Business
US’ clamping of 100 percent tariffs on imports from China brings down share market
CSE activities were yesterday negative, as was the case with other major Asian markets, due to the imposition of 100 percent tariffs on Chinese imports into the US market by the US government.
Sri Lanka is expected to lose more than 100,000 jobs in the apparel sector if the US’ reciprocal 45 percent tariff is not amended in Sri Lanka’ favour. At present, a considerable amount of exports, especially apparel, tea and cinnamon go to US market, which amounts to US $ 3 billion. So far no positive response has come from the US government, following the request letter from Sri Lanka. This had negatively impacted yesterday’s market, market analysts said.
Amid those developments both indices moved downwards. The All Share Price Index went down by 251.8 points, while the S and P SL20 declined by 97.7 points.
Turnover stood at Rs 3.08 billion with five crossings. Those crossings were reported in JKH, which crossed 15 million shares to the tune of Rs 289 million and its shares traded at Rs 19.20, HNB 200,000 shares crossed to the tune of Rs 54.8 million; its shares traded at 274, Ambeon Holdings 2 million shares crossed for Rs 52 million; its shares traded at Rs 26, Commercial Bank 250,000 shares crossed for Rs 37.75 million; its shares sold at Rs 127 million and Sampath Bank 200,000 shares crossed to the tune of Rs 20.9 million; its shares sold at Rs 104.50.
In the retail market top six companies that have mainly contributed to the turnover were; JKH Rs 592 million (30.6 million shares traded), Pickme Rs 381 million (5.4 million shares traded), Commercial Bank Rs 238 million (1.7 million shares traded), HNB Rs 192 million (700,000 shares traded), Sampath Bank Rs 107 million (1 million shares traded) and CTC Rs 88.8 million (58300 shares traded). During the day 103 million shares volumes changed hands in 15816 transactions.
It is said that manufacturing sector was the main contributor to the turnover, especially JKH, while the banking sector was the second largest contributor to the turnover, mainly with HNB and Commercial Bank.
Hayleys PLC said it has purchased ordinary shares of Diesel and Motor Engineering PLC (DIMO), resulting in the conglomerate now owning a 10.83 stake in that company. CSE sources said.
Yesterday, the rupee was quoted at Rs 300.50/301.25 to the US dollar in the spot market, weaker from 299.75/300.25 on previous day dealers said, while bond yields were up.
Sri Lanka’s export earnings from the US may drop, but reduced incomes will also cut imports by the same amount unless the central bank prints money to create extra demand unrelated to dollar earnings, analysts say.
There is also excess liquidity in the money markets from last month’s inflows, which can trigger delayed demand if they are used as credit to provide loans.
Sri Lanka’s rupee usually weakens due to flaws in the operating framework of the central bank (conflicting anchors) when private credit picks up. Of late, however, the rupee has been kept stable with better policy reducing anchor conflicts.
Oil prices are also down, as are some other base metals commodities, amid tighter US policy and bad sentiment, though the same can happened to tea.
WTI crude dropped to 57 dollars a barrel and Brent to 61 dollars over the past week or about 10 dollars.
A bond maturing on 15.12.2026 was quoted at 9.50/60 percent, up from 9.40/55 percent.
A bond maturing on 15.12.2027 was quoted at 10.05/15 percent.
A bond maturing on 01.05.2028 was quoted at 10.45/50 percent.
A bond maturing on 15.10.2028 was quoted at 10.50/65 percent, up from 10.50/60 percent.
A bond maturing on 15.09.2029 was quoted at 10.90/11.00 percent.
A bond maturing on 15.12.2029 was quoted at 10.95/11.05 percent, up from 10.80/90 percent.
An auction of Rs. 80,000 million Treasury bills was ongoing. An auction of Rs.100,000 million Treasury bonds is due on Thursday.
