Tag: market

  • Kathmandu Metropolis Exceeds Rs. 8 Arba Revenue, Reaching 79% of Target

    Kathmandu Metropolis Exceeds Rs. 8 Arba Revenue, Reaching 79% of Target


     

    Kathmandu Metropolitan City (KMC) has been successful in collecting revenue amounting to Rs. 8 Arba during the 11 months of the current financial year. Dhruv Kafle, who heads the Revenue Department, mentioned that the collected amount of Rs. 8 Arba 29 crores 95 lakhs 59 thousand 278 came from internal income, revenue distribution, and internal subsidy. This figure represents 79 percent of the city’s revenue target.

    For the current year, the Metropolis had set a revenue target of Rs. 10 Arba 42 crores 95 lakhs. They have made significant progress in generating internal revenue, achieving 98.87 percent of the targeted amount from internal sources. Out of the revenue target of Rs. 4 Arba and 85 crores, the Metropolitan collected Rs. 4 Arba and 77 crores. This amount is one billion more than the previous year, as reported by the Revenue Department.

  • 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.

     

  • Gold Price in Nepal Drops by Rs. 900 per Tola, Silver also Declines by Rs. 25 per Tola

    Gold Price in Nepal Drops by Rs. 900 per Tola, Silver also Declines by Rs. 25 per Tola


    Today, the price of gold has experienced a decline of Rs. 900 per tola in the domestic market. As reported by the official website of the Federation of Nepal Gold and Silver Dealers’ Association, the current trading rate for fine gold stands at Rs. 111,800 per tola, compared to yesterday’s rate of Rs. 112,700 per tola. Similarly, Tejabi gold is being traded at Rs. 111,250 today, down from the previous rate of Rs. 112,150 per tola.

    In addition, the price of silver has also witnessed a decrease of Rs. 25 per tola. The lustrous white metal is currently being traded at Rs. 1,425 per tola in the local market, whereas yesterday’s closing rate was Rs. 1,450 per tola.

    It’s worth noting that the international market is reflecting a gold price of USD $1,946.80 per ounce, while silver is being traded at $23.77 per ounce.

    These fluctuations in gold and silver prices reflect the dynamic nature of the market and can be influenced by various factors such as global economic conditions, demand and supply dynamics, geopolitical events, and investor sentiment. Investors and individuals involved in the precious metals market closely monitor these price changes to make informed decisions regarding buying or selling gold and silver.

  • Kumari Bank Limited to Auction Promoter Shares to Existing Promoter Shareholders

    Kumari Bank Limited to Auction Promoter Shares to Existing Promoter Shareholders


    Kumari Bank Limited (KBL) has announced an auction of 2,68,949 units of shares to existing promoter shareholders, starting from today, the 31st of Jestha, 2080.

    The auction is exclusively open to the existing promoters of KBL, who will have a period of 35 days from the date of this notice to submit their bids. Eligible shareholders are required to submit their bids at the central office of the bank, located in Naxal, Kathmandu.

    The auction involves the sale of promoter shares, totaling 2,68,949 units of KBL. It presents an opportunity for existing promoters to acquire additional shares within the bank. The auction process will allow interested parties to determine the price they are willing to pay for the shares.

    As of the latest update, the Last Traded Price (LTP) of KBL shares stands at Rs. 164.80. This information provides shareholders with a reference point for evaluating the potential value of the shares being auctioned.

    By conducting the auction exclusively for existing promoter shareholders, Kumari Bank Limited aims to strengthen the promoter base and enhance their participation in the bank’s ownership structure. The auction presents an avenue for existing promoters to increase their stake in KBL and align their interests further with the bank’s long-term growth and success.

  • Himalayan Reinsurance Limited Reports Impressive Q3 Results

    Himalayan Reinsurance Limited Reports Impressive Q3 Results


    Himalayan Reinsurance Limited (HRL) has released its third-quarter financial report for the ongoing fiscal year 2079/80, showcasing a net profit of Rs. 25.44 crores. This marks an increase compared to the corresponding quarter of the previous fiscal year when the company earned Rs. 19.64 crores.

    Notably, HRL has experienced a significant surge in net premium, which has grown by a remarkable 612.61%. The net premium now amounts to Rs. 3.38 Arba as of Q3 of the current fiscal year.

    In terms of its financial reserves, HRL holds Rs. 13.69 crores in the insurance fund and Rs. 1.50 crores in the contingent fund.

    Furthermore, the company’s income from investments, loans, and other sources has witnessed growth, reaching Rs. 15.75 crores by the end of the third quarter of the current financial year.

    The annualized earnings per share (EPS) ratio of HRL stands at Rs. 4.85, reflecting its profitability, while the net worth per share is reported as Rs. 107.47.

    HRL maintains a paid-up capital of Rs. 7 Arba and has accumulated a reserve and surplus of Rs. 38.58 crores.

