Category: Daily Financial Times

JXG (Janashakthi Group) yesterday announced consolidated results for the first half of the financial year 2026 (1H FY26), ended 30 September, demonstrating solid momentum in profitability and strong growth across key financial and operational metrics.

JXG Managing Director/Group CEO Ramesh Schaffter said, ‘We are pleased to see the positive trajectory continue into the first half of FY26, with performance surpassing the previous year.’

Net profit for 1H FY26 climbed to Rs. 3.4 billion, delivering a notable improvement from the same period last year. Revenue for the same period was Rs. 15.8 billion, up 43.6% year-on-year (YoY), supported by solid contributions from the Group’s key business verticals, particularly investment banking. Total assets amounted to at Rs. 193.5 billion, indicating a 19.9% YoY growth.

Revenue contributions from subsidiaries (YTD) were, First Capital Holdings PLC (FCH): Rs. 9.3 billion, Janashakthi Insurance PLC (JINS): Rs. 3.8 billion, and Janashakthi Finance PLC (JF): Rs. 2.8 billion.

For 1H FY26, First Capital Holdings PLC, the investment banking vertical of the Group, achieved a Net Profit After Tax (NPAT) of Rs. 3.4 billion, compared to Rs. 897 million in the corresponding period last year. The strong performance was driven by the Primary Dealing division and Corporate Dealing Securities division, which capitalised on market movements through proactive positions.

For the year-to-date (YTD) period ending the third quarter, Janashakthi Insurance PLC (FYE December), the insurance vertical of the Group, posted a remarkable NPAT of Rs. 2.8 billion, more than three times the Rs. 801 million reported in the same period last year. New business premiums increased 72% during the period, reflecting strong growth in underwriting.

Janashakthi Finance PLC, the finance and leasing vertical of the Group, recorded NPAT of Rs. 141 million for 1H FY26, supported by Net Operating Income of Rs. 1.4 billion, representing 34.0% YoY growth. The company also achieved robust portfolio growth of 48.7% YoY, reaching Rs. 26.7 billion, capturing rising demand across key lending segments.

From a strategic standpoint, the Group’s performance reflects disciplined execution of corporate strategy, building integrated, high-growth businesses across financial services, leveraging strong capital market activity and expanding underwriting and portfolio capabilities.

The increase in assets and revenue base demonstrates the Group’s ability to scale. With First Capital’s strong contribution, JXG is establishing a firm presence in the capital-market and brokerage space, complementing its traditional insurance and finance businesses.

Moreover, the insurance business’ 72% growth in new business premiums signals effective customer acquisition and product-marketing strategies, strongly supporting the Group’s aim to increase market share and deepen customer relationships. The leasing arm’s nearly 50% portfolio growth further strengthens the Group’s position in the lending space, leveraging growing market consumption and strategically focused marketing initiatives.

Schaffter said, ‘As a Group, we remain focused on executing our strategy, being performance-driven in everything we do. The 1H FY26 performance is proof of the expertise and capability of the team. We will continue to align our commercial and marketing initiatives to ensure sustainable growth and deliver value for all stakeholders.’

JKG Group Chairman Chandan de Silva said: ‘The results for 1H FY26 reflect our vision of building a modern, agile financial services and investment conglomerate. The strong performance across subsidiaries demonstrates both the solidity of our business mix and the effective deployment of capital. We remain confident in the ability to deliver long-term value for all stakeholders, maintaining a disciplined approach to growth and marketing excellence.’

Looking ahead, the Group remains cautiously optimistic amidst macro-economic uncertainties, yet well-positioned to capitalise on capital-market’s momentum, rising insurance demand and expanding leasing portfolios. The integrated nature of the group, together with execution capabilities and market-driven customer focus provides a solid foundation for further value creation. The leadership is committed to reducing leverage, drive further earnings growth, improve return on assets and deliver enhanced shareholder value.

The Colombo stock market closed in green yesterday, recovering from a five-session decline on heightened buying interest.

The benchmark ASPI closed up 0.33% or 75.10 points to 23,104.96, while the active S and P SL20 gained 0.32%, up 20.60 points to 6,382.18.

Turnover was Rs. 3.49 billion involving 151.21 million shares. Foreign investors remained net sellers, registering an outflow of Rs. 40.9 million for the day.

First Capital said the Colombo Bourse yesterday broke the five-day negative streak and closed in positive territory, supported by persistent bargain buying throughout the session.

Despite the market uptick, retail participation remained muted, while HNW activity was relatively subdued. SAMP, RICH, BUKI, JKH, and CARS emerged as the key positive contributors to the index.

