Business
Nawaloka College of Higher Studies celebrates the convocation of a fresh batch of graduates
Leading Sri Lankan tertiary education provider Nawaloka College of Higher Studies (NCHS) felicitated a fresh batch of graduates at its sixth graduation ceremony on the 13th of February 2022 at BMICH Main conference Hall Colombo.
Among the students who earned their cloaks at the event, were 258 of those who had successfully completed the Foundation Diploma in Business or ‘Science/Engineering’ as well as 482 students who had secured a (UniLink) Diploma in Business, Information Technology, Health Science, Engineering or Hospitality and Event Management. All 482 of these Diploma holders will go on to commence their second year of studies in Australia or Malaysia. Further, the event also celebrated the graduation of 18 students who were engaged in USA degree program, looking to commence their sophomore year in the upcoming months.
Commenting on the critical importance of an educated workforce within the nation, the event’s Chief Guest Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka stated, “Education is a primary tool in the building and improvement of our nation. I congratulate all the new graduates who are on their way to use the exemplary education afforded by NCHS to put their minds to work to further this cause.”
Nawaloka College of Higher Studies Chairman Dr. Jayantha Dharmadasa remarked, “As a leading tertiary education provider, we work hard to ensure that the experiences and high value given to our students during their time with us prepares them to successfully face any challenge and bring continuous value to any role in their chosen sectors both locally and internationally. Our graduates are confident of this fact, and this is demonstrated and proven by the professional success that scores of our past students enjoy today.”
Further reflecting on the event, Nawaloka College of Higher Studies, Dean of studies Dr. Alan Robertson stated, “I offer my congratulations to the graduates of 2022 who have worked hard with passion and dedication to fully earn and deserve the cloaks they don today. At NCHS, we pride ourselves on delivering high quality, work-ready qualifications well-accepted both here and abroad. Our partnership with top tier universities in Australia and the United States were borne as a part of this vision to better equip Sri Lankan students to find value and success in their professional journeys and contribute towards nation building efforts.”
Apart from the students and their families, NCHS’ chairman, directors and staff, members of the Australian High Commission, were present at the graduation, while the dean and several faculty members from the SUT participated online.
All programs offered by NCHS are provided in partnership with the global leaders in education, United State Universities and the institute’s exclusive partner, Swinburne University of Technology (SUT), guaranteeing a high-quality and strictly regulated standard of education. The trusted education services provider provides an 8-month Diplomas in Business, IT, Engineering, Hospitality and Event Management and Health Sciences, an 8-month Foundation program in fields of Business and Science/Engineering, USA-degree transfer programs upon credit basis. Further, NCHS operates a Regional Office in Kandy to better support prospective students in the region.
NCHS is in the heart of Colombo and provides students with world-class facilities, including purpose-built engineering and computer laboratories as well as a resource-rich library. NCHS’ Kandy campus provides students from the area with access to a conveniently located academic platform along with experienced academic staff and cutting-edge technological facilities that allow them to competently pursue their preferred academic discipline. The campus also offers additional support by providing students with relevant information and facilitating all their administrative and VISA requirements.
The Colombo Stock Exchange (CSE) announces the following change in S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2026 Mid-Year rebalance.
The exclusion and inclusion as announced by S&P Dow Jones Indices, effective from 22nd June 2026 (after the market close of 19th June 2026) are presented below.
The S&P SL 20 index includes the 20 largest companies, by total market capitalization, listed on the CSE that meet minimum size, liquidity and financial viability thresholds. The constituents are weighted by float-adjusted market capitalization, subject to a single stock cap of 15%, which is employed to reduce single stock concentration.
The S&P SL 20 index has been designed in accordance with international practices and standards. All stocks are classified according to the Global Industry Classification Standard (GICS®), which was co-developed by S&P Dow Jones Indices and MCSI and is widely used by market participants throughout the world.
To be eligible for inclusion, a stock must have a minimum float-adjusted market capitalization of 500 million Sri Lankan rupees (Rs), a six-month median daily value traded of Rs 0.25 million and have positive net income over the 12 months prior to the rebalancing reference date. For information, including the complete methodology, please visit: www.spindices.com
Effective from 22nd June 2026 the stocks in the S&P Sri Lanka 20 in alphabetical order are as above.
The Teejay Group recorded revenue of LKR 60.04 billion during the period, reflecting a 10% year-on-year decline, primarily due to continued softness in global textile demand. This performance was largely impacted by reciprocal tariffs imposed by the United States, intensified pricing pressures across key markets, and the resulting decline in volumes, all of which collectively weighed on topline growth.
Group Gross Profit declined by 36% year-on-year to LKR 5.02 billion, mainly attributable to lower production volumes, underutilization of plant capacity, sustained pricing pressures, and an unfavorable product mix. Together, these factors adversely affected margin performance amid a challenging operating environment.
The Group reported a Profit After Tax (PAT) of LKR 54.7 million, representing a 98% year-on-year decline. This was primarily driven by higher rupee-denominated costs and non-recurring items, provision for doubtful debts, and restructuring costs associated with right-sizing initiatives.
Ajit Gunewardene, Chairman of the Teejay Group said, “The year was marked by persistent global demand softness and pricing pressures, which impacted results. Despite this, we focused on operational efficiency, cost discipline, and strengthening our financial resilience. These actions position the Group to navigate ongoing uncertainty while remaining committed to long-term value creation for our shareholders.”
Despite these near-term challenges, the Teejay Group continues to maintain a strong financial position, supported by disciplined working capital management and a robust liquidity base. As at 31 March 2026, cash and cash equivalents stood at LKR 8.3 billion, while the Group’s net asset base increased by 3% year-on-year to LKR 32.4 billion, reinforcing the resilience of its balance sheet.
Fairfirst Insurance has once again partnered with the Sri Lanka Police K9 Unit, continuing its support for the seventh consecutive year. This partnership reflects the company’s long-standing commitment to giving back to the community.
Through this initiative, Fairfirst will provide comprehensive insurance coverage for the highly trained canines attached to the Sri Lanka Police K9 Unit. These dogs play a critical role in supporting police operations across the country, assisting with crime detection, narcotics investigations, search and rescue missions, and public safety efforts.
As a company that believes business should create a meaningful impact beyond insurance, Fairfirst remains committed to initiatives that support communities and recognise the vital contributions of those who help keep society safe. This shared commitment to protection and responsibility continues to drive the company’s long-standing partnership with the Sri Lanka Police K9 Unit.
Commenting on the continued partnership, Ravishankar Wickneswaran, CEO of Fairfirst Insurance, said, “It is a privilege for us to continue supporting the Sri Lanka Police K9 Unit for the seventh consecutive year. These dogs serve the country with incredible discipline and loyalty, often in challenging situations. Supporting their wellbeing is one small way for us to give back, and it reflects the FairfirstWay of standing by those who protect and serve our communities every day.”
Fairfirst looks forward to continuing this partnership and contributing to the wellbeing of the Sri Lanka Police K9 Unit in the years ahead.
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