2022-07-27
Business
LOLC Technologies joins hands with Microsoft to enhance core-banking with Azure

LOLC Technologies Limited, a subsidiary of the LOLC Group, has entered into a collaborative agreement with Microsoft to integrate Azure cloud services into “FusionX”, its core banking platform designed to meet evolving customer needs. This strategic move aims to upscale their operational architecture, enabling LOLC Technologies to harness the power of data and AI to expedite growth and success.
Through Azure, LOLC Technologies can harness cloud-native services to enhance FusionX by enabling scalability, agility, and AI-driven efficiency. Azure serves as the foundation, empowering LOLC Technologies to achieve its evolving digital goals by delivering tailored experiences that meet today’s unique banking demands. Azure’s secure and easily deployable nature, along with its AI capabilities, enables existing functions to be updated without needing a complete rebuild, simplifying the process of rolling back updates. Azure provides FusionX with an additional layer of cybersecurity to counter potential threats and implement best security practices. Consequently, as the organization designs new banking solutions, they do so with a proactive stance against threats.
Speaking on the adoption, Prasanna Siriwardena, Deputy CEO, LOLC Technologies Ltd and CIO, LOLC Holdings PLC, said, “This is not just a technological advancement, but a strategic transformation aimed at positioning LOLC Technologies at the forefront of digital banking solutions. By leveraging the unparallelled agility and resilience of Microsoft Azure, we are focused on redefining financial services. With this shift, we have empowered BFSIs to evolve rapidly while unlocking AI’s full potential through a real-time analytics platform.”
Strategizing for international growth, the company aims to enhance its products’ capabilities by leveraging the cloud service architecture of Microsoft Azure to boost value addition. The Cloud Adoption Framework within Azure will assist LOLC Technologies and their teams in improving operational efficiencies and promptly closing feedback loops, allowing them to cleverly align their business goals, operations, and vision.
Harsha Randeny, Country Manager for Microsoft Sri Lanka and Maldives, added, “We are enthusiastic about supporting LOLC Technologies break ground on their undertaking to elevate operations through AI automation. Not only are we looking forward to guiding LOLC Technologies through this transition, but we’re also keen on optimizing the organization’s leveraging of Microsoft AI Solutions at every level. We trust that with these tools at their disposal, LOLC Technologies will forge ahead with inventive opportunities.”
Microsoft is committed to empowering LOLC Technologies to drive innovation and transform their business with AI, leveraging cloud agility to support their evolution and advance their core banking capabilities.
Business
Low investor participation in share market but trading takes positive direction

By Hiran H.Senewiratne
Stock trading was positive yesterday but investor participation remained at a lower range. The turnover level was 60 percent down compared to previous days after suffering its worst dip in over two years and losing Rs. 188 billion in value on Wednesday, market analysts said.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 227.95 points while S and P SL20 rose by 72.87 points. Turnover stood at Rs 2 billion with four crossings.
Those crossings were reported in JKH, which crossed six million shares to the tune of Rs 136.3 million, its shares traded at Rs 22.70, Melstacope 450,000 shares crossed for Rs 58.3 million; its shares traded at Rs 130, ACL Cables 250,000 shares crossed for Rs 33.7 million; its shares traded at Rs 135 and Dialog 2 million shares crossed to the tune of Rs 26.2 million; its shares traded at Rs 13.10.
In the retail market top six companies that mainly contributed to the turnover were; Browns Investments Rs 115 million (13.2 million shares traded), Access Engineering Rs 88.7 million (2.1 million shares traded), CIC Holdings Rs 88.5 million (792,000 shares traded), Melstacope Rs 85.9 million (678,000 shares traded), Dipped Products Rs 67.8 million (1.1 million shares traded) and Sampath Bank Rs 66.9 million (557,000 shares traded). During the day 78 million share volumes changed hands in 17970 transactions.
During the day the main contributors to the All Share Price Index were, Ceylinco Insurance, 34 points, Melstacope 25 points and JKH 21 points.
It is said that high net worth and institutional investor participation was noted in Amana Bank, Access Engineering and Teejay Lanka. Mixed interest was observed in Browns Investments, HNB and LOLC Holdings, while retail interest was noted in LOLC Finance, Waskaduwa Beach Resort and Dialog Axiata.
The banking sector was the top contributor to the market turnover (due to HNB and Amana Bank), while the sector index gained 0.76 percent. The share price of HNB edged up by 25 cents to Rs. 334.25. The share price of Amana Bank moved down by 10 cents to Rs. 25.
The Capital Goods sector was the second highest contributor to the market turnover (due to Access Engineering), while the sector index increased by 0.79 percent. The share price of Access Engineering recorded a gain of Rs. 1.10 to reach Rs. 40.
Yesterday the rupee was quoted at Rs 298.40/80 to the US dollar in the spot market, stable from Rs 298.40/70 to the US dollar the previous day, dealers said, while bond yields were broadly steady.
A bond maturing on 15.12.2026 was quoted at 9.05/15 percent, up from 9.05/10 percent. A bond maturing on 15.10.2027 was quoted at 9.75/85 percent, up from 9.70/80 percent. A bond maturing on 15.02.2028 was quoted at 10.13/17 percent, down from 10.15/17 percent. A bond maturing on 01.07.2028 was quoted at 10.35/38 percent. A bond maturing on 15.09.2029 was quoted at 10.80/85 percent, down from 10.82/90 percent. A bond maturing on 15.10.2030 was quoted at 11.23/28 percent, down from 11.23/33 percent.
Sports
Malintha bags ten wickets as St. Sebastian’s book semi-final ticket