By Hiran H Senewiratne
Business
Mahindra Ideal Motors celebrates gala ‘Excellence Awards’ honouring outstanding performance and innovation
The Mahindra Ideal Motors Excellence Awards ceremony, a grand celebration to recognize dealers and other stakeholders of Ideal Motors, was held at the Wave n’ Lake Banquet Hall & Restaurant in Welisara recently.
The event was graced by the presence of special guests including Nalin Welgama, Founder and Chairman Ideal Motors, Dilani Yatawaka, Group Managing Director/CEO Ideal Motors, Nimisha Welgama, Director Legal and Corporate Affairs Ideal Motor, Sachin Arolka, Head International Operations, Auto Division Mahindra & Mahindra India. Senthil Selvaraju, Head International Operations and Customer Service Automotive Division Mahindra & Mahindra India, Sujeeth Jayant, Country Head Mahindra & Mahindra India and Shitam Kundu, Head Domestic Services Mahindra & Mahindra India.
Also, in attendance from Ideal Motors were Kasun Fernando, General Manager Commercial Vehicle Sales Division, Sameera Bamunuarachchi, Deputy General Manager Spare Parts, Logistics & Inventory and Prasanna Manamperi, Deputy General Manager After Seles Service.
Speaking at the event, Nalin Welgama Ideal Motors Founder and Chairman said, “When we began our journey with Mahindra in 2009, the previous company had sold 300 vehicles in the country, of which nearly 150 had various defects. At that time our journey began by engaging with the parent company in India and repairing those vehicles free of charge. That commitment has brought us to where we are today. As we believe, our journey truly begins after the sale. We are dedicated to strengthening our customers, and in doing so, strengthening ourselves. That is how we transformed the after-sales service experience.”
He added, “Our main strength is the Mahindra Bolero, which has sold more than 10,000 units in just two years. In a very short period, we grew from zero to over 100,000 vehicles sold. This is not my victory, but the victory of all of you who contributed to it. Despite the challenges of the COVID-19 pandemic and the economic crisis we faced, this awards ceremony was organized to express our gratitude to all of you who trusted our institution and stood by us. Let us continue our victorious journey together.”
Dilani Yatawaka, Group Managing Director Ideal Motors, said: “Today is a very happy day for us. This is the first time in history of the organisation, that representatives of our vehicles, spare parts, services, and financial institutions are meeting together under one roof.”
Speaking on the occasion, Sachin Arolka, Head International Operations, Auto Division Mahindra & Mahindra India, stated that Ideal Motors in Sri Lanka is one of the largest seller of Mahindra vehicles in Asia.
More than 300 dealers and finance partners participated in the event which concluded with dinner, fellowship and entertainment.
Business
Police engagement supports wildlife protection in hill country
Strengthening conservation through active law enforcement
An awareness and capacity-building program on wildlife crime prevention, with a special focus on the Sri Lankan leopard (Panthera pardus kotiya), was successfully conducted on March 20 at the Dimbula Athletics & Cricket Club, Radella.
The session was organized under the ongoing Multi-Regional Leopard Research and Conservation Project implemented by the Wildlife & Nature Protection Society (WNPS), in collaboration with LOLC. It brought together senior officers representing 28 Police stations across the Nuwara Eliya and Kandy districts, underscoring the growing importance of law enforcement in conservation efforts within multi-use landscapes, a WNPS news release said.
The Central Highlands present a unique conservation challenge, where increasing habitat loss and fragmentation, depletion of natural prey, and use of snares continue to threaten leopards inhabiting these landscapes majority outside formally protected areas. The session therefore focused on strengthening the capacity of Police officers to identify, prevent, and respond to wildlife crimes, while fostering closer coordination with conservation stakeholders, it explained.
Co-Chair of the Wildcats Subcommittee, Prof. Enoka Kudavidanage, highlighted the ecological and economic significance of leopards as apex predators, emphasizing their role in maintaining ecosystem balance and supporting nature-based tourism. She also outlined the current conservation challenges in the Hill Country and presented ongoing interventions under the WNPS–LOLC project.
