is needed for countries like Sri Lanka and Surinam, which are not covered by existing frameworks.
According to analysts this didn’t heavily impact market sentiment which was solely on a wait- and- see approach, until harder facts in the macro-economy hit the surface.
Sri Lanka’s shares edged down in mid-day trade. The market saw some selling pressure which moved the market to the red, an analyst said.
The All- Share Price Index was down by 117.2 points and the most liquid index S&P SL20 was down by 22.6 points. Turnover stood at Rs 1.2 billion with three crossings. Those crossings were reported in Royal Ceramic, which crossed 1.2 million shares to the tune of Rs 36.9 million and its shares traded at Rs 31, Lanka IOC 150,000 shares crossed to the tune of Rs 30 million, its shares traded at Rs 200 and Union Bank 2.7 million shares crossed for Rs 26.1 million; its shares fetched Rs 9.50.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 179 million (999,000 shares traded), Lanka IOC Rs 171 million (858,000 shares traded), Softlogic Capital Rs 55.9 million (6.1 million shares traded), JKH Rs 44.8 million (327,000 shares traded), Softlogic Life Insurance Rs 43.6 million (508,000 shares traded), Browns Investments Rs 42.2 million (seven million shares traded) and Hayleys PLC Rs 42.9 million (547,000 shares traded). During the day 56 million share volumes changed hands in 14000 transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 358.36 and the selling rate Rs 367.92.
Business
SriLankan Airlines Alerts Customers to Social Media Scams
18 March 2026; Colombo – SriLankan Airlines wishes to alert customers to social media scams circulating on Facebook, WhatsApp and other platforms, often sent from both known and unknown contacts, featuring fake offers that misuse the SriLankan Airlines name, logo and brand.
SriLankan Airlines will never request payments, OTPs, credit card details, bank information or any other financial details via social media channels.
Customers are advised to always verify that any promotional offer is linked to the airline’s official website, www.srilankan.com, or shared through the verified social media accounts of SriLankan Airlines, as scammers often use fake links with unusual characters or spellings, or impersonate the airline through fake social media accounts.
Business
JSL & Fentons Joint Venture to Construct Double Circuit Transmission Line from Mannar Grid Substation to Mullikulam Collection Grid Substation
Approval has been granted at the Cabinet meeting held on 03-02-2025 to implement the formal procurement procedure to select a contractor for the construction of a 28 km long double circuit transmission line with the capacity of 220 kW, from Mannar Grid Substation to Mullikulam Collection Grid Substation under the Lot B of the Mullikulam Wind Power Transmission Project.
Bids have been invited following the International Competitive Procurement Procedure and five (5) bids have been received.
Accordingly, based on the recommendations submitted by the High-Level Standing Procurement Committee after evaluating the aforementioned bids, the Cabinet of Ministers has approved the resolution furnished by the Minister of Power and Energy to award the contract to the JSL & Fentons Joint Venture – Intend (Jyoti Structure Limited, India and Hayleys Fentons
Limited, Sri Lanka), substantially responsive minimum bidder, for an equal amount of Sri Lankan Rs. 2,269.18 million (without VAT).
Business
Fuel crunch forces midweek shutdown; courts told to show leniency
Economic pressure likely to push already-strained businesses into a liquidity crunch
By Sanath Nanayakkare
Sri Lanka is slowing to a midweek halt as a deepening fuel shortage has compelled the government to suspend most public sector operations every Wednesday, while courts have been advised to take a lenient view of attendance requirements amid transportation difficulties caused by fuel rationing.
The directive, issued by the Commissioner General of Essential Services, suspends most state functions one day a week until further notice in an attempt to conserve scarce fuel reserves. Authorities have also urged the private sector to adopt a similar arrangement.
Officials say the measure is aimed at reducing commuter traffic into major cities, particularly Colombo, where thousands of public servants travel daily from suburban areas.
Explaining the decision to select Wednesday, officials said declaring Friday a holiday could have effectively denied the public access to government services for three consecutive days when combined with the weekend.
However, the development underscores the fragility of Sri Lanka’s economic recovery as households continue to grapple with rising prices of essential goods.
The impact is already visible on the streets. Long queues have formed outside fuel stations while public buses have been seen overcrowded, with passengers clinging to footboards. Many commuters were also seen attempting to secure rides through the ride-hailing platforms Uber and PickMe, where drivers were demanding higher fares as demand surged.
Recognising these difficulties, the Judicial Service Commission (JSC) has issued a circular instructing judges to take transportation constraints caused by fuel rationing into consideration when making legal determinations.
Judges have been advised to consider the possibility that lawyers, litigants, witnesses and even suspects may be unable to attend court due to limited fuel availability.
While court proceedings are expected to continue, judicial officers have been asked to assess such situations on a case-by-case basis.
The JSC has also directed courts to make greater use of virtual platforms whenever possible. This is expected to apply particularly to proceedings such as extending remand orders, thereby avoiding the need to transport prisoners physically to court.
Authorities believe that conducting such hearings online could significantly reduce fuel consumption associated with prison transport. The temporary measures will remain in effect until further notice.
Meanwhile, officials say special fuel allocations may be considered for critical sectors including tourism, the Colombo Port, agriculture, health services, the plantation industry and public transportation in order to sustain essential services and economic activity.
However, the broader economic outlook remains uncertain. Business leaders warn that companies already burdened with higher taxes, rising operational costs and thin margins could face severe liquidity pressures if global oil prices remain elevated.
Industry observers say some firms may be compelled to seek loan moratoria if the disruption linked to the conflict involving Iran continues for another month.
Public concern has also been heightened by recent comments from Iranian officials indicating that Tehran has not sought a ceasefire in the ongoing conflict.
For President Anura Kumara Dissanayake, the unfolding fuel shortage is emerging as one of the most serious challenges facing his administration. Although the government has been holding internal consultations, critics say an all-party conference has yet to be convened to formulate a unified national response to the crisis.
Within business circles and sections of the public, questions are increasingly being raised about whether the government possesses the institutional capacity and experience required to manage a prolonged energy shock.
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