Business
Bourse moved to negative territory by interest rate and inflationary pressures
CSE investor sentiment was of a negative kind yesterday in the wake of high interest rate and inflationary pressures, analysts said.
The All Share Price Index went down by 43.18 points, while the S and P SL20 declined by 8.74 points. Turnover stood at Rs 1.54 billion with five crossings.
Sampath Bank crossed 1.5 million shares to the tune of Rs 163 million; its shares traded at Rs 142, Access Engineering 1.3 million shares crossed for Rs 100 million; its shares sold at Rs 78.40, HNB 165,000 shares crossed for Rs 66 million; its shares traded at Rs 400, ACL Cables 500,000 shares crossed for Rs 50 million; its shares sold at Rs 100 and WindForce 500,000 shares crossed to the tune of Rs 20 million; its shares traded at Rs 40.
In the retail market companies that mainly contributed to the turnover were: Commercial Bank Rs 228 million (1.1 million shares traded), CCS Rs 211 million (1.6 million shares traded), Sampath Bank Rs 73 million (518,000 shares traded), HNB Rs 40.3 million (100800 shares traded), LMF Rs 35 million (401000 shares traded), JKH Rs 34 million (1.7 million shares traded) and Aitken Spence Rs 32 million (216,000 shares traded). During the day 30.6 million share volumes changed hands in 12978 transactions.
It is said that banking sector counters, especially Sampath Bank and Commercial Bank, dominated the market. Further, the manufacturing sector also performed well, especially JKH. Renewable energy sector companies, especially WindForce, were also impressive.
Meanwhile, Hikkaduwa Beach Resorts announced the reopening of its hotel, Citrus Hikkaduwa, from July 1, following the completion of scheduled refurbishment and upgrades. The share was trading at Rs 5.20, down 1.89 percent.
Meanwhile, Singer Finance (Lanka) said its total asset base surpassed Rs 100 billion in the first quarter of the 2026/27.
Yesterday the rupee was quoted at Rs 335.25/35 to the US dollar in the spot market, stronger from Rs 335.90/336.00 the previous day, while bond yields edged up slightly on profit taking, dealers said.
The telegraphic transfer rate for Sri Lanka’s rupee against the US dollar was 331.50 buying, 340.50 selling; the euro was 376.7044 selling, 390.6214 buying; and the pound was 441.8540 buying, 455.8996 selling.
A bond maturing on 01.08.2030 was quoted at 11.25/28 percent, up from 11.18/25 percent.
A bond maturing on 15.10.2030 was quoted at 11.25/32 percent, up from 11.20/27 percent.
A bond maturing on 15.12.2032 was quoted at 11.55/60 percent, up from 11.50/60 percent.
A bond maturing on 15.01.2033 was quoted at 11.57/63 percent.
A bond maturing on 01.11.2033 was quoted flat at 11.60/70 percent.
A bond maturing on 15.03.2035 was quoted at 11.70/75 percent.
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.
-
Latest News6 days agoShowers above 100 mm are likely at some places in the Western, Sabaragamuwa, Central and North-western provinces and in Galle and Matara Districts
-
Editorial6 days agoCrimes punished and unpunished
-
Features5 days agoBeyond traditional jobs: Why Sri Lanka needs to facilitate the gig economy
-
Editorial4 days agoBirth of a bad law
-
News2 days agoPolice remove Thileepan statue in Jaffna
-
Latest News6 days agoKusal, Wellalage star as Sri Lanka defend 322 in Headingley thriller
-
News4 days agoTIN mandatory for key transactions from Nov. 1
-
News6 days agoIMF: Sri Lanka on course for 2027 market return
