Tag: and

  • Significant Drop in Gold Prices and Silver Follows Suit in Nepal’s Domestic Market

    Significant Drop in Gold Prices and Silver Follows Suit in Nepal’s Domestic Market


    Today, the price of gold has dropped by Rs. 800 per tola in the domestic market in Nepal. Fine gold is now being traded at Rs. 111,000 per tola, down from Rs. 111,800 yesterday. Tejabi gold is priced at Rs. 110,450 today, compared to Rs. 111,250 yesterday.

    In addition, silver has also decreased in price by Rs. 25 per tola. It is now being traded at Rs. 1,405 per tola, down from Rs. 1,425 yesterday.

    Internationally, gold is currently priced at $1,931.30 per ounce, and silver is priced at $23.33 per ounce.

     

  • NEPSE Index Records Strong Gain and Highest Turnover in Months

    NEPSE Index Records Strong Gain and Highest Turnover in Months


    Today, the NEPSE (Nepal Stock Exchange) index closed at 2,020.64, marking an impressive increase of 34.17 points from the previous trading day’s closing. This gain of 1.72% is particularly notable, considering the index had already gained 7.79 points yesterday. In fact, the index concluded at its highest level in 3.5 months, surpassing the levels seen on February 27, 2023, when it stood at 2,023.54.

    The trading day began with the index opening at 1,989.43 and reaching its intraday low at 1,977.52. However, it rebounded strongly, reaching a high of 1,972.00 before finally closing at 2,020.64.

    A total of 270 scrips were traded via 70,759 transactions, resulting in the exchange of 10,801,693 shares with a turnover amount of Rs. 4.12 Arba. This turnover amount represents a significant increase compared to the previous trading day’s turnover of Rs. 2.88 Arba. In fact, it is the highest turnover recorded in almost 5 months, since January 18, 2023, when the turnover amount reached Rs. 4.98 Arba.

    Among the traded shares, SHIVAM CEMENTS LTD (SHIVM) had the highest turnover of Rs. 27.66 crores, closing at a market price of Rs. 506.50 per share.

    Wean Nepal Laghubitta Bittiya Sanstha Limited (WNLB) saw a notable gain of 10% and hit the positive circuit for the day, demonstrating a positive market sentiment.

    On the other hand, Prabhu Smart Fund (PRSF) experienced the highest decline, losing 3.93% during the trading session.

    Despite the fluctuations, all sector indices closed in the green zone, with the “Manufacturing and Processing” sector witnessing the highest gain of 4.32%. The “Banking” sector recorded the least gain, with an increase of 0.61% during the trading day.

  • Rawa Energy Development Limited IPO Allotment and Project Details

    Rawa Energy Development Limited IPO Allotment and Project Details


    The IPO allotment process of Rawa Energy Development Limited, a hydropower company, has been completed at the premises of Prabhu Capital Limited in Kathmandu. The company issued 6,43,667 units worth Rs. 6.43 crores as an Initial Public Offering (IPO) to the general public between Jestha 18 and 22, 2080.

    Prior to the IPO, 2,80,000 units worth Rs. 2.8 crores were allocated to project-affected locals of Khotang District. However, only 31.2% of the applicants were allotted shares, leaving 192,330 unsubscribed units. These shares were combined with 560,000 units (20% of the issued capital reserved for the general public), resulting in a total of 752,330 units available for the general public.

    Among the 752,330 units, 56,000 units were issued to Nepalese citizens working abroad, 37,616 units were reserved for mutual funds, and 15,047 units were allocated to company employees. The remaining 643,667 units were offered to the general public.

    The IPO received an overwhelming response, with 10,77,740 valid applicants applying for a total of 11,564,590 units, resulting in an oversubscription rate of over 17.96 times. Through a lottery system, 64,366 applicants were allotted 10 units each, while seven lucky applicants received an additional unit. Unfortunately, the remaining 10,13,374 applicants were not allotted any shares.

