Business
Twelve standalone battery energy storage system projects for WindForce
A top energy firm, WindForce, announced it has been awarded 12 standalone battery energy storage system (BESS) projects.
The total investment value for these 12 projects amounts to Rs 20.79 billion and project financing is expected to follow an 80:20 Debt-to-Equity structure.
“The 12 projects collectively amount to a total installed capacity of 120 MW/480MWh and will be developed as standalone BESS facilities under the Build, Own and Operate (BOO) model, operating over a 15‑year contract period, the company informed the CSE.
Of the 12 projects, 11 will be fully owned and developed by WindForce, while the Vavunathivu project will be developed through a consortium between WindForce and Vidullanka.
Meanwhile, CSE activities were extremely bullish and positive due to favourable earnings in quarterly results and also some media reports have revealed that SriLankan’s economy is slowly but steadily stabilising.
Amid those developments both indices moved upwards. The All Share Price Index went up by 199.71 points while the S and P SL20 rose by 97.18 points. Turnover stood at Rs 5.6 billion with eight crossings.
Top seven crossings were reported in Seylan Bank (Non Voting) where 2.8 million shares crossed to the tune of Rs 214 million; its shares traded at Rs 76, Dialog Axiata 5.4 million shares crossed to the tune of Rs 177 million; its shares sold at Rs 33, JKH 3.5 million shares crossed for Rs 78 million; its shares traded at Rs 22.30, Sampath Bank 450,000 shares crossed for Rs 70.32 million; its shares sold at Rs 156, Cargills Bank three million shares crossed for Rs 27.9 million; its shares traded at Rs 9.30, ACL Cables 248,000 shares crossed for Rs 24.8 million; its shares sold at Rs 100 and Commercial Bank 100,000 shares crossed for Rs 23.2 million; its shares sold at Rs 232.50.
In the retail market top seven companies that mainly contributed to the turnover were; Seylan Bank (Non Voting) Rs 483 million (6.3 million shares traded) Colombo Dockyard Rs 474 million (2.9 million shares traded), HVA Foods Rs 297 million (68 million shares traded), Sampath Bank Rs 213.8 million (1.3 million shares traded), Ceylon Land Equity Rs 212 million (8.3 million shares traded) HNB (Non-Voting) Rs 198 million (498,000 shares traded) Galle Face Capital Rs 198.7 million (1.2 million shares traded). During the day 243.8 million share volumes changed hands in 42483 transactions.
It is said that banking sector counters, especially Seylan Bank and Sampath Bank, performed well while food and beverages sector counters, HVA Foods, also performed well. Manufacturing sector, especially JKH, was equally significantly active in the market.
Yesterday the rupee was quoted flat at Rs 309.18/23 to the US dollar in the spot market, dealers said, while bond yields were broadly steady.
By Hiran H Senewiratne
Business
SriLankan Airlines Resumes Flights to Riyadh and Dubai
09 March 2026; Colombo – SriLankan Airlines would like to inform passengers that it is resuming daily services to Riyadh tonight and Dubai tomorrow, while continuing to closely monitor the situation in the Middle East and prioritising the safety and wellbeing of its passengers and crew.
The following flights are scheduled to operate:
For more information please contact: 1979 (within Sri Lanka); +94 11 777 1979 (international); WhatsApp +94 74 444 1979 (chat only); your travel agent; visit www.srilankan.com; or follow us on social media.
Business
Oil prices jump above $100 for first time in four years
Global oil prices have jumped above $100 (£75.11) a barrel for the first time since 2022 as the escalating US-Israeli war with Iran has fuelled fears of prolonged disruption to shipments through the Strait of Hormuz.
Iran on Sunday named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signalling that a week into the conflict hardliners remain in charge of the country.
The US and Israel launched fresh waves of airstrikes across Iran over the weekend, hitting multiple targets including oil depots.
Major disruption to energy supplies from the region threatens to push up prices for consumers and businesses around the world.
Early on Monday in Asia, Brent crude was around 15.5% higher at $107.16, while Nymex light sweet was up by more than 17% at $106.77.
Stock markets in the Asia-Pacific region fell sharply in early trading on Monday, with Japan’s Nikkei 225 index down by more than 5% and the ASX 200 in Australia more than 3.5% lower.
