Business
Index-heavy companies’ share prices down

By Hiran H.Senewiratne
CSE market activities were negative yesterday with the index heavy LOLC share prices plummeting by 18 percent. The reason being that investors were slightly taken aback at LOLC quarterly results which did not prove exceptionally good. As a result, 87 negative points were contributed to the All Share Price Index yesterday, stock market analysts said.
Apart from LOLC, several index heavy companies’ share prices went down, including Vallibal One, whose shares dropped by 10 percent and it contributed 20 negative points. Browns Investments reported a 9 percent drop and it contributed 20 negative points, Expolanka witnessed a five percent drop, contributing 17 negative points.
Amid those developments, both indices moved downwards. The All Share Price Index went down by 326.36 points and S and P SL20 declined by 126.05 points. Turnover stood at Rs. 4.28 billion with three crossings. Those crossings were reported in Sampath Bank, where 500,000 shares crossed for Rs. 82.5 million; its shares traded at Rs. 165, Sanasa Development Bank 850,000 shares crossed for Rs. 51 million, its shares traded at Rs. 60 and Hemas Holdings 350,000 shares crossed for Rs. 30.8 million, its shares trading at Rs. 58.
In the retail market top five companies that contributed to the turnover were; LOLC Rs. 730 million (1.97 million shares traded), Dipped Products Rs. 383 million (6.1 million shares traded), Expolanka Rs. 304 million (6.5 million shares traded, JKH Rs. 280 million (1.78 million shares traded) and Vallibel One Rs. 273 million (4.3 million shares traded). During the day 117.4 million share volumes changed hands in 34809 transactions.
Samapth Bank announced a dividend, which was Rs. 8.25 per share. Due to uncertain market conditions Sampath Bank shares depreciated yesterday. In contrasting actions, state fund EPF sold down in Hayleys PLC, while Sri Lanka Insurance Corporation Life Fund has upped its stake in the quarter ended December 31, 2020. Hayleys also saw 605 new shareholders in the quarter.
As per latest shareholding at Hayleys, EPF has moved down to fourth from third after selling 2.3 million shares. Its shareholding with 2.34 million shares amounted to 3.12 percent down from 5.04 percent previously. SLIC Life Fund has increased its stake to 0.79 million shares or 1.06 percent from 0.39 million shares or 0.5 percent.High net worth individual investor and former Director Nimal Perera figures in the Top 20 shareholders list with 0.5 million shares or 0.67 percent shares while J.B. Cocoshell Ltd. is also a new entrant with 0.37 million shares or 0.5 percent. Hayleys’ public shareholding is 37 percent held by 6,974 shareholders, up from 6,369 shareholders as at September 30, 2020.
Sri Lanka rupee quoted wider around 195.00/197.50 levels to the US dollar in the spot market on Tuesday, while bond yields edged up on selling pressure, dealers said. The rupee last closed in on the one-week forward market at 196.50/197.00 levels on Monday. In the secondary market, bond yields gained on selling pressure but the market remained dull, dealers said.
Business
VIMAN Street Cricket Cup 2025 by John Keells Properties concludes

The VIMAN Street Cricket Cup 2025, an initiative by John Keells Properties in collaboration with Sri Lanka women’s cricket legend, Chamari Athapaththu, successfully concluded on the 2nd of February 2025 at the BOI Cricket Ground in Katunayake. Designed to encourage and support women’s cricket at the grassroots level, the tournament reflected a strong commitment to identifying and nurturing talent while creating opportunities for emerging female players across Sri Lanka.
Bringing together aspiring young cricketers from diverse backgrounds, the event served as a visible platform for schoolgirls to showcase their skills, compete at a high level, and take their first steps toward a potential future in cricket.
The event drew a large crowd, comprising of students from participating schools, parents, and many more, from the local community in Gampaha. The matches were played in a tournament format, concluding with the semi-finals and finals. The competition was divided into Under 16 and Under 19 categories, with the Under 16 title claimed by Devi Balika Vidyalaya, Colombo, while Nenamal Royal College, Mawaramandiya finished as the runners-up. In the Under 19 category, Anula Vidyalaya, Nugegoda secured the championship title, with Rathnavali Balika Vidyalaya, Gampaha finishing as runners-up. The enthusiastic turnout clearly showed the growing momentum behind women’s cricket in Sri Lanka and reinforced the importance of platforms such as the VIMAN Street Cricket Cup in inspiring young women cricketers.
Business
El Teb Estate: A timeless icon of Sri Lanka’s tea legacy

Nestled in the hills of Sri Lanka’s picturesque Uva Province, El Teb Estate is a living testament to the rich history, relentless innovation and deep-rooted community values that define the island’s tea industry. With a heritage spanning over a century, El Teb Estate embodies the spirit of resilience and excellence, producing some of the finest teas sought after by tea connoisseurs all over the world.
El Teb Estate’s story begins in 1896 with Captain Hamilton Gordon of the Gordon Highlanders, a soldier turned planter who traded his military glory for the lush plantations of Uva. His first encounter with the island came as aide-de-camp to Governor Sir Arthur Gordon (later Lord Stanmore), where he was deeply enchanted by Sri Lanka’s natural beauty. Through George Steuart & Co., he was introduced to J.J. Robinson, who guided him to Heathstock, a humble cardamom estate nestled along the Madulsima road four miles from Passara. Captivated by its potential, Captain Gordon, fondly known as “El Teb Gordon”, acquired the property and renamed it “El Teb” as homage to his military past at the Battle of El Teb in Sudan (1884), where he had served with distinction.
Evolution of a Landmark Estate
Over the years, his vision transformed El Teb into a thriving estate, consolidating nearby lands like Deyanawatte and Galbokke, while keeping Heathstock as the nucleus. Some of these acquisitions came about in colourful ways—legend has it that Gordon bought Deyanawatte from a traveler at the Badulla Club for £50 without the seller even knowing where the estate was located.
Other significant additions included Devenick, an abandoned coffee estate, and portions of St. Mary’s and Kitulkellie. His knack for recognizing opportunity led to the estate’s rapid expansion, including ventures into tea, coffee, and rubber cultivation. Gordon’s innovative spirit, from introducing labor-friendly practices such as serving hot tea during morning muster, to experimenting with crop diversification, reinforced his reputation as a pioneering planter.
Business
FitsAir expands Dhaka operations with additional weekly flights

FitsAir, Sri Lanka’s leading low-cost airline, is pleased to announce the expansion of its Colombo-Dhaka service with the addition of two new weekly flights. Previously operating three times a week, the enhanced schedule will now offer five weekly flights, providing passengers with greater travel flexibility and convenience.
The additional flights will operate from February 15 to March 29, 2025, with departures on Tuesdays, Wednesdays, Thursdays, Saturdays, and Sundays. This improved frequency ensures more seamless travel for both business and leisure passengers flying between Sri Lanka and Bangladesh at the most affordable rate.
“As Sri Lanka’s first privately-owned international airline, our mission is to deliver affordable, reliable, and on-time travel experiences,” said Ammar Kassim, Executive Director of FitsAir. He further stated, “Expanding our Dhaka operations is a significant step in strengthening regional connectivity, and with increased frequency, passengers now have more travel options, flexibility, and affordability. We are already planning to raise the frequency to six flights per week during the upcoming summer season.”
FitsAir has been expanding its footprint across key regional destinations. In addition to Dhaka, the airline operates daily flights to Dubai and Malé and three weekly flights to Chennai, ensuring passengers have access to a growing network of popular travel routes.
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