Business
S&P Global Ratings upgrade boosts bourse but debt burden blights recovery prospects
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
Business
USD 50 mn battery storage investment expected to power SL’s renewable energy push
Sri Lanka has taken a major step towards modernising its power infrastructure with the arrival of the country’s first commercial-scale Battery Energy Storage System (BESS), part of a USD 50 million investment expected to transform the integration of renewable energy into the national grid.
The first shipment of battery units arrived at the Port of Colombo recently for the landmark Galle and Matara BESS projects being developed by Galilee BESS (Pvt) Ltd, a subsidiary of KHEN Energy Limited. The projects are expected to play a pivotal role in enhancing grid stability, reducing renewable energy curtailment and strengthening the country’s energy security.
The shipment comprised 25 containers, including 18 battery units weighing 42 metric tonnes each, making it one of the largest and most technically demanding renewable energy cargo movements handled in Sri Lanka to date.
Energy industry officials describe the project as a milestone investment that will help bridge one of the biggest challenges facing renewable energy development—storing electricity generated from intermittent sources such as solar and wind power for use when demand peaks.
Once operational, the BESS facilities will support the National System Operator by absorbing excess renewable energy during periods of high generation and releasing it when required, thereby improving efficiency and reliability across the power network.
The technology is being supplied by global energy storage leader Sungrow Power Supply Co., Ltd., reflecting growing international confidence in Sri Lanka’s renewable energy sector and its long-term clean energy ambitions.
Beyond its energy significance, the project also highlights the increasing scale and sophistication of infrastructure investments entering the country.
Expolanka Freight (Pvt) Ltd was entrusted with the end-to-end logistics operation, overseeing customs clearance, specialised transportation, storage, unloading and final placement of the battery units at the project sites.
Finance and Project Director Fazul Ansar said the operation required extensive engineering studies, route assessments and rigorous safety planning owing to the hazardous classification and extraordinary weight of the cargo.
Head of Project Logistics Mohamed Niyas said months of preparation had gone into route surveys, lifting studies and risk mitigation planning to ensure the successful execution of the project.
Project officials said specialised multi-axle trailers and cranes with lifting capacities ranging from 100 to 150 tonnes were deployed for the operation, while access modifications and last-mile transport solutions were implemented at both project locations.
By Ifham Nizam
Business
AI and Data Analytics Summit 2026 drives the nation’s digital future
The AI and Data Analytics Summit 2026 organised by the Sri Lanka Section of BCS, the Chartered Institute for IT was successfully held on 22nd May 2026 at Waters Edge, Colombo. The high-impact summit themed “Next Generation AI & Data Analytics: Skills & Thoughts for the Intelligent Future” brought together senior policymakers, global technology experts, industry leaders, academics, and innovators to explore how Artificial Intelligence (AI) and Data Analytics are reshaping the nation’s digital and economic future.
The event, endorsed by the Ministry of Digital Economy, was graced by Waruna Sri Dhanapala, Secretary to the Ministry of Digital Economy, who attended as the Guest of Honour, underscoring the government’s strong commitment to advancing AI adoption, digital innovation, and data-driven governance in support of Sri Lanka’s broader public sector transformation agenda. Dr. Sadeep Jayasumana, Chief Scientist at Octave, delivered the keynote address on Generative AI, sharing insights into its transformative potential.
Speaking on the significance of the summit, Prof. Lasith Gunawardena, Chairman the Sri Lanka Section of BCS, the Chartered Institute for IT noted that Artificial Intelligence and Data Analytics have become present-day enablers of innovation, economic growth, and societal progress. He emphasized that the summit was guided by BCS’s purpose of Making IT Good for Society and by the national need to bring together thought leaders, practitioners, policymakers, and industry experts to foster collaboration, knowledge sharing, and the responsible adoption of transformative technologies, thereby strengthening Sri Lanka’s digital readiness and supporting a resilient, inclusive, and globally competitive digital economy.
Ransith Fernando, Chair of the summit mentioned ” This year’s summit brought together 21 speakers who shared valuable insights, ideas, and experiences. We heard inspiring success stories, gained practical knowledge from industry practitioners, and explored strategic perspectives from business leaders. These conversations highlighted both the opportunity and the responsibility before us. While innovation is accelerating globally, Sri Lanka must align policy, talent, and industry readiness to truly operationalize AI at scale and ensure an inclusive and sustainable digital transformation.”
Deshan Liyanage, Co-Chair of the AI and Data Analytics Summit 2026 commented that this year’s summit was a fully sold-out event, reflecting the growing national momentum around Artificial Intelligence and Data Analytics in Sri Lanka. He extended heartfelt gratitude to all participants who joined and contributed to the success of the summit, as well as to the sponsors whose support made the event possible. Special appreciation was conveyed to Sysco LABS as the Strategic Partner, Linear Six as the Bronze Partner, InTalent Asia as the Resource Partner, and Motivista as the Event Partner. He also acknowledged the valuable collaboration of industry associations including SLASSCOM, FITIS, and CSSL, whose partnership helped strengthen and elevate the initiative.
Business
Eswaran Brothers empowers women through a transformative leadership journey
As part of its commitment to advancing women’s empowerment and building a stronger leadership pipeline, Eswaran Brothers Exports (EB), a leading tea manufacturer in Sri Lanka, launched its flagship women’s leadership initiative, She Transforms, a customized six-month leadership development journey. Developed with award-winning leadership expert Senela Jayasuriya and supported by Value for Women, the programme forms a key pillar of the Company’s wider gender agenda focused on leadership capacity building, inclusion and long-term institutional change.
Women make up 44% of Eswaran Brothers’ workforce, yet only 23% held senior roles at the time of an initial gender diagnostic conducted with Value for Women and supported by FMO, the Dutch Development Finance Bank. The assessment found that despite their potential, many women faced unclear career pathways and limited structural support at critical life stages.
In response, Eswaran Brothers introduced strategic mindset and policy interventions designed to remove barriers and create a more enabling environment for women to grow and lead. These efforts included mentorship opportunities, enhanced support for employees returning from maternity leave, coaching for managers, and initiatives aimed at strengthening inclusion and career progression across the organization.
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