Connect with us

Business

Budget is at variance with IMF claim plunges bourse into negativity

Published

on

By Hiran H.Senewiratne

Allegations in some sections of the media that the 2024 budget is not on par with IMF targets, plunged some share market investors into a degree of pessimism yesterday, market analysts said.

Apart from that, these sections pointed out that Zambia, which also has a debt burden similar to that of Sri Lanka, had successfully concluded its negotiations. They reported that there is a clear absence of equal treatment for debt burden countries, market analysts said. Accordingly, Investors remain cautious ahead of the IMF second tranche announcement, analysts added.

Amid those developments both indices moved downward. All Share Price Index went down by 43.8 points and S and P SL20 declined by 5.98 points. Turnover stood at Rs 579 million with two crossings.

Those crossings were reported in Melstacope, which crossed 950,000 shares to the tune of Rs 73.6 million; its shares traded at Rs 77.50 and Sampath Bank 1 million shares crossed to the tune of Rs 67 million.

In the retail market top seven companies that mainly contributed to the turnover were; Sampath Bank Rs 65.4 million (976,000 shares traded), Expolanka Holdings Rs 47.5 million (468,000 shares traded), HNB Rs 27.7 million (167,000 shares traded), Colombo Fort Lanka Rs 25.8 million (952,000 shares traded), Commercial Bank Rs 25.6 million (300,000 shares traded), NTB Rs 13.8 million (137,000 shares traded) and Melsacope Rs 13 million (168,000 shares traded). During the day 19.82 million share volumes changed hands in 6000 transactions.

Meanwhile, Cargills Bank had obtained approval from the CSE to go for an Initial Public Offering (IPO) to raise Rs 62.5 million and its share price would be Rs 8. IPO will begins on December 14. The purpose of the IPO is to focus on major expansions and other development activities.

Yesterday, the rupee opened at Rs 328.50/90 to the US dollar, from Rs 328.60/80 on the previous day, dealers said. Bond yields were stable.

A bond maturing on 01.06.2025 was quoted stable at 13.80/14.10 percent. A bond maturing on 01.08.2026 was quoted at 14.20/35 percent from 14.20/40 percent. A bond maturing on 15.01.2027 was quoted at 14.30.40 percent from 14.35/45 percent. A bond maturing on 01.07.2028 was quoted stable at 14.55/65 percent.



Business

CIF, the world’s favorite multi-surface cleaning brand, arrives in Sri Lanka

Published

on

CIF, the globally recognized multi-surface cleaning brand, has officially entered the Sri Lankan market, expanding the range of international home-care solutions available to local consumers.

CIF products are now available at Cargills, Keells, Glomark and Celeste, as well as online through Daraz and uStore, at a retail price of Rs. 900 for 500ml. Shop CIF online at https://ustore.lk/collections/cif

Used by households around the world, CIF is known for its powerful cleaning performance and ability to tackle everyday dirt and some of the toughest cleaning challenges around the home.

Its introduction to Sri Lanka comes as consumers increasingly seek cleaning products that combine performance, convenience and versatility, particularly solutions that can be used across multiple areas and surfaces within the home.

One cleaner. So many possibilities.

From stubborn kitchen grease and grime to limescale around sinks and dirt that builds up on frequently used surfaces, CIF is designed to provide powerful cleaning performance while helping make every day cleaning simpler.

The brand’s multi-surface proposition allows consumers to address a range of household cleaning needs with one versatile solution, bringing greater convenience to modern cleaning routines.

CIF’s entry into Sri Lanka also brings the brand’s global philosophy closer to local consumers eventually helping people restore and rediscover the beauty of the places and things around them through effective everyday cleaning.

With its combination of global recognition, multi-surface versatility and powerful cleaning performance, CIF’s arrival provides Sri Lankan consumers with a new international option in the household cleaning category.

The world’s favorite multi-surface cleaning brand is finally here in Sri Lanka.

Just CIF it!

Continue Reading

Business

A sustained wave of Indian assistance to Sri Lanka showcases defining shift in developmental diplomacy

Published

on

Transport Minister Bimal Rathnayake and Indian High Commissioner Santosh Jha at the plaque unveiling ceremony for the Moragahakanda Bridge project, supported by Indian grant assistance.

