Business

Investor confidence in local share market registers notable uptick

Published

2 years ago

2025/01/29

By Hiran H.Senewiratne

The stock market bounced back strongly yesterday following an upgrade in investor confidence by a ratings agency. Investor sentiment in the local share market has improved due to the current low interest regime and other conducive economic fundamentals, market analysts said.

The bourse experienced a day of positive sentiment and low market activity, in contrast to the volatility observed earlier. Most investor attention was focused on blue-chip stocks. The most significant contributors towards the positive index were several blue chip counters, market analysts said.

Amid those developments both indices moved upwards. The All Share Price Index went up by 75.19 points while S and P SL20 rose by 26.34 points. The turnover stood at Rs 6.3 billion with eleven crossings.

Those crossings were reported in JKH , which crossed 12.6 million shares to the tune of Rs 289 million and; its shares traded at Rs 22.80, Vidul Lanka 12.5 million shares crossed for Rs 178 million and its shares traded at Rs 14.20, Hemas Holdings 400,000 shares crossed to the tune of Rs 46 million; its shares sold at Rs 115, LOLC Holdings 56000 shares crossed for Rs 41.3 million and its shares traded at Rs 735, Commercial Bank 200,000 shares crossed for Rs 30 million; its shares traded at Rs 150, Singer ( Sri Lanka) 1 million shares crossed to the tune of Rs 30 million; its shares sold at Rs 30, CIC ( Non- Voting) 350,000 shares crossed to the tune of Rs 29.4 million; its shares traded at Rs 84, LB Finance 250,000 shares crossed for Rs 23 million; its shares traded at Rs 92, Lanka IOC 150,000 shares crossed for Rs 21.4 million and its shares fetched Rs 143, Central Finance 100,000 shares crossed to the tune of Rs 20.5 million; its shares sold at Rs 205 and Kelani Cables 38330 shares crossed for Rs 20 million; its shares traded at Rs 525.

In the retail market, companies that mainly contributed to the turnover were; Browns Investments Rs 616 million (69.4 million shares traded), HNB Rs 480 (1.3 million shares traded), Lanka IOC Rs 396 million (2.7 million shares traded), JKH Rs 389 million (16.9 million shares traded), Janashakthi Insurance Rs 180 million (2.9 million shares traded) and Commercial Bank Rs 171 million (2.8 million shares traded). During the day 273 million share volumes changed hands in 35000 transactions.

Retail interest was noted in Hela Apparel Holdings, SMB Leasing, and Softlogic Capital.

The Capital Goods sector was the top contributor to market turnover (due to JKH), while the sector index lost 0.63 percent. The share price of JKH decreased by Rs. 0.40 to Rs. 23.10.

The banking sector was the second highest contributor to market turnover (due to HNB), while the sector index edged up by 0.05 percent. The share price of HNB moved up by Rs. 4 to Rs. 350.25.

Lanka IOC, Alumex, and Browns Investments were also included among the top turnover contributors. The share price of Lanka IOC gained Rs. 19.25 to reach Rs. 142.25. The share price of Alumex recorded a gain of Rs. 1.10 to reach Rs. 15.90. The share price of Browns Investments declined by Rs. 0.10 to reach Rs. 8.50.

Yesterday, the rupee was quoted flat at Rs 298.40/60 to the US dollar in the spot market, from 298.50/60 to the US the previous day, while bond yields were slightly up, dealers said.

Stocks were down 0.05 percent. A bond maturing on 15.12.2026 was quoted at 9.10/20 percent, down from 9.15/20 percent. A bond maturing on 15.03.2028 was quoted at 10.16/19 percent. A bond maturing on 15.09.2029 was quoted at 10.90/92 percent, up from 10.80/90 percent. A bond maturing on 15.10.2030 was quoted at 11.32/38 percent, up from 11.28/35 percent.

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Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

24 hours ago

2026/09/30

Sahan Weerasooriya

The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

24 hours ago

2026/09/30

Sahan Weerasooriya

The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Business

Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

Published

24 hours ago

2026/09/30

Sahan Weerasooriya

New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.