Under 19 Division I Cricket
by Reemus Fernando
A painstaking knock of 49 runs by Kaveesha Perera and a valuable half century by Navod Fernando helped St. Sebastian’s College, Moratuwa pull off an exciting four wicket victory over St. Anthony’s College Katugastota in the Under 19 Division I Tier ‘A’ cricket quarter-final at Gajaba Regiment Ground Saliyapura, Anuradhapura on Friday.
It was a huge turnaround for the Sebs after conceding a first innings deficit of 51 runs. Tournament’s highest wicket taker, Malintha Silva’s six wicket haul in the second innings was the turning point as Sebs dismissed St. Anthony’s for 103 runs. Malintha collected a match bag of ten wickets.
Chasing 149 runs for victory St. Sebastian’s lost three wickets for 40 runs but Navod Fernando’s 58 runs and Kaveesha’s 131-ball 49 helped them ease nerves and reach the target with a session to spare.
Now St. Sebastian’s will meet the winners of the match between St. Joseph’s and St. Peter’s in the semi-final on 12, 13 and 14 at Samadi Ground Anuradhapura.
In the other quarter-final, first innings points were enough for Royal to advance to the semi-final.
Despite having a huge first innings lead, Royal decided not to enforce the follow-on. They posted 248 runs thanks to an unbeaten 122 runs by Vimath Dinsara. In their second essay S. Thomas’ were 186 for three wickets at close.
Now Royal will wait for a decision by a SLSCA committee to see who would be their semi-final opponents from the Mahanama-Trinity match. The quarter-final between Mahanama and Trinity did not last the full distance after Mahanama disputed a move by the ground staff to roll the wicket earlier than the scheduled time and pulled out. Trinity were ahead in the first innings. The committee were scheduled to meet in the morning on Saturday (8) to take a decision.
Match Details
At Gajaba Regiment Ground Saliyapura, Anuradhapura
Scores
St. Anthony’s 204 all out in 70 overs
(Sanuka Kalpana 41, Charuka Ekanayake 24, Kevan Fernando 89n.o.; Risinu Prabesh 2/21, Malintha Silva 4/60) and 103 all out in 35.4 overs (Okitha Fernando 29, Charuka Ekanayake 21, Kevan Fernando 28; Malintha Silva 6/54, Shenas Hashein 3/23)
St. Sebastian’s 159 all out in 67 overs
(Ushen Silva 33, Ryan Dissanayake 33, Navod Fernando 34; Charuka Ekanayake 3/66, Dinura Ganegoda 3/20, Kevan Fernando 2/09) and 00 for 1 overnight 149 for 6 in 51.1 overs (Kaveesha Perera 49, Navod Fernando 58; Charuka Ekanayake 2/33, Ryan Gregory 2/24, Sadew Amarakoon 2/22)
At Samadi Ground Anuradhapura
Scores
Royal 301 all out in 102.4 overs
(Hirun Liyanarachchi 22, Rehan Peiris 82, Ramiru Perera 81, Yasindu Dissanayake 58; Kavindu Dias 2/69, Abheeth Paranawidana 2/66, Minon Warnasuriya 2/37) and 50 for 2 overnight 248 all out in 63.5 overs (Isula Geeganage 47, Vimath Dinsara 122n.o, Ramiru Perera 25; Abheeth Paranawidana 3/63, Aaron de Silva 3/48)
S. Thomas’ 120 all out in 58.2 overs
(Dineth Goonewardene 28, Sachitha Gunasinghe 33; Sehandu Sooriyaarachchi 5/31, Ranuka Malaviarachchi 2/39) and 186 for 3 in 39 overs (Sadew Soysa 57, Jaden Amaraweera 46, Dineth Gunawardana 44n.o., Mithila Charles 34n.o.)
-
News6 days ago
New Bangalore-Jaffna flights in the works
-
News4 days ago
CID questions top official over releasing of 323 containers
-
News6 days ago
Cardinal says ‘dark forces’ behind Easter bombs will soon be exposed
-
News6 days ago
HRCL reports on Rohingya asylum seekers
-
Features5 days ago
A singular modern Lankan mentor – Part II
-
Features5 days ago
Bharath Rang Mahothsav Parallel Festival in Colombo
-
News6 days ago
Ishadi Amanda makes history as First Runner-Up at 40th Mrs. World Pageant
-
Features6 days ago
The Aftermath of the Parliamentary Elections of 1970