Connect with us

Business

S&P Global Ratings upgrade boosts bourse but debt burden blights recovery prospects

Published

on

The CSE received a boost yesterday when S&P Global Ratings upgraded Sri Lanka’s sovereign rating to CCC+ from Selective Default (SD) on a stable outlook.

The ratings agency highlighted that Sri Lanka’s economy has recovered steadily from its 2022 economic crisis, but its debt burden remains high even after the restructuring of most of its external debt. It has been the first rating improvement by the S&P since the unprecedented crisis three years ago.

Amid those developments both indices moved upwards. The All Share Price Index went up by 170.65 points while S and P SL20 rose by 63.75 points.

Turnover stood at Rs 8.1 billion with 16 crossings. Top seven crossings were reported in Commercial Bank where 2.5 million shares crossed to the tune of Rs 489 million; its shares traded at Rs 193.25, JKH 10.2 million shares crossed for Rs 237 million; its shares traded at Rs 23.30, CT Holdings 228,000 shares crossed for Rs 148 million; its shares traded at Rs 650, Sierra Cables four million shares crossed for Rs 138 million; its shares traded at 34.50.

Central Industries 500,000 shares crossed to the tune of Rs 100 million; its shares traded at Rs 200, HNB (Non-Voting) 300,000 shares crossed for Rs 88.8 million; its shares traded at Rs 98.50 and VallibelOne 840,000 shares crossed for Rs 79.3 million; its shares sold at Rs 93.50.

In the retail market top seven companies that mainly contributed to the turnover were; Sierra Cables Rs 1.6 billion (53.1 million shares traded), Access Engineering Rs 281 million (4.5 million shares traded), JKH Rs 267 million (11.5 million shares traded), VallibelOne Rs 236 million (2.5 million shares traded), Brown’s Investments Rs 197 million (25.8 million shares traded), HNB Rs 174 million (580,000 shares traded) and NTB Rs 139 million (456,000 shares traded). During the day 236 million share volumes changed hands in 42000 transactions.

It is said that the banking sector was very active, especially Commercial Bank, while the manufacturing sector, especially Sierra Cables, traded heavily. Manufacturing sector companies, such as JKH, also played an important role at the floor.

Yesterday, the rupee opened at Rs 302.10/20 to the US dollar, stronger from Rs 302.45/50 last Friday, while bond yields were down following the credit rating upgrade, dealers said.

Market activity was seen around 2029-33 bonds, they said.

A bond maturing on 15.12.2029 was quoted at 9.48/52 percent, down from 9.50/54 percent.

A bond maturing on 01.07.2030 was quoted at 9.66/70 percent, down from 9.70/75 percent.

A bond maturing on 15.03.2031 was quoted flat at 10.00/05 percent.

A bond maturing on 15.12.2032 was quoted at 10.35/45 percent.

A bond maturing on 01.11.2033 was quoted at 10.65/70 percent, from 10.65/75 percent.

A bond maturing on 15.09.2034 was quoted at 10.75/80 percent.

The telegraphic transfer rates for the American dollar was 298.7500 buying, 305.7500 selling; the British pound was 401.2340 buying and 412.5958 selling and the euro was 348.2418 buying, 359.6050 selling.

By Hiran H Senewiratne



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Mahindra Ideal Motors celebrates gala ‘Excellence Awards’ honouring outstanding performance and innovation

Published

on

The Mahindra Ideal Motors Excellence Awards ceremony, a grand celebration to recognize dealers and other stakeholders of Ideal Motors, was held at the Wave n’ Lake Banquet Hall & Restaurant in Welisara recently.

The event was graced by the presence of special guests including Nalin Welgama, Founder and Chairman Ideal Motors, Dilani Yatawaka, Group Managing Director/CEO Ideal Motors, Nimisha Welgama, Director Legal and Corporate Affairs Ideal Motor, Sachin Arolka, Head International Operations, Auto Division Mahindra & Mahindra India. Senthil Selvaraju, Head International Operations and Customer Service Automotive Division Mahindra & Mahindra India, Sujeeth Jayant, Country Head Mahindra & Mahindra India and Shitam Kundu, Head Domestic Services Mahindra & Mahindra India.

Also, in attendance from Ideal Motors were Kasun Fernando, General Manager Commercial Vehicle Sales Division, Sameera Bamunuarachchi, Deputy General Manager Spare Parts, Logistics & Inventory and Prasanna Manamperi, Deputy General Manager After Seles Service.

Speaking at the event, Nalin Welgama Ideal Motors Founder and Chairman said, “When we began our journey with Mahindra in 2009, the previous company had sold 300 vehicles in the country, of which nearly 150 had various defects. At that time our journey began by engaging with the parent company in India and repairing those vehicles free of charge. That commitment has brought us to where we are today. As we believe, our journey truly begins after the sale. We are dedicated to strengthening our customers, and in doing so, strengthening ourselves. That is how we transformed the after-sales service experience.”

He added, “Our main strength is the Mahindra Bolero, which has sold more than 10,000 units in just two years. In a very short period, we grew from zero to over 100,000 vehicles sold. This is not my victory, but the victory of all of you who contributed to it. Despite the challenges of the COVID-19 pandemic and the economic crisis we faced, this awards ceremony was organized to express our gratitude to all of you who trusted our institution and stood by us. Let us continue our victorious journey together.”

Dilani Yatawaka, Group Managing Director Ideal Motors, said: “Today is a very happy day for us. This is the first time in history of the organisation, that representatives of our vehicles, spare parts, services, and financial institutions are meeting together under one roof.”

Speaking on the occasion, Sachin Arolka, Head International Operations, Auto Division Mahindra & Mahindra India, stated that Ideal Motors in Sri Lanka is one of the largest seller of Mahindra vehicles in Asia.

