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Allegation against state bank hits investor confidence

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By Hiran H.Senewiratne

CSE investor sentiment was affected yesterday close on the heels of Samagi Jana Balawegaya legislator Harsha de Silva telling parliament that a state bank had defaulted on a contract payment, stock market analysts said.

De Silva said that Sri Lankan banks had faced counterparty limit cuts since a downgrade of sovereign credit, which has tightened in recent times, making it harder to roll-over contracts.

“A few months ago, I warned in parliament about state banks borrowing dollars at high rates through swaps where premiums were negative, de Silva told parliament. The main opposition questioned in parliament whether a state bank had delayed payment on a contract, as the country struggles with a foreign exchange crisis triggered by money printed to maintain low interest rates.

Amid those developments the stock market was somewhat volatile and buying interests were noted in blue-chip counters but lower turnover level/ or below average turnover did not support the market to sustain its momentum. However, the market has some hope as the government has taken some steps to salvage fiscal and monetary consolidation via an IMF bailout, stock market analysts said.

Consequently, both indices showed mixed reactions. The All- Share Price Index went down by 6.1 points and S and P SL20 rose by 22.2 points. Turnover stood at Rs 1.7 billion with a single crossing. The crossing was reported in LB Finance, which crossed 323,000 shares to the tune of Rs 20.7 million, its shares traded at Rs 64.

In the retail market, top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 294 million (1.1 million shares traded), LOLC Holdings Rs 160 million (200,000 shares traded), ACL Cables Rs 133 million (1.6 million shares traded), Browns Investments Rs 119 million (11.6 million shares traded), JKH Rs 116 million (740,000 shares traded), Royal Ceramic Rs 94.8 million (1.8 million shares traded) and Chevron Lubricants Rs 74.7 million (764,000 shares traded). During the day 50.9 million share volumes changed hands in 14000 transactions.

Sunshine Holdings has entered into a sales and purchase agreement with another high-net worth investor, Govindasamy Sathasivam, for acquiring a 100 per cent stake in Sunshine Teas Pvt Limited for a Rs 1.4 billion consideration. Meanwhile, Sunshine Holdings plans to purchase a 28 per cent stake in Sunshine HealthCare Lanka Limited for a Rs 2.6 billion financial consideration from Akbar Brothers. However, a 72 per cent stake was purchased from the same company some time ago.

Though the index began trading on an upbeat note, retail favourite counters started losing the positive momentum and eventually led the market to close lower for the eighth consecutive day on the previous day at 10,458, losing 33 points.

It is said that high net worth and institutional investor participation was noted in JKH, Lanka IOC and Vallibel Finance. Mixed interest was observed in Hayleys and Expolanka Holdings, while retail interest was noted in Browns Investments and SMB Leasing voting.

Separately, the National Development Bank announced a first and final dividend of one rupee per share and a scrip dividend of Rs.4.50 per share.

Yesterday the US dollar rate was quoted at Rs 280.90, which was the free float of the rupee against the dollar. Its rate differs among commercial banks.



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From Mt. Fuji to Sri Pada: Lessons from a father-son climb

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by SK Samaranayake

For Daham Gunasena, reaching the summit of Mt. Fuji with his 12-year-old son was not the end of the journey but the beginning of a different kind of lesson.

Gunasena, Director – Commercial at SPAR Sri Lanka and a senior business leader, academic and Chartered Accountant, spent nearly 12 hours on August 19 climbing Japan’s highest mountain with his son, Methum. After eight hours of climbing, the pair reached the 3,776-metre summit before beginning a demanding four-hour descent to Fujinomiya 5th Station.

“The summit was only halfway,” Gunasena reflected, describing the experience as a lesson in preparation, perseverance and responsibility.

Their journey began two days earlier with a trial excursion to the 6th Station and the volcanic landscape around Mt. Hoei. The experience allowed Gunasena to assess the altitude, terrain, weather and equipment before deciding whether his son was ready for the summit attempt.

The climb itself reinforced the value of taking one step at a time. Rather than focusing on the distant summit, father and son concentrated on the next marker, the next few steps and short periods of rest.

Reaching the summit brought another lesson. After taking photographs and celebrating, they still had four hours of descent ahead of them over loose volcanic terrain.

“Reaching the top was an achievement. Returning safely was success,” Gunasena said.

The experience also prompted him to reflect on how Japan manages Mt. Fuji, including visitor education, digital information, sanitation, transport, safety and environmental protection.

Having climbed Sri Pada 12 times last year and five times so far this year, Gunasena sees opportunities to apply some of these principles in Sri Lanka without compromising the mountain’s unique pilgrimage traditions.

He suggested a comprehensive digital platform for Sri Pada providing information on weather, congestion, transport, sanitation, first aid and emergencies, while educating foreign visitors about its religious significance.

For Gunasena, however, the most enduring lesson was personal: a mountain can teach what lectures cannot—through preparation, perseverance, respect for nature and the shared experience of taking each step together.

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FLIR, Marlbo promote smarter industrial maintenance

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Sri Lankan industries are being encouraged to adopt advanced condition monitoring technologies to detect equipment problems before they develop into costly failures, as global technology company FLIR and its local partner Marlbo Trading Company strengthen their collaboration.

The companies brought together industry professionals at a technical seminar held on August 20 at Taj Samudra, Colombo, focusing on the use of thermography and acoustic imaging to reduce unplanned downtime, improve energy efficiency and lower maintenance costs.

Organised by Marlbo under the theme “Condition Monitoring Using Thermography and Acoustic Imaging for Measurable ROI,” the seminar highlighted the growing importance of proactive and predictive maintenance in improving equipment reliability and operational efficiency.

FLIR Sales Director – Instrumentation, India, Bhaskar Lala, and APAC Condition Monitoring Specialist David Gambarte shared their expertise on the latest diagnostic technologies and their practical industrial applications.

Thermal imaging can identify abnormal heat patterns linked to electrical and mechanical faults, while acoustic imaging can detect problems that may go unnoticed during routine inspections.

The technology is particularly useful in identifying compressed-air leaks, which can cause significant energy losses and increase operating costs.

Shevon Liyanage, Engineer – Measuring Instruments at Marlbo, also shared insights into applying condition monitoring technologies in the Sri Lankan industrial environment.

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Lumbini Tea Valley wins intl award for Singharaja Wirytips

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Chaminda Jayawardana receiving the award

Lumbini Tea Valley Ceylon won an award for its Singharaja Wirytips at The Leafies: International Tea Awards held in London in 2024, marking another international recognition for the Sri Lankan tea producer.

The award comes as the company marks two decades of direct exports, with its premium and organic Ceylon teas now reaching 35 countries across six continents.

Established in 1984, Lumbini Tea Valley began its direct export drive after Chaminda Jayawardana joined the family business in 2000 alongside his father, Dayapala Jayawardana. The initiative materialised in 2006 with the company’s first direct shipment—a 15-kilogram consignment of Flowery Broken Orange Pekoe (FBOP) tea to the United States.

Since then, the company has expanded its direct-export operations, which now account for around 20% of its total manufacturing output. Following its transition to organic production, approximately half of its organic tea output is exported directly by the company.

Its key export markets include Japan, the United States, France, the Netherlands, Switzerland and Australia, with direct shipments now reaching 35 countries.

The company said its direct-export model would continue to expand amid growing international demand for traceable, single-origin Ceylon tea, with premium and organic grades at the centre of its export strategy.

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