News & market updates

A government monitoring committee warned current fuel quotas are insufficient and could trigger price increases for essential goods ahead of the Sinhala and Tamil New Year; five CPC officials will be appointed to assess needs and a QR-code system for fuel issuance will be introduced.

Ambeon Capital (via subsidiary Ambeon Essentials) launched a voluntary offer to buy all Harischandra Mills shares at Rs.3,400 per share (equity value ~Rs.6.5bn); the SPA covers 51.11% (981,118 shares) at Rs.3.34bn and the offer will convert to a mandatory offer on acceptance.

Asian stocks slumped as Brent crude rose 3% to $115.98, bringing monthly gains near 60% and raising inflation and recession risks. Markets have priced in higher Fed tightening and sovereign yields have jumped, pressuring energy, manufacturing, logistics, retail and financial sectors.

Atlas Axillia Co. (Pvt) Ltd launched limited-edition "Aluth Avurudu Gift Packs" — curated stationery and learning kits for children — available at leading retail outlets and e-commerce channels from early April for the Sinhala and Tamil New Year.

Global Harvest (Pvt) Ltd has been appointed sole Sri Lankan importer and distributor for Canada's Tropical Link to supply Snow Farms dried berries (cranberries, blueberries, tart cherries), launching via Gusta and rolling out to supermarkets and HORECA in retail 120g and bulk packs.

Cap Snap Lanka Pvt. Ltd. received six international certifications, including FSSC 22000 (ISO 22000, ISO 9001, ISO 14001, GMP, HACCP), all secured within six months. The company is a leading plastic packaging manufacturer with two plants and supplies over 250 brands and a subsidiary serving paints, pharmaceuticals, dairy, beverages and detergents.

Havelock City Mall launched the “Nostalgic Avurudu” seasonal programme running 21 March–12 April, featuring a recreated Avurudu Village, mall-wide discounts, giveaways, traditional games (4–5 Apr) and a market for local artisans (6–12 Apr).

The SLIM-KANTAR People’s Awards 2026 was held on 18 March 2026 at the Monarch Imperial, honoring Sri Lanka’s most loved brands and personalities based on a nationally representative public survey.

EDB’s National Packaging Centre held an awareness workshop on "Packaging strategies for Spices" on 19th 2026 with over 65 exporters and potential exporters to boost packaging practices and export readiness. Sessions covered packaging functions, material selection, spice-specific techniques and packaging machinery.

Maliban Biscuits has signed on as Title Sponsor of the New Zealand U85kg Rugby Tour – Sri Lanka 2026, its second consecutive time sponsoring the visiting side and part of the brand's broader support for Sri Lanka Rugby and youth development programs.

Sri Lanka Customs exceeded its March revenue target, collecting 184.8 billion rupees by day 26 (2.4% above the 180.4 billion target). This is the third straight month of over-performance as faster container clearance and tighter enforcement have boosted import-related collections and state revenue.

The Lanka Confectionery Manufacturers Association pledged to keep prices of biscuits, chocolates and ice cream unchanged through May (Sinhala & Tamil New Year), citing rising utility and imported-input costs and urging government support on fuel distribution and customs delays.

Russel’s Ltd. was named the official catering partner for the 92nd Battle of the Saints (held 19–21 March), providing food and beverage services to thousands across the three-day match. Russel’s will also cater the 52nd Joe-Pete Limited Overs match on 25 April.

Colombo Stock Exchange fell 3.4% over the week; ASPI closed at 21,375.73 (-0.21%) and S&P SL20 at 5,999.99, with turnover of 2.67 billion rupees. Top negative contributors were John Keells, NDB and Cargills, while Ambeon Capital's subsidiary offered to buy 1,919,600 Harishchandra shares at Rs 3,400.

The Lanka Confectionery Manufacturers Association said prices of biscuits, ice cream, chocolate and other confectionery will not be increased until May. The group warned rising gas, electricity and ingredient costs, plus customs delays and higher shipping charges, could force price revisions after May.

Ambeon Essentials (a subsidiary of Ambeon Capital) made a voluntary offer to buy 1,919,600 ordinary voting shares of Harischandra Mills at Rs 3,400 per share. Hayleys previously offered Rs 3,300 after acquiring a 40.58% stake, and Harischandra was trading at Rs 4,810.25.

Sri Lanka's export earnings rose 4.22% YoY to $1.4bn in February, with Jan–Feb total exports up 7.56% YoY to $2.89bn (merchandise $1.06bn, services $335m); apparel fell 6.29% YoY to $831.7m in Jan–Feb while ICT/BPM, coconut products and food & beverage exports showed strong gains.

Unemployment fell to 3.8% in 4Q 2025 as employment rose to 8,465,808 while labour force participation eased to 48.8%; the economy grew 4.8% in 4Q and 5% for 2025. Cyclone Ditwah caused an estimated $4.1bn in direct damage and threatened rice and tea output (tea losses up to 35%), affecting hundreds of thousands of workers.

Full’r Burgers, a brand of Giga Foods (Pvt) Ltd, opened its 11th outlet at 757/C Kaduwela Road, North Thalangama, Malabe, expanding the fast-food chain’s presence in Colombo’s suburban market to serve local residents and students.

Ceylon Cold Stores PLC won the Gold Award in the Large Category of the Confectionery Products Sector at the NCE Export Awards 2025 for its 2024/25 export performance. The John Keells subsidiary exports to 16 countries and is expanding ties in India via a partnership with Reliance.

Commercial Bank of Ceylon (COMB.N0000) launched an Avurudu card promotion offering up to 70% discounts at more than 579 merchant partners and over 4,000 outlets nationwide through 30 April 2026. The campaign covers clothing, supermarkets, jewellery, hotels, dining and online merchants with in-store and online offers.

Cargills Bank has launched its 2026 "Avurudu WasiLitha" New Year campaign, offering cardholders discounts up to 50% across more than 100 merchants and promoting its Tapit contactless payment sticker. The promotion covers clothing, jewellery, restaurants, homecare and e-commerce and applies across its card suite.

Sri Lanka's merchandise exports rose 1.32% to $1,066.88m in February 2026, driven by coconut products, food & beverages and electrical/electronic components; tea, rubber and apparel exports declined.

CSE extended its rebound as the ASPI rose 3.79% (797.62 pts) to 21,868.85, with market value gaining Rs.284.1 billion in the session and recouping about 48% of the Rs.1.1 trillion loss since the Middle East conflict began. Commercial Bank, Hatton National Bank, Melstacorp, John Keells and Hayleys led gains; turnover topped Rs.6.4bn and foreigners were net sellers (Rs.525m).

Fitch warned a prolonged Iran conflict could lift Brent to an adverse scenario averaging $128/bbl in Q2 2026 and $100/bbl for the year, heightening downside risks to Asia‑Pacific sovereign credit profiles through higher inflation, weaker growth and strained fiscal balances.

Artslab Creatives won four recognitions at Effie Awards Sri Lanka 2025, including two Silver awards for its AI deepfake 'Forward and Fearless' campaign for Fems Sri Lanka; it also contributed to a Bronze and Finalist recognition for Maliban Biscuit Manufactories with MullenLowe Sri Lanka.

Baby Cheramy was voted the People’s ‘Baby Care Brand of the Year’ at the SLIM KANTAR People’s Awards 2026. The 64-year brand said it has repurposed its portfolio to better meet Sri Lankan mothers' needs, emphasizing safety, quality and ongoing innovation.