Business
Market down amid active trading, led by sectoral declines
The ASPI at the Colombo Stock Exchange (CSE) ended lower yesterday amid healthy turnover levels with most sectors witnessing declines. Hemas Holdings plc, Dialog Axiata plc, and MBSL led market activity with crossings also seen in CDB, DFCC, ComBank, HNB, Seylan Bank, LB Finance Plc, LCB Finance and Colombo Dockyard plc. Trading in Hemas Holdings plc., amounted to 6% of total turnover.
The total market capitalization surpassed Rs. 8 trillion, marking a significant moment in Sri Lanka’s capital market history. However, both indices moved downward due to heavy selling pressure noted due to manifold reasons. Consequently, All Share Price Index was down by 85.3 points while S and P SL20 down by 15.45 points.
Turnover stood at Rs 5.6 billion with nine crossings. Top seven crossings were reported in Hemas Holdings 5.38 million shares crossed to the tune of Rs 182 million and its share price traded at Rs 34.10, Citizens Developments Business Finance 400,000 shares crossed to the tune of Rs 152 million and its share price traded at Rs 380, DFCC 808,000 shares crossed to the tune of Rs 126 million and its share price traded at Rs 155, Commercial Bank 200,000 shares crossed to the tune of Rs 40.8 million and its share price traded at Rs 204, HNB (Non-Voting) 100,000 shares crossed to the tune of Rs 31 million and its share price traded at Rs 310, Seylan Bank 250,000 shares crossed to the tune of Rs 26 million and its share price traded at 103.50 and LB Finance 150,000 shares crossed to the tune of Rs 25 million and its share price traded at Rs 153.
In the retail market top seven companies that have mainly contributed to the turnover were Dialog Axiata Rs 324 million (10 million shares traded), Merchant Bank Rs 256 million (15 million shares traded), People’s Merchant Finance Rs 181 million (9.9 million shares traded), Hemas Holdings Rs 179 million (5.3 million shares traded), Pan Asia Power Rs 148 million (5.5 million shares traded), LB Finance Rs 141 million (856,000 shares traded) and HNB Finance Rs 134 million (13.8 million shares traded). During the day 315 million shares volumes changed hands in 43000 transactions.
It is said that banking and financial sector performed well especially Citizens Developments Bank.
Meinwhile, Colombo Dockyard sources said its shareholder approval was needed to transfer the rights issue entitlement of its Japanese shareholder to India’s Mazagon as part of a take-over and capital injection process.
Exiting controlling shareholder Onomichi Dockyard of Japan was previously expected to renounce rights in favour of Mazagon Shipbuilders Limited of India.
Yesterday, the Central Bank announced the US Dollar rate as against rupee. The rupee was trading at Rs 302.90/303.00 to the US dollar , weaker from Rs 302.80/90 the previous day, while bond yields were broadly steady, dealers said.
By Hiran H Senewiratne
Business
Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe
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
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
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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