The Capital Goods sector dominated activity, accounting for 24% of total turnover, while the Banking and Food, Beverage and Tobacco sectors collectively contributed 39%.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Sampath Bank, Richard Pieris and Company and Bukit Darah.

High net worth and institutional investor participation were noted in Commercial Bank, John Keells Holdings and Melstacorp. Mixed interest was observed in CIC Holdings, Renuka Agri Foods and JF Packaging, while retail interest was noted in Citrus Leisure, LOLC Finance and Waskaduwa Beach Resort.

The Capital Goods sector was the top contributor to market turnover due to John Keells Holdings, while the sector index gained 0.70%. The share price of John Keells Holdings increased by 20 cents to close at Rs. 22.90.

The Banking sector was the second-highest contributor to market turnover due to Commercial Bank, while the sector index increased by 0.27%. The share price of Commercial Bank gained 50 cents to close at Rs. 210.

CIC Holdings, Melstacorp and Renuka Agri Foods were also included amongst the top turnover contributors. The share price of CIC Holdings moved up by Rs. 1.20 to close at Rs. 34.20 and Melstacorp recorded a loss of Rs. 2 to close at Rs. 183. The share price of Renuka Agri Foods appreciated by 30 cents to Rs. 8.30.

In a major stride toward fostering financial inclusivity and digital empowerment, iPay has announced the expansion of its GovPay services across Sri Lanka’s Northern Province, enabling citizens to make secure and convenient Government payments digitally. The initiative covers the districts of Jaffna, Kankasanthurai, Kilinochchi, Mullaitivu, Vavuniya, and Mannar, offering residents a transformative alternative to time-consuming physical payment processes.

For many in the Northern region, routine Government payments and essential public transactions such as local authority fees have traditionally required long journeys to offices, creating inconveniences for individuals and businesses alike. The introduction of GovPay through iPay now brings these services directly to the user’s fingertips. Citizens can settle their payments from any location, at any time, using any bank account marking a fundamental shift in accessibility and convenience for communities that have historically been underserved by digital infrastructure.

This advancement is particularly significant for the Northern Province, where limited digital literacy and financial inclusion have long posed barriers to progress. iPay’s solution addresses these challenges directly by offering a trilingual platform in Tamil, Sinhala, and English, ensuring that language is no longer a deterrent to digital participation. The user-friendly interface provides step-by-step guidance, allowing individuals from all walks of life to complete transactions confidently and independently.

The expansion also aligns with the Government of Sri Lanka’s ‘Digitise Sri Lanka’ vision, promoting the integration of digital technology into public services to create efficient, transparent, and citizen-centric experiences. By digitising government-related payments, iPay not only enhances convenience but also builds greater trust in digital financial systems reinforcing the nation’s transition toward a connected, cashless and inclusive economy.

With over one million app downloads and more than Rs. 500 billion in transactions processed, iPay continues to strengthen its position as one of Sri Lanka’s most trusted and widely used digital payment platforms. The company’s ongoing investments in cutting-edge technology and advanced security systems ensure that every transaction is fast, seamless, and protected by the highest industry standards.

iPay Head Kalhara Gamage said, ‘For years, many communities have faced challenges in accessing financial and Government services. With iPay facilitating GovPay, we are breaking down those barriers and enabling a new way of life built on convenience and inclusion. As one of Sri Lanka’s leading lifestyle apps, iPay continues to play a vital role as a digital platform that links users with merchants across the country and now, with Government institutions as well, driving the Government’s digital roadmap and strategy. This milestone reinforces our commitment to accelerating Sri Lanka’s digital transformation through a reliable and secure platform that simplifies day-to-day payments, utility settlements, and essential Government payments. iPay is not just an app it is a bridge that connects people to opportunity, restores valuable time to their day, and empowers them to be active participants in Sri Lanka’s digital journey.’

Through this expansion, iPay reaffirms its role as a driving force in Sri Lanka’s digital transformation bridging communities, advancing inclusivity, and redefining the way citizens interact with essential Government services.

The 99th birth anniversary of ‘Bhagwan’ Sathya Sai Baba will be observed on Sunday 23 November.

The day will be of great significance to millions of Baba devotees throughout the world. It will however be a red letter day for Ceylon Workers Congress General-secretary and Nuwara Eliya district parliamentarian Jeevan Thondaman who bids farewell to bachelorhood on that day.