    Additionally, 37,616 units were allotted to mutual funds, and 15,047 units were allocated to company employees. However, 1,07,466 applicants, who had applied for 14,21,800 units, were disqualified by CASBA members due to reasons such as duplicate applications for the local issue and foreign employment.

    CARE Ratings Nepal Limited (CRNL) has assigned Rawa Energy Development Limited an issuer rating of ‘CARE-NP BB (Is)’, indicating a moderate risk of default in terms of timely financial obligations in Nepal.

    Rawa Energy Development Ltd, initially incorporated as a private limited company on August 16, 2009, and later converted to a public limited company on June 28, 2019, is promoted by experienced individuals in the hydropower and other sectors. They have successfully operated the 3 MW Upper Rawa Khola Small Hydropower Project (URKHP) in Khotang District since September 20, 2020. The project was constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism.

     

  • Auction of Promoter Shares: Muktinath Bikas Bank Limited and Mahalaxmi Bikas Bank Limited

    Auction of Promoter Shares: Muktinath Bikas Bank Limited and Mahalaxmi Bikas Bank Limited


    Muktinath Bikas Bank Limited (MNBBL) is selling 119,055 units of promoter shares through an auction. The auction is only open to existing promoters of the bank and will take place from 30th Jestha to 1st Shrawan, 2080. The minimum bid rate is Rs. 190, and bids must be submitted to the auction manager, B.O.K Capital Markets, in Naxal, Kathmandu.

    Similarly, Mahalaxmi Bikas Bank Limited (MLBL) is auctioning 9,47,392 units of shares to its existing promoters. Only current promoters of MLBL can participate in the auction, which will run for 35 days starting from 30th Jestha. Bids should be submitted at MLBL’s central office in Durbarmarg, Kathmandu.

    As of now, MLBL shares have a last traded price (LTP) of Rs. 320.

  • NEPSE Index Registers Modest Gain of 0.39% as Hotels and Tourism Sector Leads Green Zone

    NEPSE Index Registers Modest Gain of 0.39% as Hotels and Tourism Sector Leads Green Zone


    The NEPSE index concluded the trading day at 1,987.87, registering a gain of 7.79 points or 0.39% compared to the previous day’s closing. The index had experienced a significant increase of 40.48 points in the previous session.

    The day started with the index opening at 1,984.36 and reaching an intraday high of 2,003.25. However, it also dipped to a low of 1,972.00 before ultimately closing at 1,987.87.

    In terms of trading activity, 285 scrips were traded through 49,944 transactions. The total shares exchanged amounted to 7,454,007, with a turnover of Rs. 2.88 Arba. This figure represented a decrease compared to the turnover of Rs. 3.45 Arba recorded in the previous trading day.

    Soaltee Hotel Limited (SHL) accounted for the highest turnover of Rs. 15.28 crores, with its market price closing at Rs. 375.30 per share. The shares of SSHL were the most actively traded.

    Five scrips experienced a significant gain of 10%, reaching the positive circuit during the day’s trading activities. On the other hand, Prabhu Smart Fund (PRSF) incurred a loss of 10% during the session.

    Among the sector indices, six closed in the green, with the “Hotels and Tourism” sector gaining the highest at 10.78%. However, the “Finance” sector recorded the highest loss of 0.96% during the day’s trading activities.

  • “Prabhu Life Insurance Company’s 5th AGM Approves Dividend, Elects New BoDs, and Announces Merger with Mahalaxmi Life Insurance”

    “Prabhu Life Insurance Company’s 5th AGM Approves Dividend, Elects New BoDs, and Announces Merger with Mahalaxmi Life Insurance”


    Prabhu Life Insurance Company recently held its 5th Annual General Meeting (AGM) under the chairmanship of Mr. Subhash Amatya on Jestha 26, 2080.

    During the AGM, the financial reports for the previous fiscal year were approved. In addition, the meeting decided to distribute 9.80% bonus shares and 0.51% cash dividends to the shareholders. These dividends serve as a return on their investment in the company. Moreover, the AGM elected new members to the Board of Directors, including Ms. Shikshya Bhattachan, Ms. Mijas Bhattachan, Mr. Shyam Krishna Shrestha, and Mr. Sushan Sherchan from the promoter shareholder group, as stated in the media statement.

