Tag: AGM

  • Analysis of Import and Export Trends in the First Nine Months of Fiscal Year 2080/81

    Analysis of Import and Export Trends in the First Nine Months of Fiscal Year 2080/81


    Nepal’s trade dynamics in the initial nine months of fiscal year 2080/81 reveal alarming patterns, raising concerns about the nation’s economic outlook. The trade deficit, representing the variance between imports and exports, has expanded by approximately 2.75 percent during this period, indicating a growing disparity between import costs and export values, posing significant challenges to Nepal’s economic stability.

    Imports

    Imports in the first nine months of the fiscal year witnessed a noticeable decline of around 2.84 percent, totaling approximately Rs. 11.67 Kharba. In comparison, the corresponding period in the previous year saw imports amounting to goods worth Rs. 12.01 Kharba.

    Key imported commodities included mineral fuels, iron/steel, electrical machinery, mechanical appliances, and vehicles. The surge in these imports reflects shifting consumer demands and evolving industrial needs within the country.

    Exports

    On the contrary, Nepal’s exports amounted to Rs. 1.13 Kharba during the nine-month period, primarily led by sectors like coffee, tea & spices, iron/steel, and man-made staple fibers, which constituted the bulk of export volumes.

    However, exports have witnessed a decline of about 3.66 percent compared to the previous year’s exports valued at Rs. 1.18 Kharba. This decline poses a significant challenge to economic growth and stability, impacting vital indicators such as GDP, exchange rates, inflation, and interest rates.

  • NEPSE Index Ends with Modest Gain, Gurkhas Finance Ltd. Tops Turnover

    NEPSE Index Ends with Modest Gain, Gurkhas Finance Ltd. Tops Turnover


    The Nepal Stock Exchange (NEPSE) Index marked a modest gain of 0.62%, adding 12.29 points to settle at 1,984.43 points by the closing bell today, bouncing back from the previous session’s loss of 19.56 points.

    Commencing at 1,972.92, the trading day displayed fluctuations, hitting an intraday high of 1,984.46 before sliding to an intraday low of 1,953.29.

    In a vibrant trading atmosphere, 310 different stocks were traded in 47,117 transactions. The total share volume amounted to 6,393,245, reflecting a total turnover of Rs. 2.25 Arba. Market capitalization wrapped up at Rs. 31.46 Kharba, with a float market capitalization of Rs. 10.63 Kharba.

    Gurkhas Finance Ltd. (GUFL) took the spotlight, registering a turnover of Rs. 10.21 Crore and closing at a market price of Rs. 787.10.

    Likewise, Dolti Power Company Limited (DOLTI) recorded the highest gain of 9.88%, trailed by NIC ASIA Laghubitta Bittiya Sanstha Limited (NICLBSL) with an 8.47% increase.

    On the flip side, People’s Power Limited (PPL) witnessed a downturn, dropping 7.46% to conclude at Rs. 608.

    Regarding sectors, two sector indices ended in the red, with the “Manufacturing And Processing Index” leading with a 1.90% gain. However, the “Mutual Fund Index” saw a dip of 0.43%.

  • Nepali Gold Market Witnesses Significant Rise in Rates, Reflecting Global Trends

    Nepali Gold Market Witnesses Significant Rise in Rates, Reflecting Global Trends


    Today, the price of the precious yellow metal has soared by Rs. 700 per tola compared to yesterday’s trading figures, according to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA).

    The current rate for fine gold stands at Rs. 1,37,500 per tola, marking a notable increase from yesterday’s trading rate of Rs. 1,36,800 per tola. Similarly, Tejabi gold is now priced at Rs. 1,36,850 per tola, indicating a Rs. 700 surge from yesterday’s price of Rs. 1,36,150 per tola.

    April 12th, 2024, saw a historic peak for fine gold, hitting an all-time high of Rs. 1,39,000 per tola. Concurrently, silver also reached a record high of Rs. 1,750.

    Moreover, silver has experienced an uptick of Rs. 15 per tola, with the current market value at Rs. 1,715 per tola, compared to yesterday’s closing rate of Rs. 1,700 per tola.

    While domestic markets witness an upward trajectory in prices, international market dynamics play a significant role. As per the latest updates, the current gold rate stands at $2,355.10 per ounce. Internationally, silver is also demonstrating positive momentum, with prices reaching $28.17 per ounce.

  • Nepali Banks’ Interest Rate Review: Baisakh 2081 Update

    Nepali Banks’ Interest Rate Review: Baisakh 2081 Update


    In the most recent financial update, twenty commercial banks have announced revisions to their interest rates for the month of Baisakh. Interestingly, a majority of these banks, totaling 13, have opted to decrease their interest rates. However, notable exceptions to this trend include NMB Bank (NMB) and Everest Bank (EBL), which have instead chosen to raise their interest rates. Additionally, five banks have maintained their interest rates at the same level as the previous month of Chaitra.

    NMB Bank has attracted attention by offering the highest fixed deposit (FD) rate of 7.97% for individual fixed deposits in Baisakh, marking a significant increase from the 7% rate observed in the preceding month. Similarly, the average interest rate for institutional fixed deposits has seen an uptick from 6% to 6.97% during the same period.