Jeevan Kumaravel Thondaman known as Jeevan Thondaman and Jeevan will tie the traditional wedding necklace ‘Thali’ (mangalsutra) around the neck of Seethai Srii Naachiar Rameswaran amidst the reverberating crescendo of the ‘Kettimelam’ wedding drum roll on 23.

The marriage ceremony will take place during the auspicious hour from 10.15 to 11.15 a.m.

at the Arumugam Pillai Seethaiammaal College campus of Thiruppathur in the Sivagangai district of Tamil Nadu state in India.

A large number of dignitaries from Sri Lanka including former Presidents Mahinda Rajapaksa and Ranil Wickremesinghe are expected to attend the wedding at Thiruppathur. Among fellow MPs who will be present are Mano Ganesan and Shanakiyan Rasamanickam. After the wedding and related ceremonies are over, a reception will be held at the Grand Ballroom of the Colombo Hilton Hotel on 28 November.

Another reception would be held in Kotagala also

Jeevan Thondaman was first elected to Parliament from the Nuwara Eliya district in August 2020. He served as a state minister and later as cabinet minister. Jeevan was re-elected to Parliament in 2024. The Ceylon Workers Congress (CWC) General Secretary who was born on 9 November 1994 has for long been regarded as a most eligible bachelor. This Sunday will mark the end of Jeevan’s eligible bachelor status.

Seethai Srii Naachiar or Seethai the maiden who bowled Jeevan over is a 4th year medical student at the Royal College of Surgeons in Ireland(RCSL) medical university in Dublin. Both their families are well known to each other and the marriage was an ‘arranged’ union initiated by Jeevan’s mother Rajalakshmi Thondaman. Incidentally Jeevan’s father Arumugan and Seethai’s father Rameswaran are alumni of the Montfort Boys School at Yercaud in the Salem district of Tamil Nadu.

Great grandfathers

The association between both families goes back a long way and is due to the friendship between the groom’s great grandfather Saumiyamoorthy Thondaman and the bride’s great grandfather NTS Arumugam Pillai. Both Thondaman and Arumugam Pillai hail from Sivagangai district in the Tamil Nadu state of India.

Saumiyamoorthy Thondaman’s ancestral village Munapudur is about 6 km away from Arumugam Pillai’s village Thiruppathur. Both great grandfathers are no more but the links between both families remain strong and have manifested in the marriage between both great grandchildren. This is manifested clearly in the invitations which give pride of place to both great grandfathers.

Interestingly enough both Jeevan and his bride-to-be Seethai were born in the same hospital St Johns Medical Centre in Karaikudi in different years. Both had the same Obstetrician helping in their delivery. Also both babies and their mothers were warded in the same room at the hospital.

Another similarity between both families is that the great grandfathers of the bride and groom left their respective villages and established themselves successfully in two different countries. In the case of Thondaman it was his father Karuppiah Kumaravel who came over to Sri Lanka known as Ceylon during British colonial rule. He rose up in life through hard work and business acumen and acquired several estates including Wavendon in Ramboda. His son Saumiyamoorthy Thondaman who came to Sri Lanka in 1926 at the age of 13 from Munapudur went on to become a powerful trade unionist and political leader in Sri Lanka.

NTS Arumugam Pillai

In the case of NTS Arumugam Pillai, he left Thiruppathur at the age of 14 and went over to Malaysia known as Malaya during British rule in 1929. Arunugam Pillai engaged in commerce and established himself in the real estate sphere. He became a prominent land owner and plantation proprietor over the years. Arunugam Pillai donated land and helped construct several temples and schools in Malaysia. He served as the Penang state president of the Malaysian Indian Congress for some years and also published a Tamil daily newspaper ‘Thamil Malar’. Arumugam Pillai who was honoured with the ‘Dato’ title by the Malaysian Govt has a road -Jalan Arumugam Pillai-named after him in Penang.

Arumugam Pillai also set up a University college in his native village Thiruppattur in 1965. It was named after his wife as Arumugam Pillai Seethai Ammal College. It is affiliated with the Alagappa University in Karaikudi,Tamil Nadu. The Seethai Amman College is currently administered by Arumugam Pillai’s grandson and Jeevan Thondaman’s future father in law Rameswaran. The Seethai Srii-Jeevan wedding will take place within the Seethai Amman College precincts.

‘Political families’

The rise and growth of ‘political families’ is a common occurrence in Sri Lanka. Ever since the island known formerly as Ceylon gained limited forms of representative democracy through the Legislative and State Councils during British rule, the practice of members of the same family seeking posts through elections became widely-prevalent. The advent of Parliamentary elections coupled with freedom from colonial bondage saw the political dynasty phenomenon gain further mileage. Political families began proliferating at multiple levels from local authorities to the supreme legislature.

