Business
HNB strengthens partnership with DIMO to enhance local agricultural mechanisation
Hatton National Bank, PLC (HNB), Sri Lanka’s premier private sector bank, renewed its long-standing partnership with DIMO Agribusinesses, the agricultural arm of DIMO, Sri Lanka’s leading diversified conglomerate.
Through this partnership, HNB and DIMO will offer their mutual customers an extensive list of discounts and facilities inclusive of low-interest rates, flexible repayment schemes, and exclusive benefits for Agri Machinery provided by DIMO Agribusinesses. The renewed partnership was commemorated at a special ceremony held at DIMO Head office in the presence of HNB and DIMO representatives.
“We are excited to collaborate with DIMO once again to strengthen agricultural entrepreneurs with the opportunity to purchase new vehicles and machinery. Given the challenging times we face, we’ve worked especially hard to ensure our customers have convenient payment solutions to fulfill their needs. We hope that entrepreneurs will make use of this unique opportunity to grow their business,” HNB Deputy General Manager- Retail and SME Banking, Sanjay Wijemanne said.
HNB will offer leasing facilities for brand new Mahindra & Swaraj tractors as well as CLAAS and Lovol combine harvesters. Customers will also have access to a wide range of discounts and exciting deals through the value-added Prestige Prime credit offered for free with the first-year annual fee waived off. HNB General Insurance will offer attractive discounts for vehicle insurance premiums in addition to a free life insurance cover of Rs. 4.5 million for accidental deaths, while HNB Assurance will offer a Rs. 600,000 natural death insurance cover.
“DIMO has always been at the forefront of promoting agriculture mechanization, and our diverse product portfolio looks to increase the productivity in the industry. Partnerships of this nature will accelerate the agriculture mechanization process in the industry. We are developing agripreneurship in the country so we can continue fuelling dreams and aspirations of the farming community,” DIMO Chief Operating Officer and Head of Agri Machinery Business of the Group, Rajeev Pandithage said.
DIMO will offer customers a 4-year warranty on any Mahindra and Swaraj tractors purchased and a one-year comprehensive warranty on CLAAS and Lovol Harvesters. Customers who purchase Mahindra or Swaraj tractors will also be eligible for the Free Farmers Kit, free oil filters for two years, and three free services. All DIMO customers can rest assured as each purchase will be backed by over 80 years of DIMO trust and exceptional after-sales care.
With 256 customer centers across the country, HNB is one of Sri Lanka’s largest, most technologically innovative banks. HNB has been recognised locally and globally for its efforts to drive forward a new paradigm in digital banking. Consolidating its reputation for banking excellence, HNB bagged the Best Retail Bank and Best SME Bank awards in the Banking category at the International Finance Awards 2021. The bank was also ranked among the World Top 1,000 Banks list compiled by the prestigious UK-based Banker Magazine for five consecutive years. HNB was also declared Best Sub-Custodian Bank in Sri Lanka at the Global Finance Awards 2020. HNB has a national rating of AA- (lka) by Fitch Ratings (Lanka) Ltd.
Fuelling the dreams and aspirations of the communities they serve, DIMO has diversified into Agriculture, Healthcare, Education, Infrastructure Development, Automobile, Retail, and much more. DIMO has been recognised as a ‘Great Place to Work’ for nine consecutive years and has also twice clinched the ‘Asia’s Best Workplace’ title. DIMO was also listed as one of the Most Respected Entities in Sri Lanka and has received many national and international accolades for Integrated Reporting and Corporate Social Responsibility.
CSE trading was halted yesterday after a sensitive index dropped 5.30-pct 20 minutes after resuming its trading activities following massive selling pressure. This was also mainly due to US President Donald Trump’s tariff increase on imports entering the US market.
The market halted or witnessed a circuit- breaker due to the S&P SL20 index dropping over 5 percent from the previous close. This practice was in accordance with SEC Directive dated April 30, 2020,market analysts said.
Further, Asian markets were sharply down as the impact from Trump tariffs continued to shake investors, with Shanghai’s SSE Composite Index down 8.98 percent, Taiwan’s TAIEX down 9.70 percent, and Singapore’s Straits Times Index down 8.1 percent, reports showed.
“Accordingly, the market had been halted for 16 minutes (from 9.51 a.m to 10.07 a.m) and the CSE will conduct an Auction Session for a duration of 14 minutes (from 10.07a.m to 10.21 a.m). Thereafter, the Regular Trading session was commence at 10.21 a.m., the CSE said.
The more liquid S&P SL20 which tracks the larger companies opened down 264 points, while the All Share Price Index down by 698 points. Turnover stood at Rs 6.74 billion with four crossings. Those crossings were reported in DIMO, which crossed 903,000 shares to the tune of Rs 948 million and its shares traded at Rs 1050, JKH 9.9 million shares crossed for Rs 191 million; its shares traded at Rs 18.8, TJ Lanka 1 million shares crossed for Rs 44 million; its shares traded at Rs 44 and Access Engineering 1 million shares crossed for Rs 37 million; its shares traded at Rs 37.
In the retail market top six companies that mainly contributed to the turnover were; JKH Rs 737 million (39.3 million shares traded), Sampath Bank Rs 625 million (6.1 million shares traded), HNB Rs 605 million (2.2 million shares traded), Commercial Bank Rs 529 million (4.2 million shares traded), Digital Mobility Solutions Rs 230 million (3.2 million shares traded) and Browns Investments Rs 173 million (25 million shares traded). During the day 188 million share volumes changed hands in 35000 transactions.
Top negative contributors to the ASPI were Commercial Bank (down 8.58 percent at Rs 122.50), HNB (down 7.96 percent at Rs 269.00), Sampath Bank (down 5.9 percent at Rs 102.75), Melstacorp (ended 5.7 percent lower at Rs 120.25), and JKH (down 4.6 percent at Rs 18.70 ).
It is said that the manufacturing and banking sectors were the main contributors to the turnover. JKH was the top individual contributor to the turnover, which represents the manufacturing sector, while the banking sector was headed by Sampath Bank, followed by HNB and Commercial Bank.
Yesterday, the rupee opened at Rs 296.90/297.10 to the US dollar in the spot market , weaker from Rs 296.65/75 last Friday, dealers said, while bond yields were up.
A bond maturing on 15.02.2028 was quoted at 10.15/20 percent. A bond maturing on 15.12.2027 was quoted at 10.05/10 percent. A bond maturing on 15.12.2028 was quoted at 10.45/48 percent. A bond maturing on 15.09.2029 was quoted at 10.60/70 percent, up from 10.55/65 percent.
By Hiran H.Senewiratne
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
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