News & market updates

Colombo Stock Exchange fell: All Share Index down 0.49% to 11,934 and S&P SL20 down 0.31% to 3,510, with turnover Rs 2.2bn and net foreign outflow Rs 123mn. Banks drew investor interest and crossings/top turnover involved Sampath, Commercial, HNB, Nations Trust, Hayleys and Vallibel One.

Dhammika Perera was re-appointed as Non-Executive Director and Co-Chairman of Hayleys PLC effective October 1, 2024; he holds 382,596,970 ordinary shares (51.01%).

Dhammika Perera will be appointed Co-Chairman and non-executive director of Hayleys Plc with effect from October 1; he holds 382,596,970 ordinary shares (51.01%). He previously left the role in 2022 when he entered politics.

HNB PLC renewed its partnership with Hayleys Solar (Hayleys PLC) to offer HNB customers preferential financing for solar installations, including low monthly repayments cheaper than current electricity bills, preferential loan rates and 0% credit-card instalments for up to 48 months; Hayleys Solar will provide extended warranties and after-sales support.

Hayleys PLC was ranked No.1 in the LMD 100 for 2023/24 and earned $591 million in foreign exchange income in FY2023-24. The group generated 54% of revenue from exports and retained a 'AAA (lka)' national long-term rating by Fitch.

ASPI rose 7.4% for the week, closing yesterday at 11,774 (up 102) as investor confidence returned amid declining government security yields. Capital goods and banks led turnover with Access Engineering, John Keells, Aitken Spence and HNB among top contributors; MGT gained 4.9% while Sampath dipped slightly.

Hayleys PLC was ranked No. 1 in the LMD 100 for 2023/24 and reported USD 591 Mn in foreign exchange income (54% of group revenue) in FY2023-24. The group retained a 'AAA (lka)' Fitch rating and distributed Rs.138.6 billion in cumulative economic value.

Hayleys tops the LMD 100 for FY2023/24 with consolidated revenue in excess of Rs.436 billion. Commercial Bank is second with nearly Rs.342 billion and LOLC third with over Rs.337 billion; Ceylon Tobacco leads profitability with PAT above Rs.27 billion.

Hayleys PLC celebrated the 10th anniversary of its Puritas Sath Diyawara initiative, which has installed 19 RO purification and distribution systems (cost Rs.95.5m) supplying over 190,000 litres of purified water daily to 44,000 people. The program also supports community development and provides school essentials to over 3,700 students annually.

WCIC launched the WCIC Prathibhabhisheka – Women Entrepreneur Awards 2024, a national event to be held in January 2025 (open to Sri Lanka and SAARC entrants); entries close 31 October 2024. DFCC Bank and Hayleys are listed as partners for the event.

Sri Lanka awarded 21 MW of solar power contracts to seven developers under Ceylon Electricity Board procurement, including a 3 MW award to Hayleys Fenton (part of Hayleys PLC).

The Government awarded contracts for 165 MW of renewable energy projects across 20 grid substations. Hayleys Fentons (part of Hayleys PLC) won a 3 MW contract at the Anuradhapura substation.

Commercial Bank of Ceylon held an Agri Modernisation Fair in Vavuniya to promote smart agriculture and showcase technologies, with participation from Hayleys, AgStar, John Deere, DIMO, CIC and Browns. The event included lectures on economics of modern farming and practical drone demonstrations for input application.

ASPI closed at 10,683, up 116 points (1.1%) on the day, though ASPI and S&P SL20 fell 0.9% and 1.1% for the week. Banking and capital-goods counters led gains, turnover was Rs.1.2bn and foreign investors were net buyers of Rs.80.4m.

Cordelia Cruise Lines will begin its 2025 season of six calls at Hambantota International Port in June 2025; its 2024 season of six calls at HIP brought over 5,000 tourists. HIP and agents including Hayleys Advantis are promoting Hambantota as a cruise destination, supporting local tourism and port services.