Family politics is now a familiar feature of Sri Lanka’s political landscape cutting across race, religion, caste and creed. A perusal of a list of Sri Lankan political families in alphabetical order starting from the Abdul Majeeds of the East and going down to the Yapa Abeywardenas of the South would reveal that ethnicity is no bar to political family bandyism in Sri Lanka.

There are various types of political dynasties at different levels from the national, provincial, divisional and electoral levels. There are also different degrees of pedigree and vintage in these dynasties.

The most prominent political family among Tamils of Indian origin called ‘Malaiyahath Thamizhar’or Hill Country Tamils is the Thondaman family. Jeevan belongs to the fourth generation of this family. The Thondman family has played and continues to play an important role in the political affairs of Sri Lanka in general and the ‘Malaiyahath Thamizhar'(Hill Country Tamils) in particular.

Saumiyamoorthy Thondaman

The political dynasty’s founder , ‘plantation patriarch’ Saumiyamoorthy (spelt as Savumimoorthy and Saumyamurthy also) Thondaman was for several decades the undisputed leader of the CWC which has been for long, the largest Trade Union cum political party representing the estate workers/ up country Tamils of Sri Lanka. He has been both an elected and appointed member of Parliament and Cabinet minister for many years. His son Ramanathan Thondaman was elected to the Central Provincial Council and served as a provincial minister.

Arumugan Thondaman

Saumiyamoorthy’s grandson and Ramanathan’s son Arumugan Thondaman was also a prominent political leader. He was elected to Parliament from the Nuwara Eliya district continuously from 1994 to 2020. In addition to being the CWC leader, Arumugan has been a cabinet minister for many years.

Arumugan’s only son Jeevan Thondaman who was elected an MP after his father’s demise in 2020 has served as a state minister and cabinet minister. He is also the CWC General-Secretary. Arumugan’s nephew (sister Aadhilakshmi’s son) Senthil Thondaman is also in politics and was a minister in the Uva provincial council. Senthil also served as

Eastern province Governor for a while. He is presently the CWC President. Thus two cousins, both of them great grandsons of S. Thondaman, are leading the CWC currently.

Arumugan Thondaman married Rajalakshmi Natarajan of Thanjaavoor They have three children. The eldest two daughters Kothai Nachiar and Vijayalakshmi studied medicine.. Both are married with children. The youngest Jeevan was born on 9 November 1994.

After kindergarten and grade one at Gateway Primary School in Colombo, Jeevan joined the Lady Andal Venkata Subba Rao school in Chennai, Tamil Nadu in grade two. After studying up to grade 12 in the Chennai school, Jeevan went to the Chinmaya International Residential School in Coimbatore for a year.

University of Northumbria

Thereafter he enrolled for an LLB degree at the University of Northumbria at Newcastle upon Tyne in the UK. He graduated with a law degree in 2017 and interned in a lawyer’s office in London with the intention of sitting for his bar at law exams later.

Jeevan’s ambition was to become a lawyer. At one point he returned to Sri Lanka with the idea of enrolling at the Law College in Sri Lanka. Appa Arumugan however took him into CWC folds and involved him in trade union activity. Jeevan was placed in charge of the CWC youth division.

Being young himself, Jeevan understood and empathised with the aspirations of the younger generation of up country Tamils. This made him a successful CWC youth leader. Arumugan also wanted the son to enter active politics and contest elections but Jeevan had steadfastly refused to do so.

Traumatic experience

Life changed drastically for Jeevan when his father Arumugan passed away suddenly due to a heart attack in May 2020. It was a traumatic experience for the son as the last word uttered by the father as he collapsed was ‘Jeevan’.

In accordance with custom, Jeevan shaved his head to perform the last rites. The massive outpouring of grief for Arumugan demonstrated the support he enjoyed among the up country Tamils despite the negative portrayal by sections of the media.

Subsequently, party, trade union ,family members and friends wanted Jeevan to contest elections in Nuwara Eliya district as a substitute for his father. Jeevan adhered to their wishes. In June 2020 , Jeevan was elected unanimously as CWC General Secretary. The CWC contested the August 2020 elections on the SLPP list.

Nuwara Eliya MP

The 5’9 tall Jeevan with features resembling South Indian actor Siddharth became hugely popular with voters. Jeevan Thondaman’s baptism of fire in electoral politics was the 2020 Parliamentary poll. The CWC election campaign was led by him. He topped the preferences in Nuwara Eliya district with 109,155 votes. Jeevan who was the youngest member of Parliament then was appointed State Minister of Estate Housing and Community Infrastructure in the Gotabaya Rajapaksa Govt.

