Business
CSE energized by government’s decision on withholding tax
By Hiran H. Senewiratne
President Anura Kumara Dissanayake’s statement in parliament on increasing withholding tax on conservative investments, such as fixed deposits and savings, from 5 percent to 10 percent, positively impacted the stock market and attracted more local and foreign investors, market analysts said.
This new withholdings tax increase by the government does not apply to stock market transactions. Amid those developments mixed reactions were noted in both indices yesterday. The All Share Price Index went up by 39.96 points, while S and P SL20 went down by 3.28 points. Turnover stood at Rs 5.8 billion with 12 crossings.
Those crossings were reported in LVL Energy where 68.8 million shares crossed to the tune of Rs 407.2 million; its shares traded at Rs 6, Sunshine Holdings 1 million shares crossed to the tune of Rs 86 million, its shares traded at Rs 86, PickMe 1.19 million shares crossed for Rs 78 million; its shares traded at Rs 5.70, CIC Holdings 802,000 shares crossed for 72.2 million; its shares sold at Rs 90, HNB 200,000 shares crossed for Rs 54.8 million; its shares traded at Rs 274, Commercial Bank 300,000 shares crossed to the tune of Rs 40.8 million; its shares sold at Rs 136, PGP Glass 958,000 shares crossed to the tune of Rs 29.7 million; its shares traded at Rs 31, JKH 1 million shares crossed to the tune of Rs 22.50 million, its shares traded at Rs 22.50, Commercial Bank 200,000 shares crossed for Rs 21.1 million; its shares traded at Rs 105.50, Commercial Credit and Finance 425,000 shares crossed for Rs 20.80 and its shares sold at Rs 49, Vallibel One 400,000 shares crossed for Rs 20.8 million; its shares traded at Rs 52 and Maravila Resorts 3.2 million shares crossed for Rs 20.4 million; its shares fetched Rs 6.40.
In the retail market, companies that mainly contributed to the turnover were; JKH Rs 381 million (16.9 million shares traded), LMF Rs 369 million (89 million shares traded), Kotagala Plantations Rs 218 million (23.3 million shares traded), Lanka IOC Rs 174 million (1.3 million shares traded), LV Energy Rs 107.5 million (26 million shares traded) and Dipped Products Rs 161 million (3.1million shares traded). During the day 365 million share volumes changed hands in 36000 transactions.
It is said that the services sector is leading the market, especially LVL Energy and Pickme. Moreover, the manufacturing sector is also active in the market, especially JKH.
Yesterday the rupee depreciated steeply to Rs 292.70/293.00 to the US dollar in the spot market, from Rs 291.25/50 to the US dollar the previous day, while bond yields were up, dealers said.
Analysts had warned that if excess liquidity was allowed to build up, including from acquisition of dollars, the currency will weaken when they are used for imports as domestic prices are pushed up from higher demand.
If domestic demand and credit is pushed up from liquidity from Central Bank dollar rupee swaps the same consequence will follow as there was no commitment to defend the currency against excess liquidity under a so-called flexible exchange rate.
Flexible exchange rates, coupled with money printed to reach high cost of living targets, have triggered social unrest and also sovereign default in reserve collecting Central Banks.
A bond maturing on 15.09.2027 was quoted at 9.75/80 percent. A bond maturing on 15.02.2028 was quoted at 10.10/15 percent. A bond maturing on 01.05.2028 was quoted stable at 10.20/25 percent. A bond maturing on 15.09.2029 was quoted stable at 10.65/70 percent.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Eventistry Sports, a trailblazer in innovative sporting events, has unveiled the Sri Lanka Padel League (SLPL), the nation’s first franchise-based padel tournament, set to debut in June 2025. This groundbreaking league promises to redefine Sri Lanka’s sports landscape by creating a dynamic national platform for athletes while fostering unity among fans, brands, and communities.
The SLPL will showcase six franchise teams, each embodying the spirit of iconic Sri Lankan locales: the Colombo Chargers, Yala Rangers, Hikkaduwa Riders, Ella Hawks, Arugambay Vipers, and Trinco Warriors. These teams will not only ignite regional pride but also unite the country through a shared passion for padel—a fast-paced racquet sport merging tennis and squash, played on enclosed courts.
“The SLPL is more than a league; it’s a movement,” declared Karin Wijeratne, Director of Eventistry Sports. “By blending franchise sports with Sri Lanka’s vibrant culture, we’re creating a platform where players gain national recognition, fans rally behind their hometown heroes, and brands engage with communities in meaningful ways.”
The league’s launch on June 21–23, 2025, at Colombo’s Padel House courts (CR&FC) will kick off with three days of high-octane matches, preceded by a star-studded player auction on May 16th at The Vault, Colombo City Centre. Local talent—both professional and intermediate—will be drafted by franchise owners, with international registrations now open to elevate the competition’s global appeal.
Please log in to: www.slpadelleague.com and social media: @SriLankaPadelLeague (Facebook & Instagram) for more information.
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