Planters’ Association of Ceylon will hold its 170th AGM on 14 September with Hayleys PLC Chairman Mohan Pandithage presiding; the meeting will appoint the 2024/25 chairman and executive committee and focus on productivity, diversification and sustainability in the plantation sector.

The Sri Lanka–Japan Business Council held its 45th AGM and received the Japanese Foreign Minister’s Commendation Award, and Mahen Kariyawasan was re-elected president. The council elected vice-presidents (including Hayleys Advantis MD), highlighted Osaka Expo 2025 opportunities and plans to boost trade, investment and tourism.

The Women’s Chamber of Industry and Commerce launched the WCIC Prathibhabhisheka – Women Entrepreneur Awards 2024, with the awards ceremony set for January 2025 and applications closing on 31 October 2024. Sponsors include AIA Insurance, DFCC (banking partner) and Hayleys.

Colombo Bourse fell for a second week as the ASPI lost 0.9% and the S&P SL20 lost 1.5% amid election uncertainty, with weekly turnover averaging Rs.1.03 billion. Major laggards included Commercial Bank, HNB, John Keells and Windforce, while Ceylon Tobacco, Ceylon Grain Elevators and Cable Solutions gained.

Colombo market rebounded, ending a 12-day losing run as the ASPI rose 1.5% (164 points) with turnover of Rs. 1.46bn; banking counters and index heavyweights such as Commercial Bank, Sampath Bank, Melstacorp, CTC and Hayleys were top contributors.

Hayleys PLC subsidiaries won contracts to develop 99 MW (Hayleys Fentons) and 15 MW (Hayleys Electronics) of solar power plants as part of Cabinet-approved awards covering 165 MW of grid-substation projects.

Hayleys Fentons (Hayleys group) won contracts to develop at least 91 MW of ground-mounted solar plants around Sri Lanka, the cabinet spokesman said. The cabinet approved awards from a competitive tender for a total 165 MW of small plants; PPA prices were not disclosed.

The ASPI fell 1.4% to a six-month low of 10,720 and the S&P SL20 declined 1.7% as election uncertainty weighed on the market. Banking counters and heavyweights including Commercial Bank, HNB, Sampath, John Keells and Hayleys led losses while foreigners were net sellers.

Colombo Stock Exchange fell as the All Share Index dropped 1.38% to 10,719 and the S&P SL20 fell 1.69% to 3,006 on turnover of 615 million, with election-month political uncertainty weighing on sentiment.

ASPI fell 4.7% and the S&P SL20 lost 6.3% last week amid election-related bearishness, with banking and blue-chip counters (HNB, JKH, CTC, RICH, VFIN) dragging the market; Renuka Agri Foods saw a large off-board block and price rise.

National Development Bank signed an MoU with Hayleys Solar to offer pensioner solar loans up to Rs.4.5 million with up to 15-year repayment, no security and life-insurance-covered repayment; Hayleys Solar will also offer a 12% discount on solar units.

Colombo bourse slipped with the S&P SL20 down 0.83% and ASPI down 0.35% on turnover of Rs.1.03bn as political uncertainty and net foreign selling weighed on sentiment. Banking and blue-chip counters (notably Sampath, Commercial Bank, John Keells and Melstacorp) were main drags while Teejay Lanka and Hayleys saw notable activity.

Colombo Stock Exchange closed lower: All Share Index fell 0.35% to 10,907 and S&P SL20 fell 0.83% to 3,070, with turnover around LKR 1 billion and a net foreign outflow of 25.6 million; top turnover stocks included Sampath, Hayleys, Teejay, Nations Trust and Commercial Bank.

NDB Bank signed an MOU with Hayleys Solar to launch 'Solar Facilities under Aachara Pensioners’ Loan Scheme' offering pensioners up to Rs.4.5 million in bank-funded solar loans with up to 15-year repayment and life-insurance loan cover. Hayleys Solar will provide a 12% discount on solar units and after-sales support.

Hayleys Fabric PLC has become the first Sri Lankan company featured as a case study on the Global Organic Textile Standard (GOTS) website. The certified fabric maker produces over 3 million metres per month and reports annual turnover of $72 million.