When the ‘Aragalaya’ protests escalated in 2022, the CWC pulled out of the Gota Government, Jeevan resigned his post. However the CWC with two MPs (Jeevan and Marudhupandy Rameshwaran) was among the first to extend support when Ranil Wickremesinghe became Prime Minister and later the President. Though he was offered a State Minister post, Jeevan declined it. He bided his time waiting for a Cabinet Minister post instead. It was in a way, a political gamble.

The gamble paid off when Jeevan Thondaman was inducted as Cabinet Minister into the Government headed by then President Ranil Wickremesinghe. Jeevan was sworn in as the Cabinet Minister in charge of Water Supply and Estate Infrastructure Development by Wickremesinghe on 19 January 2023.

Youngest Cabinet Minister

In becoming a Cabinet Minister Jeevan set a record of his own. Jeevan Thondaman born on 9 November 1994 was the youngest cabinet minister to have assumed office in Sri Lanka. Earlier that record was held by Ranil Wickremesinghe. himself. In an ironic turn of events, Ranil helped Jeevan break his own record. Ranil born on 24 March 1949 was 29 years and 5 months old when he was appointed as cabinet minister of Youth affairs and Employment by the then President J.R. Jayewardene in September 1978. Jeevan was 28 years and 2 months old when he was sworn in as cabinet minister by President Ranil Wickremesinghe.

Thaippongal

In January 2024, minister Jeevan Thondaman organised a cultural event in Hatton to celebrate Thai Pongal. Popular South Indian actresses Aishwarya Rajesh, Aishwarya Dutta, Samyuktha Menon, and Meenakshi attended the event. The crowds of people participating welcomed the beautiful stars warmly. Several opposition politicians criticized Jeevan strongly for this, calling it ‘wasteful expenditure.’

Jeevan Thondaman responded to the criticism by saying that the event had been organised by several State institutions as the National Thai Pongal Festival and that the South Indian actresses had been invited for the event to promote tourism. He further stated that the participation of South Indian actresses helped improve relations between Sri Lanka and Tamil Nadu and served to help empower women in the up-country region.

The Thai Pongal controversy took an amusing turn when the actresses returned to India. They praised Jeevan lavishly. The most popular actress of the quartet Aishwarya Rajesh gushed to the Indian media about Jeevan. Earlier while addressing the Pongal event in Hatton, Aishwarya had singled out Jeevan for praise as one of the world’s youngest and smartest cabinet ministers. Jeevan was at the receiving end of much humour as a result.

Young Global Leader

In April 2024, the World Economic Forum (WEF) announced its list of Young Global Leaders Community: The Class of 2024, a distinguished group of individuals recognised for their exceptional contributions to shaping the future and driving positive change worldwide. Among the 2024 winners was Sri Lanka’s Water Supply and Estate Infrastructure Development Minister Jeevan Kumaravel Thondaman. He was listed under the Public Figures category. The Class of 2024 represented a diverse array of rising stars hailing from various sectors including politics, business, civil society, the arts and academia.

Elephant symbol

The 2024 Presidential elections saw Jeevan and the CWC back Ranil Wickremesinghe. Ranil lost and the JVP led NPP chief Anura Kumara Dissanayake won. In the 2024 Parliamentary elections, the CWC contested under the Elephant symbol of the UNP. Jeevan was re-elected from Nuwara Eliya with a much reduced tally of 46,438 preference votes. Jeevan now sits in the Opposition and is ‘nominally’ the head of the UNP in Parliament.

In the local authority elections of May 2025, the CWC had 62 of their candidates elected to the various divisional, urban and municipal councils they contested. In an unexpected move, the CWC aligned with the NPP to form administrations in several councils in the hill country areas. This decision was largely due to Jeevan Thondaman. The Nuwara Eliya MP also voted in support of the 2026 Budget on account of the Rs. 1,750 daily wage announced by the Government.

It is against this political backdrop that the young Tamil leader from the hill country is getting married on Sunday. This column extends its congratulations and best wishes to the happy couple Jeevan Kumaravel Thondaman and Seethai Srii Naachiar Rameswaran.

The Asian Productivity Organisation (APO) officially presented Sri Lanka’s Productivity Master Plan and Accreditation Certificate at an event held in Colombo yesterday (20).

Molly, a traveller from Christchurch, New Zealand, has issued a detailed follow-up after her video documenting harassment during a solo trip to Sri Lanka went viral globally, sparking widespread debate, media attention, and an unexpected wave of victim-blaming.

