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Budget is at variance with IMF claim plunges bourse into negativity

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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.



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ADB-funded Thalaiyadi plant serves as blueprint for vulnerable dry zones in Sri Lanka

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Thalaiyadi SWRO desalination plant Photo Credit: ADB

Sri Lanka should adopt a diversified water-security strategy, says chief engineer

By Sanath Nanayakkare

For generations, the Jaffna Peninsula has relied almost entirely on an underground freshwater lens. With no major perennial rivers to lean on, the region has long walked a tightrope between water scarcity, seasonal droughts, and a creeping groundwater salinity that has challenged communities across the North. Today, however, a monumental shift is underway along the windswept Vadamaradchi coast.

To understand how Sri Lanka is rewriting its water security playbook, one need only look to the Thalaiyadi Seawater Reverse Osmosis (SWRO) Plant.

V. Vijayakanth, Chief Engineer of the Jaffna Kilinochchi Water Supply and Sanitation Project (JKWSSP), recently explained the engineering marvels, environmental safeguards, and long-term vision driving this landmark infrastructure project.

“Building a multi-million-gallon desalination plant on an open, deep-sea coastline facing the Indian Ocean was no small feat,” he said.

Vijayakanth noted that the project required extensive marine, geotechnical, and ecological investigations before a single pipe was laid.

“The scale of the marine installation was striking: an intake and outfall system featuring roughly 1,300 metres of large-diameter pipeline, buried two metres beneath the seabed in water depths reaching up to 12 metres. Because ocean work is strictly dictated by nature, the team had to mobilise an excavator-mounted barge from India and execute a complex offshore operation within a very tight window before the onset of the monsoon.”

“One of the greatest historical hurdles of reverse osmosis technology has been its heavy appetite for electricity. To keep operational costs in check, the Thalaiyady plant integrates state-of-the-art isobaric pressure-exchanger energy recovery systems. These devices capture hydraulic energy from the high-pressure brine reject stream and transfer it directly back to the incoming seawater feed – recovering roughly 95% of available energy and slashing power requirements.”

“Environmental stewardship was equally central to the design. To prevent high-salinity discharge from harming the marine ecosystem, the plant utilizes an offshore outfall equipped with specialized diffusers positioned more than 500 metres from the shore. This ensures rapid mixing within a tightly monitored zone, safeguarding local marine life,” he said.

Karaveddi Water Supply Scheme

The impact of the plant is already tangible on the ground. Producing water that meets rigorous national quality standards (SLS 614:2013), the facility feeds into a vast transmission network linked to elevated service reservoirs. These tanks regulate hydraulic pressure across sprawling distribution routes, bringing relief to areas historically plagued by hard, brackish water.

V. Vijayakanth, Chief Engineer of Jaffna Kilinochchi Water Supply and Sanitation Project (JKWSSP)

Currently, about 1,600 households in the Karaveddi Zone are actively connected to the desalinated supply, with water flowing across a regional network stretching from Kodikamam and Jaffna City down to distant island communities like Delft, Kayts and Punguduthivu.

The peninsula’s total daily drinking water demand hovers around 50,000 cubic metres for a population of roughly 600,000. Operating at full capacity, the Thalaiyadi plant yields 24,000 cubic metres per day – meeting nearly half of the region’s current needs.

Yet, planners are already looking decades ahead. Driven by economic development, tourism, and proposed industrial zones like Kankesanthurai, projected potable water requirements for domestic, commercial, and industrial needs are expected to climb from 95,000 cubic metres per day in 2025 to 135,000 by 2045, and 175,000 by 2065. Meeting this future trajectory will require a diversified national strategy combining desalination with surface-water preservation and rainwater harvesting.

When asked whether Sri Lanka should lean exclusively on seawater conversion amid intensifying climate volatility, Vijayakanth emphasised the need for a balanced approach: “Sri Lanka should adopt a diversified water-security strategy, prioritising sustainable surface-water development, groundwater protection, rainwater harvesting, water conservation, treated wastewater reuse and catchment protection. Desalination can complement these sources as a valuable climate-resilient and drought-proof option where appropriate.”

Backed by financial and technical collaboration from the Asian Development Bank (ADB), the project has given the National Water Supply and Drainage Board (NWSDB) invaluable expertise in advanced desalination management. Crucially, a two-year hands-on training program is ensuring that local technical staff master everything from membrane upkeep to preventive maintenance.

As climate variability accelerates, Thalaiyadi serves as a vital proof-of-concept. While energy-intensive desalination cannot replace conventional freshwater sources everywhere, Vijayakanth emphasises that it stands as an indispensable, drought-proof shield for Sri Lanka’s vulnerable dry zones – turning the ocean itself into a secure foundation for the nation’s future.

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Tropic Of Linen takes new form at The Shoppes at City of Dreams

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From left: Tropic Of Linen Founders Minha Akram and Shukran Salih

Sri Lankan fashion label Tropic Of Linen recently opened the doors to its second boutique, located at The Shoppes at City of Dreams.

For over a decade, linen has formed the core of the brand’s inspiration and business ethos. Its textures, movement, and natural irregularities carry through the striking interior of Tropic Of Linen’s newly opened second store. Large sculptural forms in wind-worn sandstone sit against softer curves, while a grand olive tree anchors the heart of the store, reaching up toward a skylight and giving life to the entire space.

Drawing on her background in fine art and design, co-founder Minha Akram envisioned a layered, sensory interior intended to draw people into the world of Tropic Of Linen and invite them to linger.

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ANC Education celebrates ‘Class of 2026’ at graduation ceremony in Colombo

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The ceremony marked both a conclusion and a new beginning, with ANC celebrating student progress and future success

ANC Education held its 2026 graduation ceremony at BMICH, Colombo, celebrating graduates across multiple programmes. The cohort included 53 BBA graduates from Northwood University, 22 Psychological Sciences graduates from Northern Arizona University, 320 Pearson BTEC HND graduates, and 29 BTEC Level 7 graduates, alongside foundation, diploma, and transfer pathway students. Senior representatives from partner institutions attended.

Best Performer Awards recognised outstanding academic achievement. The event honoured years of hard work and support from families and educators. Since 2002, ANC has provided local and international pathways. Graduates now pursue careers, further studies, or international opportunities.

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