Business
IMF bailout-linked worries have depressing impact on bourse
By Hiran H.Senewiratne
Investor sentiment remained depressed with CSE activity dipping to a new low yesterday because of investor worries connected to an impending IMF bailout, stock market analysts said.
If the government goes for IMF recommendations, it will likely jack up the tax rate, especially Corporate Tax, to increase government revenue and would cut down costs in certain sectors. This would affect several corporate sector entities, market analysts added.
The Cabinet of ministers had given Finance Minister Basil Rajapaksa the go -ahead to seek International Monetary Fund assistance, a government minister said, as the soft-pegged rupee suffered the worst currency crisis in its history. However, the Central Bank Governor Ajith Nivard Cabraal insists on going for a home- grown solution, analysts said.
Further, stock market investors are also adopting a -wait- and- see approach to a probable interest rate hike, which could compel people to go for fixed income earning instruments, such as Fixed Deposits, analysts explained.
Yesterday, the Index plunged sharply during the first 10 minutes of trading and thereafter gathered a short-lived positive momentum followed by a ceaseless downward trend. Amid those developments both indices moved downwards. All Share Price Index fell by 280 points to end at 10284.30 and the S and P SL20 dropped by 104.28 points to end the day at 3512.50 pints. Turnover stood at Rs 1.66 billion with a single crossing. The indices remained in negative territory due to price declines of major blue-chip companies during the day.
The crossing was reported in HNB (Non- Voting), which crossed 659,000 shares to the tune of Rs 84.7 million and its shares traded at Rs 128. In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 340 million (1.3million shares traded), Browns Investments Rs 122 million (11.4 million shares traded), Dialog Axiata Rs 121 million (10.7 million shares traded), Lanka IOC Rs 110 million (2.3 million shares traded), Access Engineering Rs 83.2 million (4.1million shares traded), LOLC Holdings Rs 74.5 million (93000 shares traded) and LOLC Finance Rs 64.5 million (3.9 million shares traded). During the day 90 million share volumes changed hands in 21000 transactions.
It is said that high net worth and institutional investor participation was noted in Access Engineering, Royal Ceramics and Hayleys. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and Dipped Products, while retail interest was noted in Browns Investments, SMB Leasing nonvoting and Dialog Axiata.
Exterminator IPO oversubscribed yesterday, which was a small IPO to raise Rs 60 million. The company will issue 10 million shares at a share price of Rs 6 to raise Rs 60 million.
Yesterday, the US dollar was quoted at Rs 269.99, with the free float of the rupee against the dollar initiated by the Central Bank. Until last week the Central Bank controlled the rupee and imposed a ceiling of Rs 203.
Business
Ogilvy Group tops award tally at Dragons of Sri Lanka 2026
Nine awards, including two Golds, across disciplines recognise business-driven creativity
Ogilvy Group Sri Lanka delivered a standout performance at the recently concluded Dragons of Sri Lanka 2026 Awards, securing a total of nine awards comprising two Gold Dragons, one Silver Dragon and six Black Dragons, among the festival’s highest overall award tallies, a company news release said.
Gold Dragon wins for Phoenix Ogilvy and Ogilvy Digital, together with the seven additional recognitions across multiple categories, highlighted Ogilvy’s ability to combine creativity, strategic thinking and commercial effectiveness to deliver business results.
Organised by the 4As Sri Lanka, the third edition of Dragons of Sri Lanka shortlisted more than 50 agencies and corporates, making it one of the country’s most competitive marketing communications awards. These local awards, along with the chapters in Malaysia and Pakistan are part of the Dragons of Asia platform, one of the region’s leading programmes for marketing communications effectiveness, with entries being judged on strategy, originality, execution and measurable results.
Ogilvy Digital accounted for eight awards in total, including a Gold Dragon in the Business & Trade Marketing category, and a Silver Dragon in the Innovative Idea or Concept category. The Agency additionally received six Black Dragons across the categories of Innovative Idea or Concept, Business & Trade Marketing, Content Creation, Small Budget, Event or Experiential, and Brand Trial or Sales Generation.
Commenting on the achievement, Sajith Weerasinghe, Chief Operating Officer of Ogilvy Digital, said, “These recognitions reflect the breadth of capabilities we’ve built across strategy, creative, content, experience design, technology and performance marketing. The fact that the work was recognised across so many different disciplines demonstrates our ability to apply creativity to a wide range of business challenges and objectives. We’re proud that this achievement spans multiple clients, categories and types of work, reflecting both the versatility of our people and our commitment to delivering results.”