In a new video message shared online, Molly said she ‘didn’t expect it to blow up the way it did,’ noting that the original clip was viewed millions of times and circulated across multiple platforms. The sudden visibility, she said, brought not only support, but also disturbing reactions including comments suggesting she was responsible for the incident simply because she travelled alone.

‘Women should be able to solo travel. We are not the problem,’ she said. ‘There are men who don’t know how to behave correctly. My personal favourite was that I should travel with a man to protect myself from men.’

She said some of the harshest criticism came from other women, who questioned her ‘survival skills’ and suggested solo travel was inherently unsafe. The global media picked up the story, triggering a broader conversation on safety for female travellers-an important but, she said, frustratingly reactive debate. Viral moments, she reminded followers, typically highlight ‘the bad things,’ which can distort public perception and make isolated incidents appear more widespread than they are.

Molly emphasised that the harassment she experienced should not be taken as representative of Sri Lanka or of solo female travel. ‘I’ve travelled through so many countries people label as ‘unsafe,’ and all I’ve experienced is kindness from locals,’ she said. ‘This incident can happen anywhere in the world, including your hometown, because unfortunately, men like this exist everywhere.’

She also went out of her way to defend Sri Lanka, describing the country as ‘amazing’ and one she would ‘always recommend to other people, especially solo female travellers.’ Her own experience, she stressed, was overwhelmingly positive. ‘I experienced nothing but kindness, generosity, and welcoming behaviour from locals. Whenever I had a problem, they were always there to help me.’

Following the viral video, Sri Lankan media widely circulated the footage, prompting authorities to act. Molly said she contacted the Sri Lankan Police, who responded ‘immediately,’ launching an investigation and manhunt. ‘I can’t thank the Sri Lankan Police enough,’ she said. ‘Their response was incredible, and within four days, he had been located and arrested.’

The suspect is now before Court, and Police have assured her they will continue to update her on the case.

While acknowledging her ordeal could have ended far worse and that many women globally have faced more dangerous situations, Molly said she is glad the conversation is expanding.

‘This is the reality women around the world face every single day,’ she noted, adding that raising awareness is crucial to addressing the behaviour that places women at risk, no matter the country.

Despite the trauma and chaotic aftermath, her message ends on a note of clarity: the man responsible does not represent Sri Lanka, and one incident should not overshadow the warmth she experienced throughout her travels.

Hayleys Fabric, TBS International, and Three Sinha Industries were among the top winners at the Western Province Entrepreneur Awards 2025, held on Wednesday (19) at the Bandaranaike Conference Hall.

The Colombo stock market yesterday closed marginally down after a volatile session driven by sharp selling pressure in early trading.

The benchmark ASPI closed down 0.09%, losing 21.80 points to 23,029.86 and the active S and P SL20 index ended 0.23% lower, down 14.96 points to 6,361.58.

Turnover was over Rs. 3.8 billion on nearly 125.41 shares traded. Foreign investors remained net sellers with a net outflow of Rs. 4.7 million.

First Capital Research said following the previous session’s trend, the Colombo Bourse opened yesterday on a weaker note, with the ASPI dipping during early trading before partially recovering in the latter half of the session. Despite the rebound, the index closed in negative territory.

Retail and HNW participation remained comparatively muted throughout the day. Notably, investor interest was elevated on JFP during its first day of trading. COMB, DIAL, DOCK, DFCC, and NDB were the major negative contributors to the index.

The Materials sector led market activity, accounting for 26% of total turnover, while the Capital Goods and Banking sectors collectively contributed 38%.

NDB Securities said the market decline was a result of price losses in counters such as Commercial Bank, Dialog Axiata and Colombo Dockyard.

High net worth and institutional investor participation was noted in CIC Holdings, Vallibel One and Hemas Holdings. Mixed interest was observed in John Keells Holdings, Sampath Bank and hSenid Business Solutions whilst retail interest was noted in JF Packaging Limited, Renuka Agri Foods and Browns Investments.

The Materials sector was the top contributor to the market turnover due to JF Packaging Limited and CIC Holdings while the sector index lost 0.44%. The share price of JF Packaging increased by Rs. 3.50 to close at Rs. 15.10 and CIC Holdings lost 40 cents to close at Rs. 33.

Capital Goods sector was the second highest contributor to the market turnover due to John Keells Holdings and Hayleys, with the sector index edging up 0.09%. The share price of John Keells Holdings moved up by 10 cents to Rs. 22.70 and Hayleys closed flat at Rs. 195.

hSenid Business Solutions was also included amongst the top turnover contributors with the share appreciating by Rs. 1.20 to close at Rs. 18.20.

