.Ghorahi Cement Industry Limited has expressed its belief that the Securities Board of Nepal (SEBON) will restart the process of issuing initial public offerings (IPOs) after conducting a thorough investigation. In a press release, the company addressed the dissemination of false information aimed at tarnishing its reputation in relation to its IPO issuance. The company firmly stated its commitment to transparently addressing and clarifying any allegations made against it.
The Iwa Khola Hydropower Project, with a capacity of 9.9 MW and operated by Ridi Power Company Limited (RIDI), is currently facing disruptions in its commercial electricity production. The interruption is a result of damages caused by recent floods in the area.
RIDI released a press statement informing that both units of the Iwa Khola Hydropower Project have ceased commercial electricity production since Ashad 1st, 2080, due to the flood-induced damages. The floodwaters have caused significant harm to the project’s headworks, headrace pipe, equipment at the powerhouse, and other infrastructure.
This incident is part of a larger issue affecting several hydropower projects in Nepal. According to the Independent Power Producers’ Association – Nepal (IPPAN), a total of 13 hydropower projects, including the Iwa Khola Hydropower Project, have suffered damages during the floods on Ashad 1st and 2nd. These affected projects collectively have a capacity of 150 MW.
The damages inflicted by the floods have resulted in a setback for the operation of the Iwa Khola Hydropower Project and other affected projects. Efforts will be required to repair and restore the damaged infrastructure before the resumption of commercial electricity production can take place.
Sanima Mai Hydropower Limited (SHPC) has issued a notification directed towards shareholders who have not yet received their entitled dividend payments. The company urges these shareholders to take necessary action to claim their outstanding dividends, which were approved during various Annual General Meetings (AGMs).
In order to receive the due dividends, shareholders are required to submit their share certificate, proof of identity, and copies of relevant documents to Sanima Capital Limited, the share registrar of the company. The designated location for the submission of these documents is at Naxal, Kathmandu.
This notice serves as a reminder to shareholders who may have overlooked or not yet claimed their dividends from SHPC. By promptly presenting the necessary documents to the share registrar, these shareholders can ensure that they receive their entitled dividend payments in a timely manner.
Nepal Rastra Bank (NRB) Cancels Dividend Proposal of Rastra Utthan Laghubitta Bittiya Sanstha Limited (RULB)
The dividend proposal put forth by Rastra Utthan Laghubitta Bittiya Sanstha Limited (RULB) has been canceled by the Nepal Rastra Bank. During the 86th meeting of the board of directors held on Baisakh 13, the company had proposed a 15% dividend for the fiscal year 2078/79 based on the paid-up capital of Rs. 26 Crores. The proposal included the distribution of 14.25% bonus shares valued at Rs. 3.7 crores and a cash dividend of 0.75% amounting to Rs. 19.50 lakhs.
However, as per a notice from the Nepal Stock Exchange (NEPSE), the dividend proposal required approval from the Nepal Rastra Bank (NRB), which has now been canceled due to non-compliance with the Nepal Financial Reporting Standards (NFRS) in the financial statement.
Furthermore, a letter regarding the company’s annual general meeting was sent to the NRB on Baisakh 20, but the proposed dividend was not included in the letter. As a result, the dividend proposal has been rejected by the NRB.
Bindhyabasini Hydropower Development Company Limited (BHDC) has published its Q3 report of FY 2079/80, reporting a 48.81% decrease in net profit. The company’s net profit has reached Rs. 6.41 crores in this quarter compared to Rs. 12.53 crores in the corresponding quarter of the previous year. The company’s total revenue stood at Rs. 21.02 crores, with an increase in administrative expenses by 53.78% and a slight decrease in financial expenses.
The paid-up capital of the company stood at Rs. 1.05 Arba, an increase of 40% compared to the previous fiscal year. However, the company suffered a significant decline in net profit due to machinery breakdown, resulting in a decrease in overall production and operations.
Rudi Khola B Hydropower Project, one of the two projects operated by BHDC, had reported damages in the pipeline due to landslides experienced on Shrawan 18, 2079, while issues in the power transformer of the project had been reported on Falgun 01, 2079.
According to the management analysis of the company, the decline in net profits was primarily due to machinery breakdown, resulting in adverse impacts on the company’s overall profitability. Despite the decline, the annualized earnings per share for BHDC stood at Rs. 8.15, while the net worth per share was Rs. 113.69.
In conclusion, BHDC’s Q3 report highlights the adverse impact of machinery breakdown on the company’s overall operations and profitability, leading to a significant decline in net profit. The company is continuously working on resolving the issues that have caused the decline in its net profit and improving its operations to ensure stable growth in the coming quarters.