By Sanath Nanayakkare

An evolving approach to regional diplomacy was brought into sharp focus with the recent foundation-laying ceremony for the Moragahakanda Bridge in Matale.

Jointly launched by Indian High Commissioner Santosh Jha and Minister of Transport, Highways and Urban Development Bimal Rathnayake, this 175-metre span is far more than a routine civil engineering project. It serves as the physical manifestation of a broader USD 450 million reconstruction package deployed by India in the wake of Cyclone Ditwah, which severely fractured the island’s transport arteries.

Foreign aid is too often discussed in cold, macroeconomic abstractions. Yet, every so often, a consistent pattern of targeted assistance alters the landscape of bilateral relations, offering a clear window into how regional partnerships evolve out of necessity and goodwill.

Across the country today, a remarkable narrative of multi-layered cooperation is unfolding.

From critical post-disaster infrastructure and maritime routes to grassroots agricultural uplift and institutional capacity-building, India’s developmental footprint is shifting unmistakably toward an organic, people-centric model of shared resilience.

What distinguishes this latest wave of assistance is its deliberate pivot from emergency support to permanent, climate-resilient transformation. When Cyclone Ditwah initially paralysed regional connectivity, India’s immediate response was marked by the rapid deployment of temporary Bailey bridges.

Today, that swift humanitarian intervention has matured into a structural blueprint: the Moragahakanda project stands as the vanguard of 13 permanent bridges being built across Sri Lanka’s provinces by IRCON International Limited, complemented by upcoming railway upgrades and modern signaling systems backed by a USD 250 million Line of Credit.

The true signature of this diplomatic shift lies in its breadth, operating simultaneously across multiple tiers of society:

Institutional Governance: Delegations of Sri Lankan parliamentarians and senior administrative officers regularly travel to India to study public policy frameworks, legislative systems, and administrative practices.

Economic Lifelines: Financial mechanisms, such as viability gap funding for the Nagapattinam-to-Kankesanthurai passenger ferry service, continue to shrink geographical distances, reviving coastal commerce and tourism.

Grassroots Empowerment: Specialised capacity-building programmes tailored for local stakeholders – ranging from state officials to rural dairy farmers -ensure that development reaches deep into the island’s hinterlands.

By aligning immediate disaster relief with long-term infrastructure, institutional capacity, and human capital, India and Sri Lanka are demonstrating how neighbours can build safer, more connected futures together, grounded firmly in mutual respect and tangible progress.

Continue Reading

Business

Bring your own bag to book fair, CEA urges

Published

on

By Ifham Nizam

The Central Environmental Authority (CEA) yesterday urged visitors to the Colombo International Book Fair to bring reusable bags to carry their purchases, as part of a drive to reduce single-use plastic waste at the event.

CEA Director General R. S. P. Kapila Rajapaksha said large quantities of plastic, particularly “sili sili” bags, had been used to carry books at previous book fairs.

“We urge visitors to bring an environmentally friendly, reusable bag when they come to buy books. This simple step can help reduce the use of single-use plastic and protect the environment,” Rajapaksha said.

The book fair opens on September 25, with the CEA and the Sri Lanka Book Publishers’ Association launching an awareness programme targeting book sellers, food vendors and visitors.

The programme will be conducted under the theme “Read Smart, Carry Smart”, focusing on reducing polythene and plastic use throughout the exhibition.

The CEA said the use of plastic bags is also subject to regulations issued under the Consumer Affairs Authority Act. Gazette Extraordinary No. 2456/41, dated October 1, 2025, prohibits the free distribution of handled “sili sili” bags to consumers. Where such bags are sold, the charge must be included in the customer’s bill.

The CEA said food outlets at the book fair would also be required to comply with regulations prohibiting a range of single-use plastic products.

These include plastic straws and stirrers, disposable plastic plates, cups, spoons, forks and knives, as well as polythene-based food wrappers commonly known as lunch sheets.

The CEA said it had discussed the requirements with relevant stakeholders and reached agreement to ensure that prohibited products are not used at food outlets within the exhibition premises.

The authority urged both traders and visitors to cooperate with the initiative and help make this year’s book fair a more environmentally responsible event.

Continue Reading

Trending