More power from HPFL to national grid

Harshini PERERA

The Hydro Power Free Lanka Ltd will increase the supply of its megawatts to the national grid from 2.3 to 5.5 megawatts in 18 months. Currently, the company contributes to the national grid with 3.2 megawatts.

The highest trading of Hydro Power Free Lanka (HPFL) shares has shown the investors' interest on hydro power generation in the country, Hydro Power Free Lanka Ltd, Managing Director, G A Aloysius told Daily News Business.

Hydro Power Free Lanka Ltd (HPFL) shares commenced trading yesterday at a price of Rs 15.50, a gain of 55 percent over its initial offer price of Rs 10.

The highest price for the day was recorded at Rs 16 while the lowest at Rs 15 whereas a volume of 22,208,800 shares were traded during the day to close at Rs 15.70. Despite the current slowdown in the stock market, HPFL share performed exceptionally well on its debut, being the mostly traded share of the day and contributing to more than Rs 343 million of the market turnover.

At the closure of trading, HPFL's market capitalization stood at over Rs 1.7 billion, or 0.08 percent of the total market capitalization. The shares were listed on the Main Board of the Colombo Stock Exchange. He said the company has focused to set up three hydro power stations in the potential areas. The company will immediately invest on two hydro power plants with an investment of Rs 150 million each.

"The company will invest more in the hydro power sector in the future as there is a positive sentiment and high demand for hydro power in the country," Aloysius said.