Business

IMF bailout-linked worries have depressing impact on bourse

Published

5 years ago

2022/03/16

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.

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Business

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

Published

18 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

18 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

18 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.