Nippon Paint Lanka was recertified with the Eco-Label Sri Lanka recognition this year, reaffirming its commitment to delivering products that are safe for the environment and humans. The company became the first paint manufacturer in Sri Lanka to obtain the Eco-Label certification back in 2022.

Amid growing discussions on sustainability and environmentally responsible practices, Nippon Paint sought the Eco-label Sri Lanka to stand out from greenwashing. For the company, ecolabelling is not merely a certification but a milestone in its broader mission to achieve carbon neutrality by 2050.

Why Eco-Label Sri Lanka?

Among the various ecolabelling certifications in Sri Lanka, Nippon Paint Lanka chose the Eco-Label Sri Lanka certification administered by the National Cleaner Production Centre (NCPC) for its credibility, reliability, and global alignment. The NCPC is nationally and internationally accredited, recognised by the Sri Lanka Accreditation Board (SLAB) under ISO 17029, ISO 14065, and ISO 17024, and registered with both the Sri Lanka Sustainable Energy Authority (SLSEA) and Central Environmental Authority (CEA).

Launched in 2018 by the United Nations Environment Programme (UNEP) under the 10-Year Framework on Sustainable Consumption and Production, Eco-Label Sri Lanka supports the shift toward sustainable production practices. It gained global recognition in 2021 as a full member of the Global Ecolabelling Network (GEN), and in 2024, it received SLAB accreditation under ISO/IEC 17065:2012, while signing Mutual Recognition Agreements (MRAs) with global schemes such as Japan Eco Mark.

Nippon Paint Lanka valued the certification’s GEN affiliation, as GEN represents the world’s only network of Type I ecolabelling programmes that use rigorous, independent, lifecycle-based assessments, ensuring certified products have reduced environmental and social impact throughout their lifecycle.

By obtaining the Eco-Label Sri Lanka certification, Nippon Paint reinforces its commitment to sustainable manufacturing, responsible stewardship, and environmental accountability. This decision aligns with the company’s long-term sustainability strategy, prioritising the development of eco-friendly, low-emission coating solutions that promote healthier living environments. Through this certification, Nippon Paint ensures greater transparency, third-party validation of environmental performance, and compliance with global best practices in sustainability.

Being carbon-neutral by 2050

Nippon Paint Lanka is working towards achieving genuine sustainability that will benefit future generations. As part of its gradual mission to achieve carbon neutrality by 2050, Nippon Paint Lanka is focusing on several areas related to its carbon footprint and sustainable practices.

By 2026, the company aims to ensure that 30% of its packaging materials are recyclable. This includes shifting certain products to tins made from recycled tin sheets, which can in turn be recycled again.

The procurement team is also in discussion with suppliers of biodegradable plastics. Although these materials are more expensive, Nippon Paint Lanka is exploring ways to offer eco-friendly products of high quality at reasonable prices.

The elimination of chromium and cobalt from all its products is a key 2027 goal. While achieving this is technically straightforward, the company is researching solutions to ensure affordability without compromising quality.

By 2030, Nippon Paint Lanka aims to introduce electric vehicles with sodium batteries or vehicles with hydrogen engines into its fleet, with hopes that hydrogen engines will be available by then.

Is Sri Lanka choosing eco-friendly paints?

Several buildings, which were painted using Nippon Paint Lanka’s water-based range, are considered as green buildings. As the demand for green building certification grows, more projects are beginning to choose Eco-Label Sri Lanka certified products.

Nippon Paint’s auto-refinish water-based range is green-certified and safe for both people and the environment. However, a major concern is that many Sri Lankans continue to prefer Nitrocellulose (NC) type paints, which, although affordable, are harmful to humans. Likewise, in the case of wood paints, most still opt for solvent-based products that are equally damaging.

Globally, the paint industry is steadily shifting towards water-based alternatives, and Sri Lanka will also need to follow suit before long. While all airports are now required to use water-based road marking paints, other road markings are also expected to transition soon. These paints are not only environmentally friendly but also easier to apply and do not require highly skilled labour.

Compared to other brands in the market, Nippon Paint Lanka offers a much wider Eco Label Sri Lanka certified water-based range for consumers to choose from.

