Business
CSE’s robustness sustained as Haycarb amalgamates fully-owned subsidiary
Haycarb PLC announced that it had merged its fully-owned subsidiary Ultracarb (Private) Limited, effective October 1.
“Haycarb PLC and Ultracarb (Private) Limited, a fully owned subsidiary of Haycarb PLC, amalgamated in terms of Section 242 (1) of the Companies Act No. 07 of 2007 and continue as Haycarb PLC, CSE sources said
The move was made to boost the company’s finances and operations, Haycarb, a unit of the Hayleys conglomerate, said.
Amid those developments yesterday the CSE was extremely bullish, while investors tried to break the psychological barrier of 22000 Index points, but the CSE settled at the 21000 Index points level.
Both indices moved upwards. The All Share Price Index went up by 127.95 points, while the S and P SL20 rose by 18.78 points. Turnover stood at Rs 6.5 billion with 16 crossings.
Top seven crossings were reported in Commercial Bank, where 3.5 million shares crossed to the tune of Rs 649 million and its shares traded at Rs 193.35, Melstacorp 740,000 shares crossed to the tune of Rs 133 million; its shares traded at Rs 182, DFCC Bank 625,000 shares crossed for Rs 102.5 million; its shares traded at Rs 164, Haylays 400,000 shares crossed for Rs 74.4 million; its shares sold at Rs 186.
Access Engineering 800,000 shares crossed to the tune of Rs 52 million; its shares traded at Rs 65.20, JKH 1.7 million shares crossed for Rs 45.2 million; its shares sold at Rs 27 and Cables Solutions three million shares crossed to the tune of Rs 42.9 million; its shares fetched Rs15.50.
In the retail market top seven companies that mainly contributed to the turnover were; Access Engineering Rs 294 million (4.5 million shares traded), Melstacorp Rs 229 million (1.2 million shares traded), Commercial Bank Rs 197 million (one million shares traded), Lanka Aluminium Rs 187 million (3.5 million shares traded), Sierra Cables Rs 159 million (5.9 million shares traded), LMF Rs 160 million (2.3 million shares traded) and Ambeon Capital Rs 150 million (4.2 million shares traded). During the day 182 million share volumes changed hands in 38000 transactions.
It is said that banking sector counters, especially Commercial Bank, led the market while the manufacturing sector also actively participated at the floor. Hotel sector counters also performed well.
Yesterday, the rupee opened at Rs 302.52/55 to the US dollar from 302.47/53 the previous day, while bond yields opened slightly up, dealers said.
A bond maturing on 15.12.2026 was quoted at 8.35/40 percent, up from 8.30/40 percent.
A bond maturing on 15.09.2027 was quoted at 8.80/90 percent, down from 8.80/98 percent.
A bond maturing on 15.03.2028 was quoted at 9.07/12 percent.
A bond maturing on 15.12.2029 was quoted at 9.60/65 percent.
A bond maturing on 01.07.2030 was quoted at 9.75/78 percent.
A bond maturing on 15.12.2032 was quoted at 10.48/58 percent, down from 10.50/60 percent.
The telegraphic transfer rates for the American dollar was 299.0000 buying, 306.0000 selling; the British pound was 402.1478 buying, and 413.5096 selling, and the euro was 348.7535 buying, 360.1167 selling.
By Hiran H Senewiratne ✍️
Business
Sri Lanka eyes India grid link as ADB pushes Pan-Asia energy integration
Sri Lanka’s long-discussed electricity grid connection with India is gaining renewed momentum, as the Asian Development Bank (ADB) intensifies efforts to promote cross-border energy integration across the region.
At the ADB Annual Meetings in Samarkand, Senior Director for Energy, Priyantha Wijayatunga, identified the proposed India–Sri Lanka grid interconnection as the most promising avenue to strengthen the island’s power sector. The concept dates back to the 1970s, when Sri Lanka, following the completion of the Mahaweli Development Project, even explored the possibility of exporting electricity. However, rapid economic growth and rising domestic demand shifted the country toward energy imports.
Today, with energy security and cost pressures mounting, the idea has regained urgency. “The time is right,” Wijayatunga said, stressing that political will and financing will be decisive. While undersea transmission cables make the link technically viable, costs remain a major challenge. The ADB, he confirmed, stands ready to support Sri Lanka as a development partner in advancing the project.
Sri Lanka’s prospects are closely tied to a broader regional vision being advanced by the ADB through its Pan-Asia Power Grid Initiative (PAGI). The initiative aims to transform how energy is produced, shared, and consumed across Asia and the Pacific by promoting cross-border electricity trade and grid connectivity.
PAGI is designed not merely as a collection of projects, but as a systems-level integration platform that connects national grids into subregional and eventually continent-wide networks. Its core objectives include bridging energy gaps, enhancing energy security, integrating large-scale renewable energy, and strengthening resilience across interconnected systems.
A key pillar of PAGI is leveraging the region’s resource complementarity. Countries in South Asia, for instance, possess uneven but highly complementary energy resources—hydropower in Nepal and Bhutan, and solar and wind potential in India. By linking grids, countries like Sri Lanka could tap into these diverse energy sources, reducing dependence on costly fossil fuel imports while improving reliability.