Many in the markets predicted that oil would hit the $100 a barrel mark this week.
In the event it took about a minute to jump 10%, and then another 15 minutes to rise a further 10% in early Asian trading.
Last week the markets had been relatively relaxed about the seeming nightmare scenario for millions of barrels of crude and liquefied natural gas trapped in the Gulf, unable or unwilling to transit the Strait of Hormuz.
But the escalations over the weekend, alongside scenes of destruction of energy infrastructure both in Iran and across the Gulf, saw the markets take rapid fright.
The question now is where does this go? Some analysts argue that if the shutdown in the strait lasts until the end of March, we could see record oil prices above $150 a barrel.
The existing rise is likely to further increase petrol prices, and those of important derivative products such as jet fuel and vital precursors for fertilisers.
The physical supplies from the Gulf are mainly consumed in Asia.
Already however there are signs that Asian consumers are bidding up prices for US gas, with some tankers originally heading for Europe turning around in the mid-Atlantic.
US President Donald Trump responded to the jump in prices by saying that short term rises were a “small price to pay” for removing Iran’s nuclear threat.
His energy secretary told US broadcasters on Sunday that Israel, not the US, was targeting Iran’s energy infrastructure, amid some concern about rising domestic pump prices caused by the war.
(BBC)
Business
CMTA warns buyers of long-term costs hidden in reconditioned vehicle imports
The Ceylon Motor Traders’ Association (CMTA) has issued a stark cautionary note to prospective vehicle buyers, warning that the initial price advantage of reconditioned imports often masks significant long-term financial risks.
By highlighting a “structural imbalance” in the current duty valuation system – which allows near-identical vehicles to be imported under a 15% automatic depreciation bracket – the CMTA argues that the lack of manufacturer-backed warranties and tropicalised specifications in the grey market could lead to a “reconditioned trap” for unsuspecting consumers. For the savvy buyer, the association suggests that the true cost of ownership is increasingly tilting the scales in favour of brand-new vehicles from authorised agents.
If two identical 2026 models are sitting on different lots, and one is significantly cheaper because it was technically “registered and de-registered” abroad, the frugal buyer’s instinct is to take the discount. But the CMTA argues that this 15% depreciation benefit – intended for genuine used cars – is being leveraged as a loophole for zero-mileage vehicles.
For the savvy buyer, this raises a fundamental question of transparency. If the entry price of a vehicle is built on a “procedural” technicality rather than actual wear and tear, where else is the transparency lacking? Does the lower price reflect a genuine saving passed to the consumer, or does it mask a lack of manufacturer-backed after-sales support?
When a buyer chooses an authorised agent, they are essentially purchasing an insurance policy against the unknown. With a five-year manufacturer warranty, the financial burden of a faulty transmission or a software glitch stays with the global giant that built the car, not the local owner. In an era where vehicles are increasingly “computers on wheels,” the technical specialised tools and genuine parts held by authorised agents are no longer a luxury – they are a necessity for longevity.
The CMTA’s perspective also invites the buyer to look at the “Big Picture.” Every time a vehicle is imported under an under-declared value or an artificial depreciation bracket, it isn’t just a loss for the Treasury; it is a blow to the country’s foreign exchange discipline.
“A savvy buyer today is more informed than ever. They realize that a “cheap” import with no service history and no tropicalised specifications may eventually become a “minus” on the balance sheet. Frequent repairs and lower resale value can quickly evaporate the initial few lakhs saved at the point of purchase. Ultimately, the choice between brand new and used is a choice between certainty and speculation,” the Association says.
The CMTA is advocating for a level playing field where duty is based on true transaction value. Until that day comes, the burden of due diligence rests on the consumer. To be a “savvy buyer” in 2026 means looking past the showroom shine and asking: Who stands behind this car if something goes wrong tomorrow?
In conclusion, CMTA says,” For those seeking long-term peace of mind, the “brand new” path – supported by a transparent duty structure and a solid warranty – remains the gold standard for steering Sri Lanka’s complex automotive landscape.”
Before signing the papers on a reconditioned vehicle, the CMTA suggests buyers evaluate the four “minus” factors against a “brand new” purchase:
By Sanath Nanayakkare
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