Category: Business | Market | Economy

  • Gupteshwor Mahadev Cave in Pokhara Generates Impressive Annual Revenue of 54.2 Million Rupees

    Gupteshwor Mahadev Cave in Pokhara Generates Impressive Annual Revenue of 54.2 Million Rupees


    The Gupteshwor Mahadev Cave in Chhorepatan, Pokhara, renowned for its historical and religious significance, has announced an impressive annual revenue of 54.2 million rupees. As a favored destination among tourists exploring Pokhara, the cave attracts visitors for its cultural and religious importance.

    Information disclosed during the 28th Annual General Meeting of the Gupteshwor Mahadev Cave Conservation Committee reveals that the revenue was generated through various channels. Ticket sales played a significant role, contributing Rs. 42.8 million, while the donation box collected Rs. 2.7 million. Additional funds were sourced from donation receipts (Rs. 5.1 million), bank interest (Rs. 1.6 million), and income generated from rented business complexes and memberships.

    During the inauguration of the AGM, Chief Judge of Pokhara High Court, Madhav Prasad Pokharel, emphasized the importance of channeling the earnings from religious sectors towards the overall development of education, health, and society.

    The event also took the opportunity to acknowledge the contributions of Gandaki Provincial Assembly Secretary Hariram Pokhrel and Dhanusha District Judge Yognath Dhakal, honoring them for their dedicated efforts in the conservation of the Gupteshwor Cave.

  • Bumper Orange Harvest Brings Prosperity to Ichchhakamana: Farmers Set to Earn Rs 100 Million

    Bumper Orange Harvest Brings Prosperity to Ichchhakamana: Farmers Set to Earn Rs 100 Million


    In Ichchhakamana rural municipality, a remarkable achievement in agriculture is anticipated as more than 450 farmers are projected to collectively earn Rs 100 million this year exclusively from orange cultivation. The Agriculture Development Section of the rural municipality has reported that the oranges cultivated by local farmers have garnered favorable prices, resulting in substantial income for the entire community.

    Currently, the selling price of oranges at the farmer’s orchard ranges from Rs 75 to Rs 90 per kilogram, as stated by Section Chief Ashish Tripathi. This success story unfolds across 80 hectares of land in Ichchhakamana rural municipality, with oranges cultivated on 60 hectares in the current year. Out of the 20,000 orange trees in the area, 15,000 have borne fruits.

    Tripathi acknowledged that although this year’s production is slightly lower than the previous year, the farmers have benefited from higher market prices. The Orange Growing Area Expansion Programme, introduced by the Agriculture Knowledge Centre (AKC) last year, led to an increased plantation area. However, the area with higher production did not witness a corresponding expansion.

    In comparison, the orange production for the current year has seen a 12 percent decrease compared to the previous year’s 1,650 metric tonnes, totaling 1,500 metric tonnes. Orange farming plays a crucial role in the economic activities of Ichchhakamana rural municipality and Bharatpur Metropolitan City-29, contributing significantly to the prosperity of these hilly regions in the Chitwan district.

  • Upper Tamakoshi Hydropower to Auction 1.7 Million Unsold Ordinary Right Shares

    Upper Tamakoshi Hydropower to Auction 1.7 Million Unsold Ordinary Right Shares


    Upper Tamakoshi Hydropower Limited (UPPER) is gearing up to conduct an auction for 1,70,19,530 unsold ordinary right shares that remained from its earlier 1:1 rights offering. The auction is scheduled to take place from the 13th to the 29th of Poush, 2080.

    The unsold portion of 1,70,19,530 units of ordinary right shares is the residual component from the company’s 1:1 ratio rights issuance, which was made available to its shareholders between the 18th of Bhadra and the 22nd of Ashwin, 2080. During the rights offering, only 8,88,80,470 units were allocated to eligible shareholders, leaving the remaining 1,70,19,530 units to be auctioned to the general public starting from the 13th of Poush.

    The auction is open to both individuals and institutions, and Sunrise Capital Limited has been appointed as the issue manager for this right share auction. The minimum bid rate for the auction is set at Rs. 100, with a minimum bid quantity of 100 units and a maximum bid quantity of 5,00,000 units. While bidders have the option to bid for the entire issue, they are required to adhere to regulatory guidelines limiting the quantity of shares per entity.