    A closer examination of the comparison between Baisakh and Chaitra months reveals strategic shifts among various banks. Notably, NIC Asia Bank has taken the lead in reducing FD rates across the board. The bank has successfully decreased the maximum interest rate on individual fixed deposits by 0.80% and implemented a 0.85% reduction in the maximum interest rate on institutional fixed deposits.

    While some banks have maintained consistency in their interest rates for institutional fixed deposits, such as Citizens Bank International, Rastriya Banijya Bank, and Prabhu Bank, they have chosen to decrease rates for individual fixed deposits by 0.25%, 0.45%, and 0.50%, respectively.

    Amidst these fluctuations, the Agricultural Development Bank stands out with the lowest interest rates, offering a maximum of 5.661% on individual fixed deposits and 4.01% on institutional fixed deposits.

     

  • Garima Bikas Bank Welcomes Nepali New Year 2081 with Exciting Cashback Scheme

    Garima Bikas Bank Welcomes Nepali New Year 2081 with Exciting Cashback Scheme


    As Nepal eagerly awaits the arrival of New Year 2081, Garima Bikas Bank Limited (GBBL) delights its customers with a special cashback scheme, promising enticing rewards for debit and credit card users. With the aim of promoting cashless transactions and enhancing customer satisfaction, GBBL introduces a generous cashback offer of 20.81%, allowing users to earn up to Rs. 200 in cashback.

    This exclusive scheme, scheduled to run from Baishakh 1 to Baishakh 3, 2081, offers customers the opportunity to maximize their savings while enjoying the convenience of digital banking. By incentivizing cashless payments, GBBL aims to foster a culture of financial inclusion and encourage the adoption of modern banking practices among Nepali consumers.

    In addition to the cashback scheme, Garima Bikas Bank introduces credit card installment services, further enhancing the shopping experience for its valued customers. With flexible installment options, shoppers can now make purchases conveniently and manage their expenses effectively, reflecting GBBL’s commitment to delivering innovative and customer-centric financial solutions.

    Headquartered in Lazimpat, Kathmandu, Garima Bikas Bank has established itself as a trusted provider of simple, secure, and high-quality financial services. Through its extensive network comprising 123 branch offices, 1 extension counter, and 51 ATMs nationwide, including 22 in the Kathmandu Valley, GBBL ensures accessibility and convenience for customers across the country.

  • Celebrate New Year 2081 with FD Motors: Exclusive Offer on F5 A Pro Scooter

    Celebrate New Year 2081 with FD Motors: Exclusive Offer on F5 A Pro Scooter


    As the New Year 2081 dawns upon us, FD Motors extends warm wishes to all Nepalis, spreading joy, peace, and prosperity worldwide. To mark this auspicious occasion, FD Motors is delighted to announce an exclusive offer for its esteemed customers, providing an exciting opportunity to own the highly acclaimed F5 A Pro scooter.

    This special offer is extended to the first 20 customers who purchase the F5 A Pro scooter, ensuring a rewarding start to the New Year. As an added bonus, each purchase includes a complimentary fast charger, enhancing convenience and efficiency for riders.

    The F5 A Pro model from FD Motors boasts an array of impressive features, designed to elevate the riding experience to new heights. With its Side Drive 3K (PMSM) Motor, LFP Battery, and 120 KM Range, the F5 A Pro ensures superior performance and reliability on every journey. Additionally, its sleek and sporty design, coupled with 200mm ground clearance and 16″ front & 14″ rear tires, exudes style and functionality.

    For those interested in availing this exclusive offer, Granth Electric Vehicles Pvt Ltd, the official dealer of FD Motors, is available to assist with inquiries and purchases in Kathmandu, Nepal. Customers can reach out to Granth Electric Vehicles Pvt Ltd for further details and to seize this exciting opportunity.

  • RIDI Initiates Auction of Unclaimed Right Shares: Opportunity for Public Participation

    RIDI Initiates Auction of Unclaimed Right Shares: Opportunity for Public Participation


    Ridi Power Company Limited (RIDI) has initiated the auction of the unclaimed portion of its right shares starting from the 29th of Chaitra, 2080, with the auction set to conclude on the 9th of Baisakh, 2081. The company aims to sell 11,35,657 units of ordinary right shares, representing the unclaimed segment from its recent rights offering.

    During the rights offering period, which ran from the 18th of Falgun to the 8th of Chaitra, 2080, RIDI issued shares at a ratio of 1:0.50 to its existing shareholders. However, out of the total right shares issued, only 66,08,849 units (85.34%) were allotted to eligible shareholders, indicating that 14.66% of the shares remained unclaimed.

    Therefore, the company has decided to make these unsold right shares available to the general public starting from today. Individuals and institutions alike have the opportunity to participate in the auction and bid for these shares.

    Muktinath 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. While bidders have the option to bid for the entire issue, they must adhere to the regulatory board’s guidelines to ensure that the specified quantity of shares per entity is not exceeded.