ADB estimates suggest that deeper regional power trade in South Asia could yield substantial economic benefits, including lower system costs and more efficient energy distribution. The initiative also envisions mobilizing up to $50 billion in investments by 2035, expanding transmission infrastructure, and improving electricity access for millions.
For Sri Lanka, integration into such a regional grid could be transformative. A connection with India would allow the country to import affordable electricity during shortages, stabilize supply, and support its transition toward cleaner energy. It could also open the door to future participation in a wider South Asian power market.
With feasibility studies and policy discussions already underway, and with ADB backing firmly in place, Sri Lanka’s long-envisioned grid connection with India now appears more achievable than ever.
As the Samarkand meetings underscore the urgency of regional cooperation in an increasingly uncertain energy landscape, Sri Lanka stands at the threshold of a new chapter—one where energy security is strengthened not in isolation, but through connection.
by Sanath Nanayakkare in Samarkand, Uzbekistan
Business
Oceans in crisis: Sri Lanka hosts ‘Sharks International 2026’ amid stark warnings
Sri Lanka this week finds itself at the centre of a deepening global ocean crisis, as leading scientists, policymakers and conservationists gather in Colombo for Sharks International 2026—a high-profile summit unfolding against mounting evidence that the world is rapidly losing control of its marine ecosystems.
The conference, now underway at the Bandaranaike Memorial International Conference Hall, marks the first time the prestigious forum has been hosted in Sri Lanka. But beneath the diplomatic language and scientific exchanges lies a far more urgent reality: the collapse of shark and ray populations is no longer a distant environmental concern—it is an unfolding economic and food security emergency.
More than 100 million sharks and rays are being wiped out globally each year, largely due to overfishing and illegal, unreported and unregulated (IUU) fishing. In Sri Lanka, the situation is particularly acute. Of the 105 species recorded in local waters, nearly 70 are now threatened with extinction, a statistic that scientists warn should set off alarm bells far beyond conservation circles.
Deputy Minister of Environment Anton Jayakody did not mince words when addressing the gathering, framing the issue not just as an ecological tragedy but as a looming economic shock.
“This is not just about saving species. It is about protecting the foundation of our fisheries, our food systems, and the livelihoods of thousands of Sri Lankans. If shark and ray populations collapse, the consequences will ripple through the entire marine economy,” he said.
Sharks and rays sit at the top of the ocean food chain. Their disappearance disrupts the delicate balance of marine ecosystems, triggering cascading effects that can decimate commercially valuable fish stocks. For a country like Sri Lanka—where coastal communities depend heavily on fisheries—this is not an abstract threat but a direct challenge to economic stability.
Yet despite years of warnings, critics argue that global action has been dangerously slow, fragmented, and often undermined by competing commercial interests.
By Ifham Nizam
Business
SriLankan Airlines leads with two category wins in South Asia at PAX Awards
SriLankan Airlines led with two wins in the Airline Award category for South Asia, securing both Best Overall Passenger Experience and Most Improved Airline at the PAX International Readership Awards 2026 held recently in Hamburg, Germany. The awards celebrate the industry’s best and brightest, with winners determined by votes from PAX’s global readership.
The Best Overall Passenger Experience – South Asia award recognises an airline that delivers an exceptional onboard experience to passengers across multiple service areas, including meal service, inflight entertainment and seating. At SriLankan Airlines, this entails meticulous planning at every stage of the passenger journey, supported by collaboration among multiple teams and continuous monitoring and refinement.
Maria Sathasivam, Manager Product Development of SriLankan Airlines, commented on the achievement, stating, “we are incredibly honoured to receive yet another independent endorsement of the service we deliver. Every interaction matters to us, and we are committed to consistently meeting and exceeding passenger expectations, and it is truly rewarding to see these efforts recognised.”
SriLankan Airlines continues to enhance the end-to-end travel experience, from booking through to arrival. Ongoing digital upgrades, including improvements to the airline’s website and app, are designed to deliver a more intuitive and seamless customer experience, supported by AI-driven features and expanded ancillary offerings. At its hub, the Bandaranaike International Airport in Colombo, the airline has also expanded self-check-in and bag drop facilities for added convenience.
-
News7 days agoTreasury chief’s citizenship details sought from Australia
-
News6 days agoRooftop Solar at Crossroads as Sri Lanka Shifts to Distributed Energy Future
-
News5 days ago“Three-in-one blood pressure pill can significantly reduce risk of recurrent strokes”
-
News24 hours agoCJ urged to inquire into AKD’s remarks on May 25 court verdict
-
News2 days agoUSD 3.7 bn H’tota refinery: China won’t launch project without bigger local market share
-
News5 days agoAlarm raised over plan to share Lanka’s biometric data with blacklisted Indian firm
-
News3 days agoEaster Sunday Case: Ex-SIS Chief concealed intel, former Defence Secy tells court
-
News4 days agoTen corruption cases set for court in May, verdict ordered in one case – President