    As of the latest update, UPPER has a Last Traded Price (LTP) of Rs. 221.50.

  • Upper Tamakoshi Hydropower Successfully Allots 88.88 Million Units of Right Shares, Refunds Non-Allotted Investors

    Upper Tamakoshi Hydropower Successfully Allots 88.88 Million Units of Right Shares, Refunds Non-Allotted Investors


    On the 28th of Mangsir, 2080, Upper Tamakoshi Hydropower Limited (UPPER) successfully allocated 8,88,80,470 units of right shares to its shareholders. The company initiated the refund process for non-allotted investors starting from the 3rd of Poush, 2080.

    Upper Tamakoshi Hydropower Limited had conducted a 100% right shares offering, open from the 18th of Bhadra to the 22nd of Ashwin, 2080. During this offering, the hydropower company issued 10,59,00,000 units of right shares, amounting to Rs. 10.59 Arba, exclusively for its existing shareholders.

    As per the recent notice, only 8,88,80,470 units of the total right shares issued were allotted to eligible shareholders. The remaining 1,70,19,530 units of right shares will be subsequently made available for purchase through an auction. Sunrise Capital Limited served as the appointed issue manager for this process.

  • Nepal Investment Mega Bank’s 10% NIMB Debenture 2090 Secures Regulatory Approval

    Nepal Investment Mega Bank’s 10% NIMB Debenture 2090 Secures Regulatory Approval


    The Securities Board of Nepal has granted approval for Nepal Investment Mega Bank Limited’s “10% NIMB Debenture 2090.” The regulatory nod was received on Poush 2, 2080.

    The debenture issuance, titled “10% NIMB Debenture 2090,” comprises a total of 40.40 lakh units, with each unit having a par value of Rs. 1,000. Out of the total units, 16.16 lakh will be made available to the general public, while the remaining 24.24 lakh units will be subscribed via private placement.

    Prabhu Capital Limited has been appointed as the issue manager for the debenture issuance.

    As indicated by its name, the “10% NIMB Debenture 2090” comes with a maturity period of 10 years, set to mature in the year 2090 BS. Unitholders of the debenture can expect a 10% annual return on their investment.

  • Butwal Power Company Calls 31st AGM: Endorses 5% Dividend and Proposes FPO

    Butwal Power Company Calls 31st AGM: Endorses 5% Dividend and Proposes FPO


    Butwal Power Company Limited (BPCL) has announced its 31st Annual General Meeting (AGM) scheduled for the 29th of Poush, 2080, corresponding to January 14, 2024. The meeting is set to take place at Karki Banquet, Babarmahal, Kathmandu, starting at 11 am on the specified day.

    Among the various agendas to be discussed at the AGM, one notable item is the endorsement of a 5 percent dividend for the fiscal year 2079/80. The decision to distribute a 5% cash dividend on the paid-up capital of Rs. 3.4 Arba was made during the board of directors’ meeting on Mangsir 29.

    Additionally, the AGM will address the endorsement of the auditor’s report, covering profit and loss statements, financial reports, and cash flow reports. The appointment of an auditor for the fiscal year 2080/81 is also on the agenda. Another crucial topic for discussion is the proposal from the Board of Directors to issue 1 Crore units of Follow-on Public Offering (FPO) shares at a par value of Rs. 100. The current paid-up capital of the company stands at Rs. 3.40 Arba, and after the FPO issuance, it will increase to Rs. 4.40 Arba.

    The book closure date has been specified from Poush 19 to Poush 29. Shareholders maintaining their shares until this date are entitled to the dividend payout and are also eligible to attend the AGM.

  • Budhanilkantha Heritage Hotel Calls 5th AGM with IPO Proposal and ICRA Nepal Rating

    Budhanilkantha Heritage Hotel Calls 5th AGM with IPO Proposal and ICRA Nepal Rating


    Budhanilkantha Heritage Hotel Limited has announced its 5th Annual General Meeting (AGM), scheduled for the 27th of Poush, 2080 (equivalent to January 11, 2024). The meeting will take place at the company’s registered office in Budhanilkantha, Kathmandu, Nepal, beginning at 4:00 p.m.