  • AHPC Successfully Allots 1:1 Right Shares: Unclaimed Shares to be Auctioned Soon

    AHPC Successfully Allots 1:1 Right Shares: Unclaimed Shares to be Auctioned Soon


    Arun Valley Hydropower Development Company Limited (AHPC) recently completed the allotment of its right shares at a 1:1 ratio on the 27th of Chaitra, 2080. Following the allotment process, shares were distributed to eligible applicants, while those who were not allotted shares will receive their refunds starting from the 30th of Chaitra, 2080.

    During the issuance period, which ran from the 17th of Falgun to the 7th of Chaitra, 2080, a total of 1,86,79,626 units of right shares were made available. The company declared the book closure date for its rights offering on Magh 15, ensuring that investors who held shares before this date were eligible to apply for the additional shares.

    Out of the total issuance, 1,66,87,492 shares were allotted to 33,714 valid applicants. However, there were 19,92,134 (10.66%) shares that remained unclaimed by eligible investors. These unclaimed shares will soon be auctioned off to the general public and institutions.

    Overall, the completion of the right shares allotment signifies an important step for AHPC in its efforts to raise capital and further its hydropower development initiatives.

  • Prabhu Insurance Company Endorse 5% Dividend for FY 2079/80

    Prabhu Insurance Company Endorse 5% Dividend for FY 2079/80


    Prabhu Insurance Company Limited (PRIN) has announced its 28th Annual General Meeting (AGM) scheduled for the 20th of Baishakh, 2081. The AGM will convene at the Prabhu Complex in Tinkune, Kathmandu, commencing at 10 am on the designated day.

    Among the key agendas on the table, the AGM will endorse a 5% dividend for the fiscal year 2079/80. The decision was made during the 433rd meeting of the board of directors held on Falgun 20. The proposed dividend includes 4.75% bonus shares amounting to Rs. 6.53 crores and 0.25% cash dividend (for tax) totaling slightly over Rs. 34.40 lakhs, based on the paid-up capital of Rs. 1.37 Arba.

    Additionally, the AGM will address crucial matters such as endorsing the auditor’s report along with PL statements, financial reports, and cash flow reports. The appointment of an auditor for the fiscal year 2080/81 and the formation of a board of directors with specific diversity criteria, including the inclusion of at least one female director and one independent director among a total of 7 directors, will also be deliberated.

    The book closure date for shareholders entitled to the dividend payout and AGM participation is set for Baishakh 7, 2081. Investors who maintain shares before this date are eligible for the benefits outlined in the AGM agenda.

    As of the latest update, PRIN’s Last Traded Price (LTP) stands at Rs. 795.00.

  • End of Lock-in Period: VLUCL Notifies Investors Regarding Mutual Fund Shares

    End of Lock-in Period: VLUCL Notifies Investors Regarding Mutual Fund Shares


    Vision Lumbini Urja Company Limited (VLUCL) has informed its investors and stakeholders about the impending end of the lock-in period for 95,625 unit shares held by Mutual Funds. This lock-in period, in accordance with the latest directives from the Securities Board of Nepal (SEBON), is scheduled to expire on the 4th Jestha, 2081.

    VLUCL, with a total of 19,125,000 units of shares listed on the Nepal Stock Exchange (NEPSE), reserved 5 percent of these shares exclusively for Mutual Funds. Consequently, 95,625 unit shares were issued and are currently under the lock-in period.

    In compliance with SEBON’s directives, these 95,625 units were subjected to a lock-in period, which is set to conclude on the 4th Jestha, 2081, as communicated to investors and stakeholders.

    As of the previous trading day, VLUCL closed at Rs. 507.00.

  • Electricity Disruption Crisis: Dillichaur Hydropower Project Failure Leaves Hundreds in Darkness

    Electricity Disruption Crisis: Dillichaur Hydropower Project Failure Leaves Hundreds in Darkness


    Nearly 800 households in the district have faced a harrowing experience of being plunged into darkness for two consecutive days due to an electricity disruption. This disruption stemmed from the failure of the Dillichaur hydropower project to generate power, caused by a significant setback in its water supply system.

    The halt in power generation was attributed to damage sustained by the canal feeding water to the hydropower plant, resulting from a landslide that impacted a 25-meter stretch of the canal. Since Sunday, residents have been grappling with the absence of electricity, highlighting the critical dependence of these communities on the hydropower project for their daily needs.

    Krishna Bahadur Budha, Chairman of Vidyut Cooperatives, expressed regret over the situation, emphasizing the failure to address earlier notices regarding cracks in the canal walls. Technicians estimate the reconstruction of the damaged canal to require Rs. 600 thousand, underscoring the financial burden posed by the unforeseen disaster.

    The affected households, primarily located in ward numbers 4, 5, and 6 of Patarasi rural municipality, have not only endured the inconvenience of living without electricity but also faced disruptions in the operations of government offices, banks, and financial institutions.

    In response to the crisis, the rural municipality has allocated Rs. 300 thousand for the reconstruction of the hydropower canal. Purna Singh Bohara, Chairperson of the rural municipality, has assured residents that concerted efforts are underway to restore power supply at the earliest.