    Furthermore, the AGM endorsed the proposal for a merger with Mahalaxmi Life Insurance. The merger will be conducted using a share swap ratio of 100%, resulting in the formation of a new entity named Prabhu Mahalaxmi Life Insurance. According to the media statement, the joint operations of the merged entity are expected to commence by the end of Asar, 2080.

    Overall, the AGM marked important decisions regarding dividend distribution, Board of Directors’ composition, and the merger with Mahalaxmi Life Insurance, leading to the formation of Prabhu Mahalaxmi Life Insurance.

  • “Rastra Utthan Laghubitta Bittiya Sanstha Limited (RULB) Calls AGM for Acquisition Approval and Dividend Declaration”

    “Rastra Utthan Laghubitta Bittiya Sanstha Limited (RULB) Calls AGM for Acquisition Approval and Dividend Declaration”


    Rastra Utthan Laghubitta Bittiya Sanstha Limited (RULB) has scheduled its 4th Annual General Meeting (AGM) to take place on the 16th of Ashad, 2080. The meeting will be held at Hotel Arniko in Dhulikhel, commencing at 1 PM.

    Considering the ongoing acquisition of Rastra Utthan Laghubitta by Asha Laghubitta Bittiya Sanstha Limited (ALBSL), both AGMs will pass a resolution to evaluate the Due Diligence Audit. Additionally, they will endorse a share swap ratio of 1:1 for the acquisition and approve the final agreement. The newly formed entity resulting from the acquisition will be named ‘Rastra Asha Laghubitta Bittiya Sanstha Limited’. The AGM will also address the amendment of the Articles of Association, granting full authority to the board of directors to modify various acquisition-related proceedings based on instructions from regulatory bodies.

    Moreover, during the AGM, the approval of a 15% dividend worth Rs. 3.9 Crores for the fiscal year 2078/79 will be sought. In a previous meeting held on Baisakh 13, the board of directors had decided to distribute 14.25% bonus shares amounting to Rs. 3.7 crores and a 0.75% cash dividend worth Rs. 19.50 lakhs from the paid-up capital of Rs. 26 Crores.

    To be eligible for the dividend payout and attendance at the AGM, shareholders must maintain their shares before the book closure date, which falls on Ashad 05.

  • “Delisting of 8% Everest Bank Limited Debenture 2079 from NEPSE as it Reaches Maturity: Refunds and Interest Distribution for Unitholders”

    “Delisting of 8% Everest Bank Limited Debenture 2079 from NEPSE as it Reaches Maturity: Refunds and Interest Distribution for Unitholders”


    A total of 468,845 units of the “8% Everest Bank Limited Debenture 2079” have been removed from trading on the NEPSE (Nepal Stock Exchange). This delisting indicates that the debenture has reached its maturity date, which was Jestha 28, 2079. Investors who held these debentures will now receive their principal investment amount along with the interest earned.

    The “8% Everest Bank Limited Debenture 2079” offered a fixed annual return of 8% to its unitholders throughout its duration. Now that it has matured, Everest Bank Limited will initiate the process of refunding the initial investment amount and distributing the accrued interest to the debenture holders. To obtain more specific details about the refund process and interest distribution, unitholders are advised to contact or visit the nearest branches of Everest Bank Limited, located in Hatisar, Kathmandu, Nepal. These branch offices will provide comprehensive information and assistance to the concerned debenture holders.

  • Exciting Opportunities Await: Ridi Power Company Calls Special General Meeting for Lucrative Rights Offering and Capital Amendment

    Exciting Opportunities Await: Ridi Power Company Calls Special General Meeting for Lucrative Rights Offering and Capital Amendment


    Ridi Power Company Limited (RIDI) has announced its plan to hold a Special General Meeting (SGM) on 8th Ashad, 2080. The meeting will take place at the Indreni Complex in Naya Baneshwor, Kathmandu, starting at 11 am.