The Ogilvy Group’s second Gold Dragon win was Phoenix Ogilvy’s recognition in the Product Launch or Re-Launch category for the relaunch of American Premium Water. It was a multi-dimensional campaign which refreshed the identity and rejuvenated the positioning of one of Sri Lanka’s pioneering bottled drinking water brands, bolstering its 30-year heritage while connecting with a new generation of consumers.
Commenting on the win, Siddhartha Roy, Chief Operating Officer at Phoenix Ogilvy, said, “There’s always something special about reimagining a brand with a rich heritage. American Premium Water has been a trusted name in Sri Lanka for more than three decades, but the challenge was to make it relevant and compelling for a new generation of consumers. We created a new blueprint for growth for the brand’s positioning, proposition and visual identity, and manifested it through design, packaging and storytelling. To see that transformation recognised with a Gold Dragon, and more importantly reflected in the brand’s renewed momentum in the market, makes this a particularly rewarding achievement.”
The Ogilvy Group Sri Lanka operates across multiple marketing communication disciplines and comprises over 290 staff in creative, strategy, digital, media, public relations and integrated communications. As part of the global Ogilvy network, the Group partners with leading local and international brands to create integrated campaigns that build brands, influence behaviour and drive business growth.
Business
Musical tribute to Fr. Marcelline Jayakody held in California
A musical tribute celebrating the life and legacy of Rev. Fr. Marcelline Jayakody, OMI, renowned for his contribution to Sri Lankan arts, music, culture and religious harmony, was held in California with the participation of a large gathering of Sri Lankans.
Titled “Sri Lanka Rani Maniye,” the event was organised by the Sri Lankan Catholic Community in California (SLCCC) under the guidance of Rev. Fr. Rashmi M. Fernando, S.J.
The programme honoured Fr. Jayakody, affectionately known as “Pansale Piyathuma” (The Priest of the Temple), for his efforts to promote Buddhist-Catholic understanding, interfaith dialogue and a shared Sri Lankan identity.
The event brought together members of the Maha Sangha, the Consul General of Sri Lanka in Los Angeles, musicians, singers, donors, parents, children and members of the Sri Lankan community from Los Angeles and other parts of Southern California.
Music, song and Sri Lankan cultural traditions featured prominently, with organisers placing particular emphasis on introducing the country’s artistic and cultural heritage to younger generations of Sri Lankans growing up overseas.
The programme also highlighted the importance of community unity, religious harmony and mutual respect among Sri Lankans living abroad.
Rev. Fr. Fernando told the gathering that the event marked only the beginning of efforts that could achieve more through unity “for the pride and greater good of our motherland, Sri Lanka.”
The organisers thanked the performers, volunteers, donors and well-wishers who contributed to the event, which concluded as a celebration of Fr. Jayakody’s enduring cultural legacy and the Sri Lankan diaspora’s continuing connection with its homeland.
Business
Hayleys Fentons completes Rs. 1 bn manufacturing facility in Wathupitiwala
Hayleys Fentons Limited has completed construction of a state-of-the-art manufacturing facility for Shield Restraint Systems (Pvt) Ltd at the Wathupitiwala Export Processing Zone, with the project completed on schedule within approximately 14 months.
The project, valued at more than Rs. 1 billion, commenced with the laying of the foundation stone on January 7, 2025. It was undertaken by the project arm of Hayleys Fentons, with Design Consortium International (Pvt) Ltd serving as the principal design consultant.
The facility has been designed to meet international industry standards and incorporates advanced safety and energy-efficiency features. A pre-engineered building structural system was used to facilitate faster construction and optimise project costs.
The new facility will manufacture safety restraint systems for the international automotive industry through Shield Restraint Systems.
Hayleys Fentons Deputy Managing Director – Projects Sujith De Alwis said the timely completion of the project demonstrated the company’s engineering and project management capabilities and the ability of Sri Lankan construction expertise to meet stringent international standards.
Hayleys Mobility Executive Director Roshani Dharmaratne said the project required detailed planning, quality management and coordination across multiple disciplines.

Sujith De Alwis, Deputy Managing Director – Projects of Hayleys Fentons Limited and Roshani Dharmaratne, Executive Director of Hayleys Mobility Limited
Chairman Design Consortium Migara Alwis said the project further strengthens its portfolio in specialised industrial construction and supports investment linked to Sri Lanka’s participation in the global automotive supply chain.
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