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Index-heavy companies’ share prices down

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By Hiran H.Senewiratne 

CSE market activities were negative yesterday with the index heavy LOLC share prices plummeting by 18 percent. The reason  being that investors were slightly taken aback at LOLC quarterly results which did not prove exceptionally good. As a result, 87 negative points were contributed to the All Share Price Index yesterday, stock market analysts said.

Apart from LOLC, several index heavy companies’ share prices went down, including Vallibal One, whose shares dropped by 10 percent and it contributed 20 negative points. Browns Investments reported a 9 percent drop and it contributed 20 negative points, Expolanka witnessed a five percent drop, contributing 17 negative points.

Amid those developments, both indices moved downwards. The All Share Price Index went down by 326.36 points and S and P SL20 declined by 126.05 points. Turnover stood at Rs. 4.28 billion with three crossings. Those crossings were reported in Sampath Bank, where 500,000 shares crossed for Rs. 82.5 million; its shares traded at Rs. 165, Sanasa Development Bank 850,000 shares crossed for Rs. 51 million, its shares traded at Rs. 60 and Hemas Holdings 350,000 shares crossed for Rs. 30.8 million, its shares trading at Rs. 58.

In the retail market top five companies that contributed to the turnover were; LOLC Rs. 730 million (1.97 million shares traded), Dipped Products Rs. 383 million (6.1 million shares traded), Expolanka Rs. 304 million (6.5 million shares traded, JKH Rs. 280 million (1.78 million shares traded) and Vallibel One Rs. 273 million (4.3 million shares traded). During the day 117.4 million share volumes changed hands in 34809 transactions.

Samapth Bank announced a dividend, which was Rs. 8.25 per share. Due to uncertain market conditions Sampath Bank shares  depreciated yesterday.     In contrasting actions, state fund EPF sold down in Hayleys PLC, while Sri Lanka Insurance Corporation Life Fund has upped its stake in the quarter ended December 31, 2020. Hayleys also saw 605 new shareholders in the quarter.

As per latest shareholding at Hayleys, EPF has moved down to fourth from third after selling 2.3 million shares. Its shareholding with 2.34 million shares amounted to 3.12 percent down from 5.04 percent  previously. SLIC Life Fund has increased its stake to 0.79 million shares or 1.06 percent  from 0.39 million shares or 0.5 percent.High net worth individual investor and former Director Nimal Perera figures in the Top 20 shareholders list with 0.5 million shares or 0.67 percent shares while J.B. Cocoshell Ltd. is also a new entrant with 0.37 million shares or 0.5 percent.  Hayleys’ public shareholding is 37 percent  held by 6,974 shareholders, up from 6,369 shareholders as at September 30, 2020.       

Sri Lanka rupee quoted wider around 195.00/197.50 levels to the US dollar in the spot market on Tuesday, while bond yields edged up on selling pressure, dealers said. The rupee last closed in on the one-week forward market at 196.50/197.00 levels on Monday. In the secondary market, bond yields gained on selling pressure but the market remained dull, dealers said.



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

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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.

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Sri Lanka Food Processors Association holds 29th Annual General Meeting

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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.

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

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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.

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