Business

Following successive highs, the bourse takes a dip

Published

2 years ago

2025/01/25

By Hiran H.Senewiratne

The stock market yesterday noted profit- takings after witnessing a heavy upward trend over the last few working days. The latter phenomenon was due to a low interest regime coupled with positive corporate quarterly results, especially in the banking sector, market analysts said.

Amid those developments both indices moved downward. The All Share Price Index went down by 90.07 points, while the S and P SL20 declined by 58.36 points. Turnover over stood at Rs 7.4 billion with 12 crossings.

Those crossings were as follows: Melstacope crossed 4.8 million shares to the tune of Rs 808 million and its shares traded at Rs 128, JKH 5.8 million shares crossed for Rs 138 million; its shares traded at Rs 23.50, Sierra Cables six million shares crossed to the tune of Rs 97.2 million and its shares sold at Rs 16.20, CCS 825,000 shares crossed for Rs 74.2 million; its shares traded at Rs 90, HNB 170,000 shares crossed to the tune of Rs 59.3 million; its shares sold at Rs 347.75, Overseas Realties 2.2 million shares crossed for Rs 50.9 million; its shares sold at Rs 23.60.

Dialog two million shares crossed to the tune of Rs 27 million; its shares traded at Rs 13.50, Balangoda Plantations 335,000 shares crossed to the tune of Rs 26.2 million; its shares traded at Rs 78, Tokyo Cement 317,000 shares crossed for Rs 25.1 million; its shares traded at Rs 70, Dipped Products 350,000 shares crossed to the tune of Rs 21.3 million; its shares traded at Rs 61, LOLC Holdings 27000 shares crossed for Rs 20 million and its shares traded at Rs 7.30 and Ambeon Capital 625,000 shares crossed for Rs 20 million; its shares traded at Rs 32.

In the retail market, companies that mainly contributed to the turnover were; HNB Rs 807 million (2.2 million shares traded), Browns Investments Rs 572 million (56.5 million shares traded), LOLC Holdings Rs 335 million (461,000 shares traded), Sierra Cables Rs 304 million (18.9 million shares traded), JKH Rs 303 million (12.8 million shares traded) and Dipped Products Rs 201 million (3.3 million shares traded). During the day, 257 million share volumes changed hands in 34000 transactions.

It is said that the banking sector led the market, especially HNB was the largest contributor to the turnover while as usual the manufacturing sector, especially JKH and Sierra Cables, were the second largest contributor to the turnover. The plantation sector and the services sector were also slightly active in the market.

Yesterday the rupee was quoted at Rs 298.60/90 to the US dollar in the spot market, weaker from Rs 298.65/75 to the US dollar on the previous day, while bond yields were broadly stable, dealers said.

Stocks were down 0.26 percent. A bond maturing on 15.09.2027 was quoted at 9.75/85 percent, up from 9.70/85 percent. A bond maturing on 15.03.2028 was quoted at 10.15/20 percent, up from 10.10/20 percent. A bond maturing on 01.05.2028 was quoted at 10.26/30 percent, down from 10.25/33 percent. A bond maturing on 15.09.2029 was quoted flat at 10.75/85 percent. A bond maturing on 15.10.2030 was quoted at 11.32/37 percent, up from 11.30/35 percent.

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Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

13 hours ago

2026/09/30

Sahan Weerasooriya

The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

13 hours ago

2026/09/30

Sahan Weerasooriya

The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Business

Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

Published

13 hours ago

2026/09/30

Sahan Weerasooriya

New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.