Sustainable, safer paints

Nippon Paint Lanka also offers a near-zero volatile organic compound (VOC) range called ‘Odourless.’ This range does not emit formaldehyde, which is known to increase health risks. With ‘Odourless’, a freshly painted room can be safely occupied within just two to three hours. In its commitment to introducing greener products, Nippon Paint also developed an exterior paint with solar-reflective properties. This range can reduce indoor temperatures by around 5 degrees Celsius, helping to lower the need for air conditioning and thereby reducing energy consumption.

Green practices already in effect

Nippon Paint Sri Lanka is already well on its way to achieving its sustainability goals. To reduce energy and water consumption in its factories, the management, along with the Safety and Sustainability team, has implemented several key initiatives.

The wastewater purification plants recycle purified water repeatedly in the production process without releasing it into the environment, while rainwater harvesting systems are used to cool storage buildings. To further reduce fuel consumption, all Nippon Paint delivery vehicles are equipped with tracking devices that direct drivers along the shortest routes, helping to save fuel and minimise time spent in traffic.

Given that Sri Lanka’s economy is closely tied to its environment, Nippon Paint Lanka believes it is essential for the government, businesses and individuals to embrace sustainable practices. As the company continues its steady journey towards carbon neutrality by 2050, it hopes to see a greener Sri Lanka emerge alongside it.

Talawakelle Tea Estates PLC (TTE PLC), a member of the Hayleys Plantations sector, reaffirmed its leadership in sustainable tea manufacturing by winning 10 awards at the National Cleaner Production Awards 2025, held on 6th November at the Cinnamon Lakeside, Colombo.

The company was recognised across multiple categories, securing Gold, Silver, Bronze and Merit awards, continuing its legacy as one of Sri Lanka’s most environmentally responsible and innovation-driven plantation companies.

Tea Sector – Manufacturing – Large

Mattakelle – Gold

Dessford – Bronze

Kiruwanaganga – Bronze

Great Western – Merit

Radella – Merit

Somerset – Merit

Wattegodde – Merit

Tea Sector – Manufacturing – Medium

Holyrood – Gold

Bearwell – Silver

Deniyaya – Merit

Dr. Roshan Rajadurai, Managing Director of Hayleys Plantations, said ‘Our success at the National Cleaner Production Awards reflects the dedication and discipline of our teams across all estates. Through innovation, accountability and shared purpose, we continue to demonstrate that sustainability and excellence can grow together.’

The recognition at the National Cleaner Production Awards 2025 not only underscores TTE PLC’s consistent performance but also celebrates its commitment to integrating innovation, environmental accountability and social responsibility into every aspect of its operations.

TTE PLC’s achievements reflect its long-standing commitment to sustainability, guided by a comprehensive framework implemented across its 16 estates. The company’s cleaner production model emphasises efficient resource management, renewable energy integration, waste minimisation, responsible chemical use and biodiversity protection ensuring that every stage of production, from field to factory, upholds the highest environmental standards.

Guided by its vision ‘To be the most admired Plantation Company in Sri Lanka’ and mission to uplift people and deliver value responsibly, TTE PLC continues to set new national benchmarks in sustainable tea manufacturing while safeguarding the ecosystems that sustain its operations.

As Sri Lanka’s most certified plantation company, TTE PLC maintains globally recognized standards including Rainforest Alliance, Great Place to Work, ISO 9001:2015, ISO 14001:2015, ISO 22000:2018, ISO 14064-1:2018 and ISO 50001:2018. Strengthening its climate leadership, the company has also verified Science-Based Targets (SBTs) aligned with the 1.5°C pathway, demonstrating measurable commitment to emissions reduction.

TTE PLC also serves as a Patron Member of the Climate Emergency Task Force Working Group of the United Nations Global Compact and remains an active participant in biodiversity conservation and climate action initiatives across the plantation sector.

With a focus on data-driven decision-making, employee empowerment and continuous improvement, the company ensures that every part of its value chain contributes to both environmental performance and product quality. By aligning operational excellence with sustainability principles, TTE PLC continues to create long-term economic, environmental and social value for its communities and customers.

This integrated approach has earned the company recognition on both national and global platforms. TTE PLC was recently named a World Class Winner at the Global Performance Excellence Awards 2024 by the Asia Pacific Quality Organization (APQO), becoming the first plantation company in the world to receive this distinction.

The company also secured five awards including Overall Gold, at the CMA Excellence in Integrated Reporting Awards 2025, highlighting its governance standards, purpose-driven strategy and stakeholder transparency. In addition, TTE PLC received five accolades at the Best Corporate Citizen Sustainability Awards 2024 and Silver and Bronze awards at the Presidential Awards 2025, reflecting its leadership in climate action, responsible production and community development.