Dr. Sanjaya Weerakody, Postdoctoral Fellow at the Xishuangbanna Tropical Botanical Garden (XTBG), Chinese Academy of Sciences, shared key research findings on leopard mortality trends over the past 17 years revealing concerning patterns, including the disproportionate loss of mature male individuals and the increasing prevalence of snaring as a primary cause of death highlighting an urgent need for targeted enforcement.
Attorney – at – Law Charaka Jayaratne provided an in-depth overview of the legal provisions under the Fauna and Flora Protection Ordinance, with particular attention to offences related to snaring. He discussed how Police can take more proactive and effective action, identifying gaps in current approaches and suggesting practical measures to strengthen enforcement outcomes.
Adding further perspective, Samantha Gunasekara, former Deputy Director of Customs and Chairman of the Marine Environment Protection Authority (MEPA), spoke on the broader context of illegal wildlife trade in Sri Lanka. Drawing from past cases and recent observations, he highlighted emerging trends and risks associated with wildlife trafficking.
Representing the Department of Wildlife Conservation, Ranger Srinath Dissanayake of the Hakgala Wildlife Range shared recent cases on leopard deaths and rescue operations recorded in 2025. He emphasized on personal observations, importance of timely intervention, and strong collaboration between field officers and the Police to mitigate human–wildlife conflict and prevent avoidable losses.
An interactive discussion followed, allowing officers to raise questions, clarify procedures, and exchange experiences while sharing their feedback as well. This dialogue contributed to reinforcing the value of strategic engagement between the Police, the Department of Wildlife Conservation, and conservation partners while strengthening inter-agency understanding and highlighting the need for coordinated responses during leopard-related incidents.
The session commenced with opening remarks by WNPS President Graham Marshall, who expressed appreciation for the participation of the Sri Lanka Police and reiterated the critical role of law enforcement in safeguarding biodiversity beyond protected areas.
WNPS Past President and WNPS LOLC Project Head Spencer Manuelpillai, Project Coordinator Gihani Hettiarachchi, Regional Center Coordinators, Thilanka Dissanayake and Attorney-at-Law Malaka Palliyaguruge were also present as part of the WNPS team.
WNPS extends its sincere appreciation to all officers who participated for their commitment and active engagement. Supported by LOLC, these initiatives form part of a broader effort to strengthen practical conservation through collaboration, knowledge sharing, and effective enforcement in Sri Lanka’s Hill Country.
Business
Mangala Tex marks expansion with new Kurunegala Branch
Fashion retail leader Mangala Tex celebrated the grand opening of its newest branch in Kurunegala on Saturday, March 14, 2026, adding a vibrant new dimension to the city’s commercial landscape.
Since its inception, Mangala Tex has been synonymous with style, durability, and quality, earning a lasting reputation as a premier clothing retailer. Guided by the visionary leadership of Chairman Ronald Nimal Hope, the brand has successfully established a strong presence with thriving outlets in Yatinuwara Veediya, Kandy, Cross Street, Kandy, and Peradeniya, Kandy.
The Kurunegala expansion marks a significant milestone in the company’s growth, bringing its signature fashion offerings closer to a wider customer base. True to its slogan, “Let Your Clothing Do The Talking,” the new store features an extensive range of apparel catering to all age groups, blending contemporary style with durable, high-quality fabrics.
Shoppers at the Kurunegala branch are greeted by a welcoming atmosphere and attentive staff, which long-time customers cite as key reasons for their loyalty. The store’s combination of trendy designs, reliable quality, and customer-centric service continues to set it apart in Sri Lanka’s competitive fashion retail sector.
Mangala Tex now employs more than 120 staff members across its branches, remaining a proudly family-driven enterprise alongside Managing Director Pahan Dissanayaka and Directress M M G P Dissanayaka.
With the official opening in Kurunegala, Mangala Tex demonstrates that consistent quality, style, and service can drive sustained growth, expanding the brand’s reach to new communities while reinforcing its status as a trusted name in Sri Lankan fashion.
Text and Pix by SK Samaranayake
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