    Among the various agendas, one notable item is the proposal to issue an Initial Public Offering (IPO) representing 15% of the company’s issued capital. Additionally, the AGM will cover the endorsement of the auditor’s report, including profit and loss statements, financial reports, and cash flow reports. The appointment of an auditor for the fiscal year 2080/81 will be discussed, along with the approval of decisions made by the board of directors. There is also an agenda empowering the Board of Directors to make essential amendments, additions, reductions, or alterations in the Articles of Association and Regulations during the issuance of the IPO.

    ICRA Nepal has assigned a long-term rating of [ICRANP] LB+ to the NPR 900-million long-term loans (including proposed limits) of Budhanilkantha Heritage Private Limited (BHPL).

    Incorporated in November 2018, Budhanilkantha Heritage Private Limited serves as a special-purpose vehicle (SPV) for the ownership and operation of a proposed nine-storied 5-star hotel under construction in Budhanilkantha, Kathmandu. The plot size for the hotel is approximately 5,820 square meters. The promoter group comprises professionals, including chartered accountants, doctors, and private entrepreneurs. BHPL represents the first hotel project for the promoter group and is currently under construction, with targeted commercial operations expected to commence in December 2021.

  • Government Sets Minimum Purchase Price for Sugarcane to Boost Farmer Compensation

    Government Sets Minimum Purchase Price for Sugarcane to Boost Farmer Compensation


    During a recent Cabinet meeting held at Singhadurbar, the government made a significant decision to establish the minimum purchase price for sugarcane at Rs 635 per quintal. The official announcement of this decision was made by government spokesperson Rekha Sharma.

    As per the newly implemented regulation, sugarcane mills are now required to directly pay Rs 565 per quintal to the farmers. Additionally, the government will extend a subsidy of Rs 70 per quintal to support farmers involved in the sugarcane industry.

    Spokesperson Sharma also revealed that the meeting involved a comprehensive review of the government’s progress over the past year. Chief Secretary Dr. Baikuntha Aryal presented insights during the session, emphasizing the urgency to expedite government activities and enhance decision-making processes, laws, and legislation.

    This decision is anticipated to have a positive impact on sugarcane farmers, ensuring they receive fair and reasonable compensation for their produce. Ultimately, it is expected to contribute to the overall growth and sustainability of the agricultural sector.

  • NEPSE Index Surges to Five-Month High: A Overview of Today’s Market Trends

    NEPSE Index Surges to Five-Month High: A Overview of Today’s Market Trends


    The Nepal Stock Exchange (NEPSE) Index showed significant growth, increasing by 45.98 points or 2.23% from the previous day’s closing, concluding at 2,106.48 points. This marks the highest point the NEPSE has reached in almost five months, following a gain of 38.14 points in the preceding trading day.

    The market opened at an index of 2065.06, hitting an intraday low of 2,053.27, and reaching an intraday high of 2,107.32. Today’s trading activity involved 313 different stocks traded in 99,641 transactions. The total volume of shares traded amounted to 16,457,138, resulting in a turnover of Rs. 5.98 Arba. The market capitalization stood at Rs. 32.61 Kharba, with a float market capitalization of Rs. 11.29 Kharba.

    Notably, SHIVAM CEMENTS LTD (SHIVM) led in turnover, reaching Rs. 37.43 crores, and closed at a market price of Rs. 594. Eleven companies experienced positive circuit hits for the day, with a noteworthy emphasis on cement companies. On the contrary, Siddhartha Investment Growth Scheme – 2 (SIGS2) suffered the highest loss of 7.26% during the day.

    In terms of sector indices, all sectors closed in positive territory, with the “Hotels And Tourism Index” registering the highest gain at 6.94%, while the “Finance Index” recorded a more modest gain of 0.42%.