More than 300 dealers and finance partners participated in the event which concluded with dinner, fellowship and entertainment.

Continue Reading

Business

Police engagement supports wildlife protection in hill country

Published

on

Strengthening conservation through active law enforcement

An awareness and capacity-building program on wildlife crime prevention, with a special focus on the Sri Lankan leopard (Panthera pardus kotiya), was successfully conducted on March 20 at the Dimbula Athletics & Cricket Club, Radella.

The session was organized under the ongoing Multi-Regional Leopard Research and Conservation Project implemented by the Wildlife & Nature Protection Society (WNPS), in collaboration with LOLC. It brought together senior officers representing 28 Police stations across the Nuwara Eliya and Kandy districts, underscoring the growing importance of law enforcement in conservation efforts within multi-use landscapes, a WNPS news release said.

The Central Highlands present a unique conservation challenge, where increasing habitat loss and fragmentation, depletion of natural prey, and use of snares continue to threaten leopards inhabiting these landscapes majority outside formally protected areas. The session therefore focused on strengthening the capacity of Police officers to identify, prevent, and respond to wildlife crimes, while fostering closer coordination with conservation stakeholders, it explained.

Co-Chair of the Wildcats Subcommittee, Prof. Enoka Kudavidanage, highlighted the ecological and economic significance of leopards as apex predators, emphasizing their role in maintaining ecosystem balance and supporting nature-based tourism. She also outlined the current conservation challenges in the Hill Country and presented ongoing interventions under the WNPS–LOLC project.

Dr. Sanjaya Weerakody, Postdoctoral Fellow at the Xishuangbanna Tropical Botanical Garden (XTBG), Chinese Academy of Sciences, shared key research findings on leopard mortality trends over the past 17 years revealing concerning patterns, including the disproportionate loss of mature male individuals and the increasing prevalence of snaring as a primary cause of death highlighting an urgent need for targeted enforcement.

Attorney – at – Law Charaka Jayaratne provided an in-depth overview of the legal provisions under the Fauna and Flora Protection Ordinance, with particular attention to offences related to snaring. He discussed how Police can take more proactive and effective action, identifying gaps in current approaches and suggesting practical measures to strengthen enforcement outcomes.

Adding further perspective, Samantha Gunasekara, former Deputy Director of Customs and Chairman of the Marine Environment Protection Authority (MEPA), spoke on the broader context of illegal wildlife trade in Sri Lanka. Drawing from past cases and recent observations, he highlighted emerging trends and risks associated with wildlife trafficking.

Representing the Department of Wildlife Conservation, Ranger Srinath Dissanayake of the Hakgala Wildlife Range shared recent cases on leopard deaths and rescue operations recorded in 2025. He emphasized on personal observations, importance of timely intervention, and strong collaboration between field officers and the Police to mitigate human–wildlife conflict and prevent avoidable losses.

An interactive discussion followed, allowing officers to raise questions, clarify procedures, and exchange experiences while sharing their feedback as well. This dialogue contributed to reinforcing the value of strategic engagement between the Police, the Department of Wildlife Conservation, and conservation partners while strengthening inter-agency understanding and highlighting the need for coordinated responses during leopard-related incidents.

The session commenced with opening remarks by WNPS President Graham Marshall, who expressed appreciation for the participation of the Sri Lanka Police and reiterated the critical role of law enforcement in safeguarding biodiversity beyond protected areas.

WNPS Past President and WNPS LOLC Project Head Spencer Manuelpillai, Project Coordinator Gihani Hettiarachchi, Regional Center Coordinators, Thilanka Dissanayake and Attorney-at-Law Malaka Palliyaguruge were also present as part of the WNPS team.

WNPS extends its sincere appreciation to all officers who participated for their commitment and active engagement. Supported by LOLC, these initiatives form part of a broader effort to strengthen practical conservation through collaboration, knowledge sharing, and effective enforcement in Sri Lanka’s Hill Country.

Continue Reading

Business

Mangala Tex marks expansion with new Kurunegala Branch

Published

on

Fashion retail leader Mangala Tex celebrated the grand opening of its newest branch in Kurunegala on Saturday, March 14, 2026, adding a vibrant new dimension to the city’s commercial landscape.

Since its inception, Mangala Tex has been synonymous with style, durability, and quality, earning a lasting reputation as a premier clothing retailer. Guided by the visionary leadership of Chairman Ronald Nimal Hope, the brand has successfully established a strong presence with thriving outlets in Yatinuwara Veediya, Kandy, Cross Street, Kandy, and Peradeniya, Kandy.

The Kurunegala expansion marks a significant milestone in the company’s growth, bringing its signature fashion offerings closer to a wider customer base. True to its slogan, “Let Your Clothing Do The Talking,” the new store features an extensive range of apparel catering to all age groups, blending contemporary style with durable, high-quality fabrics.

Shoppers at the Kurunegala branch are greeted by a welcoming atmosphere and attentive staff, which long-time customers cite as key reasons for their loyalty. The store’s combination of trendy designs, reliable quality, and customer-centric service continues to set it apart in Sri Lanka’s competitive fashion retail sector.

Mangala Tex now employs more than 120 staff members across its branches, remaining a proudly family-driven enterprise alongside Managing Director Pahan Dissanayaka and Directress M M G P Dissanayaka.

With the official opening in Kurunegala, Mangala Tex demonstrates that consistent quality, style, and service can drive sustained growth, expanding the brand’s reach to new communities while reinforcing its status as a trusted name in Sri Lankan fashion.

Text and Pix by SK Samaranayake

Continue Reading

Trending