In the third quarter (Q3) of the current fiscal year 2079/80, National Hydro Power Company Limited (NHPC) reported a net loss of Rs. 2.29 Crores, compared to a profit of Rs. 3.27 Crores in the corresponding quarter of the previous year. The company’s total revenue till the end of Q3 was Rs. 2.91 crores. However, NHPC’s administrative expenses declined by 6.97%, while financial expenses increased significantly by 125.40%, affecting the company’s profitability for this quarter.
NHPC’s reserves and surplus currently stand at Rs. 83.03 Lakhs, with share capital at Rs. 1.64 Arba. The hydropower company plans to issue 50% right shares worth Rs. 82.21 Crores to its existing shareholders, which will increase the paid-up capital to Rs. 2.46 Arba after approval by SEBON.
NHPC is also involved in the Lower Erkhuwa Hydropower Project in Bhojpur District, Province 1, which is expected to start generating 80 GWh of energy annually within 2023 and generate about N. Rs. 450 million in revenue. Additionally, the company is leading the study of the Likhu hydropower project, which is being promoted after concluding an agreement regarding holding of 75% shares in Bright Energy Solutions.
NHPC’s annualized earning per share is currently at Rs. -1.86, while the net worth per share is at Rs. 100.50. The company’s Q3 report shows a decrease in reserves and surplus by 75.90%, property, plant, and equipment (NET) increasing by 0.51%, and a decline in total income (power sales) by 19.41%. The Q3 market price for NHPC was at 239.
Bottlers Nepal (Terai) Limited (BNT) has sent a notification to stockholders who have not yet received their dividend payments.
Even after 5 years of dividend distribution, some shareholders are still to receive their dividends from the corporation. Investors who have not claimed the dividend should show their share certificate and evidence of identification, along with copies of the appropriate papers, to the company’s share registrar Nabil Investment Banking Limited, Naxal, Kathmandu.
Otherwise, the uncollected due dividend shall be put in the “Investor Protection Fund” under section 182 (9) of the Companies Act, 2063.
The NEPSE index closed at 1,963.55 today, up 92.22 points from the previous trading day’s close. This represents a 4.93% increase. Yesterday, the index rose 27.31 points. In the last three days, the index has gained approximately 125.07 points.
Today’s opening price for the index is 1,871.46, which is also the intraday low. In contrast, it reached a high of 1,963.89 before closing at 1,963.55.
The Asian Development Bank (ADB) forecasts 4.1 percent economic growth in Nepal in 2023, with inflation at 7.4 percent.
According to the April 2023 Asian Development Outlook (ADO), Nepal’s economic growth rate is expected to slow in 2023 compared to last year due to tight monetary policy, sluggish domestic demand, the unwinding of pandemic stimulus, and persistent global headwinds.
Gold prices continue to break all-time highs. Today’s increase is due to a single-day gain of Rs. 2000 in fine gold, while tejabi gold has climbed by Rs. 1,950 from yesterday’s price.
According to the Federation of Nepal Gold and Silver Dealers’ Association’s official website, fine gold is now trading at Rs. 111,000 per tola. Yesterday, the tariff remained unchanged at Rs. 109,000 per tola. Meanwhile, Tejabi gold is currently trading at Rs. 110,450. In contrast, the cost was kept at Rs. 108,500 per tola yesterday.
On March 19, 2023, the price of gold reached an all-time high on the Nepali market. Fine gold cost Rs. 110,000 a tola, while tejabi gold cost Rs. 109,500.
Sunrise Focused Equity Fund (SFEF) units worth $10 billion have been listed on NEPSE. The fund initially offered just 12 crore units, however the offering was downsized due to a reduced number of applications.
The “Sunrise Focused Equity Fund” is a closed-end fund with a 10-year maturity horizon. On the 10th of Magh, Sunrise Capital allocated its Sunrise Focused Equity Fund. Nevertheless, the close-ended mutual fund received just 10 crore unit mutual fund applications out of the 12 crores available, forcing the fund manager to decrease the fund’s corpus to Rs 1 Arba.
The dividend proposed by Jeevan Bikas Laghubitta Bittiya Sanstha Limited (JBLB) and NMB Laghubitta Bittiya Sanstha Limited (NMBLB) is due today (NMBMF).
Jeevan Bikas Laghubitta Bittiya Sanstha Limited (JBLB) has scheduled its 4th Annual General Meeting for 30th Chaitra, 2079. The meeting will begin at 10:30 a.m. that day in the company’s head office in Katahari, Morang.