  • “Nepal Handicraft Fair Wraps Up with Rs 20 Million in Transactions, Emphasizing Global Market Promotion”

    “Nepal Handicraft Fair Wraps Up with Rs 20 Million in Transactions, Emphasizing Global Market Promotion”


    The handicraft fair in the federal capital, which took place from December 14 to 18, recently concluded with a reported transaction sum of Rs 20 million, as disclosed by the Nepal Handicrafts Federation. The central goal of the event was to enhance the global market presence of Nepali handicrafts.

    Various provincial and district handicrafts associations, alongside commodity associations, actively participated in the fair, displaying a wide array of products such as jewelry, cotton clothes, pashmina, leather goods, natural fibers, and bamboo items. Featuring approximately 120 sales stalls, the fair sought to fortify commercial connections between domestic entrepreneurs and handicraft importers.

    Ram Krishna Chitrakar, the Industry Minister at Bagmati Province, highlighted the substantial impact of handcrafted goods on the national economy. He emphasized that these products not only contribute to foreign currency earnings but also play a vital role in promoting entrepreneurship and generating employment. Chitrakar stressed the importance of safeguarding and expanding this sector.

    According to the Nepal Handicrafts Federation, the country presently exports handicrafts to more than 60 nations, with the overall market value estimated at Rs 24 billion. Around 1.1 million individuals are involved in this sector, making a significant contribution to both the national economy and the creation of job opportunities.

    On an annual basis, Nepal exports handicrafts amounting to Rs 12 billion, indicating the robust presence of the sector in the global market.

  • Capital Gains Tax Soars Over 262% in Mangsir, Fueled by Short-Term Investors’ Surge

    Capital Gains Tax Soars Over 262% in Mangsir, Fueled by Short-Term Investors’ Surge


    In a notable development, the capital gains tax collected from the stock market has experienced a remarkable surge, witnessing a staggering 262% increase in the month of Mangsir compared to the preceding month of Kartik. The government’s revenue from capital gains tax saw a substantial rise from Rs 8.41 crore in Kartik to an impressive Rs 30.53 crore in Mangsir.

    A closer examination of the data reveals that the surge in capital gains tax during Mangsir was primarily driven by short-term investors, who contributed significantly to the overall increase. Short-term investors individually paid Rs 14.14 crore in Mangsir, a considerable jump from the Rs 4.60 crore paid in Kartik. Following suit, long-term investors also played a role in this surge, contributing the second-highest amount of profit tax, amounting to Rs 9.24 crore in Mangsir as opposed to the Rs 2.69 crore in Kartik. Despite being in third place, institutional investors made a noteworthy contribution of Rs 7.14 crore in Mangsir, a significant increase from their Rs 1.11 crore contribution in Kartik.

    The government imposes a tax on the profits derived from buying and selling shares in the secondary market, with individual investors subjected to a 7.5% tax rate and long-term transactions enjoying a reduced rate of 5%. This substantial increase in capital gains tax indicates a vibrant and robust performance in the stock market, with short-term investors taking the lead in contributing to the government’s revenue.

  • “Auction Alert: Shree Ganesh Properties Initiates Auction of Himalayan Life Insurance Promoter Shares”

    “Auction Alert: Shree Ganesh Properties Initiates Auction of Himalayan Life Insurance Promoter Shares”


    Shree Ganesh Properties & Investment Private Limited has initiated the auctioning of 1,24,833 promoter shares of Himalayan Life Insurance Limited (HLI), starting from the 1st to the 6th of Poush, 2080.

    During this auction, a total of 1,24,833 promoter shares of HLI are available for bidding, with a minimum bid quantity set at 10,000 units. Bidders are required to adhere to the regulations of the Nepal Insurance Authority, ensuring that the specified quantity of shares per entity is not exceeded. Eligible participants for the auction include interested promoter shareholders, the general public, and institutions. The minimum bid rate for the auction has been set at Rs. 250. Investors interested in participating in the auction should submit their bids at the central office of NIC Asia Capital Limited, located at Thapathali-11, Kathmandu, specifically on the 4th floor of Trade Tower.

    NIC Asia Capital Limited is appointed as the auction manager for this particular issue. As of the latest update, Himalayan Life Insurance Limited has a Last Traded Price (LTP) of Rs. 446.

    A formal Auction Notice has been issued to provide detailed information and guidelines for interested parties.