    One of the key proposals on the agenda is a rights offering of a 1:0.50 ratio, which means that existing shareholders will have the opportunity to purchase additional shares at a ratio of one share for every two shares held. The total number of rights shares being offered is 77,44,506 units, valued at Rs. 77.44 Crores. However, this issuance is subject to approval by the Securities Board of Nepal (SEBON).

    The rights shares will be issued based on the company’s paid-up capital, which currently stands at Rs. 1,54,89,01,200. If approved, the authorized, issued, and paid-up capital of the company will increase accordingly. To facilitate these changes, the meeting will also seek to amend the relevant sections of the Articles of Association and grant full authority to the Board of Directors (BoDs) to carry out the necessary amendments as guided by the regulatory board.

    The book closure date for shareholders to be eligible to attend the SGM is Jestha 32. This means that shareholders who hold shares in the company on or before this date will have the right to participate in the meeting and have their voices heard.

    The SGM serves as an important platform for shareholders to discuss and decide on crucial matters related to the company’s future direction and growth.

  • National Life Insurance Company Approves Bonus Shares and Cash Dividend in 35th AGM

    National Life Insurance Company Approves Bonus Shares and Cash Dividend in 35th AGM


    National Life Insurance Company recently held its 35th Annual General Meeting (AGM) under the leadership of its chairman, Ms. Prema Singh, on Jestha 22, 2080.

    During the AGM, the shareholders approved the distribution of 8% bonus shares and a 6.5% cash dividend. Additionally, an additional cash dividend of Rs 1.95 crore was endorsed for taxation purposes. As a result of the capitalization of the bonus shares, the company’s paid-up capital will increase to Rs 5.01 arba.

    According to a media statement, the life insurance company recorded a premium collection of Rs 1440.76 crore during the review period. The life insurance fund also saw growth, reaching Rs 5880.42 crore, while the total investment portfolio expanded to Rs 4703.92 crore.

    These developments reflect the company’s strong financial performance and its commitment to providing value to its shareholders and policyholders.

  • AHPC Board Decisions: Special General Meeting and Right Share Issuance

    AHPC Board Decisions: Special General Meeting and Right Share Issuance


    The Board of Directors of Arun Valley Hydropower Development Company Limited (AHPC) recently held a meeting at 3 PM, where they made significant decisions. One of the key resolutions reached during the meeting was to convene a Special General Meeting (SGM) on Ashad 07, 2080. The purpose of the SGM is to discuss and seek approval for various matters pertaining to the company.

    The primary agenda on the table is the endorsement of the issuance of right shares in a 1:1 ratio. This means that AHPC plans to issue 18,679,626 right shares with a par value of Rs. 100, amounting to a total value of Rs. 1.86 Arba. The intention behind issuing these right shares is twofold and has specific targets for the allocated funds.

    The first objective is to invest 50% of the total amount raised through the right shares, which corresponds to 9,339,813 unit right shares worth Rs. 93.39 crore, into the Likhu Khola Hydropower Project. This particular project, with a capacity of 30 MW, is being promoted by PK Hydropower Pvt. Ltd. By allocating these shares, AHPC aims to support the development and implementation of the Likhu Khola Hydropower Project.

    The second objective is to utilize the remaining 9,339,813 unit shares worth Rs. 93.39 crore to repay the loan taken by AHPC for the Kabeli ‘B’-1 Cascade Hydropower Project, located in Panchthar. The issuance of right shares will facilitate the company in meeting its financial obligations and reducing its debt burden.

    These decisions, which include calling for an SGM and endorsing the issuance of right shares with specific allocations, will be presented during the Special General Meeting. It is during this meeting that AHPC’s shareholders will have the opportunity to discuss, deliberate, and ultimately vote on these matters. The outcomes of the SGM will shape the future actions and direction of Arun Valley Hydropower Development Company Limited.