    These positive financial results demonstrate HRL’s strong performance and stability in the reinsurance sector, highlighting its ability to generate substantial profits and maintain a healthy financial position.

  • 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.

  • Nepal Rastra Bank Begins Preparations for Fiscal Year 2080-81 Monetary Policy to Boost Economy

    Nepal Rastra Bank Begins Preparations for Fiscal Year 2080-81 Monetary Policy to Boost Economy


    The Nepal Rastra Bank (NRB) has initiated the process of formulating the monetary policy for the upcoming fiscal year 2080-81. In line with the financial budget announcement for the same fiscal year, the central bank has commenced its work on preparing the monetary policy.

    To gather input and recommendations for the monetary policy formulation, the NRB has started accepting suggestions until Ashad 10 at the Department of Economic Research. This step reflects the bank’s intention to incorporate various perspectives and expertise into the policy-making process.

    The recently unveiled budget, presented on Jestha 15, sets a target of achieving a six percent economic growth rate. In order to support the government’s goal, the central bank plays a crucial role by crafting an appropriate monetary policy that provides the necessary support and measures.

    It has been revealed that the NRB plans to unveil the finalized monetary policy during the first week of Shrawan, 2080. The policy is anticipated to address the current economic challenges faced by the Nepali economy, which has been grappling with a recession. A flexible and adaptive monetary policy is expected to be designed to effectively tackle the prevailing economic issues and stimulate growth.

  • Avasar Equity Diversified Fund Invests in Two Hydropower Projects in Nepal’s Dolakha District

    Avasar Equity Diversified Fund Invests in Two Hydropower Projects in Nepal’s Dolakha District


    Avasar Equity Diversified Fund, Nepal’s first domestic Private Equity Fund registered with the Securities Board of Nepal (SEBON), has recently entered into an investment agreement with Him Parbat Hydropower Limited. Under this agreement, the Fund will invest NPR 39.06 crore in the development of two Run-of-river hydropower projects in Dolakha District of Bagmati Province.

    The investment will be directed towards the Sagu Khola – 1 Hydropower Project, with a capacity of 5.5 MW, and the Sagu Khola Hydropower Project, with a capacity of 20 MW. Both projects have already concluded Power Purchase Agreements (PPAs) on a take-or-pay basis. It is anticipated that the combined energy generation from these projects will amount to approximately 149 GWh per year.

    To connect the power generated by the projects to the national grid, a connection will be established through the Singati Substation. The projects have a target Commercial Operation Date set for Chaitra 29, 2081 (April 12, 2025).

    By providing financial support for these projects, the investment from Avasar Equity Diversified Fund aims to ensure their timely completion and contribute to Nepal’s commitment to clean and sustainable energy sources.

  • Department of Tourism Generates Revenue of NRs. 76.57 Crore through Expedition Permits for Nepal’s Majestic Peaks

    Department of Tourism Generates Revenue of NRs. 76.57 Crore through Expedition Permits for Nepal’s Majestic Peaks


    The Department of Tourism (DoT) in Nepal has achieved a significant milestone by generating royalty of NRs. 66.64 crores through the issuance of expedition permits for Mt. Everest, the highest mountain in the world. As of May 14, 2023, during the ongoing Spring expedition season, a total of 478 expedition permits have been issued for Sagarmatha (Mt. Everest). This translates to 47 teams, consisting of 376 male climbers and 102 female climbers, who have obtained permits to ascend the majestic peak, towering at an elevation of 8,848.86 meters.

    Similarly, for Mt. Lhotse, the fourth-highest mountain globally with an elevation of 8,516 meters, the DoT has issued 156 individual expedition permits. Among them, 17 teams comprising of 116 male climbers and 40 female climbers have been granted the permits to scale this challenging peak. Through the issuance of scaling permits for Mt. Lhotse, the Department has collected a revenue of NRs. 3.53 crores.

    Additionally, eight teams consisting of 79 individuals, including 62 males and 17 females, will endeavor to conquer Ama Dablam, a mountain standing at 6,814 meters. The DoT has collected a royalty of NRs. 41.39 lakhs through the issuance of expedition permits for Ama Dablam.

    For Annapurna I, the tenth highest mountain globally, standing tall at 8,901 meters, a total of five teams have obtained permits to attempt the summit. These teams comprise 38 male climbers and 16 female climbers. As of May 14, 2023, the revenue accumulated from the permits for Annapurna I amounts to NRs. 1.04 crores.

    As of the same date, May 14, 2023, the Department of Tourism has issued a total of 1,176 expedition permits for 28 different peaks in Nepal. This diverse range of permits has contributed to a significant revenue of NRs. 76.57 crore for the Department.

  • Gold Surges to New All-Time High in Nepalese Market, Gaining Rs. 500 per Tola

    Gold Surges to New All-Time High in Nepalese Market, Gaining Rs. 500 per Tola


    The price of gold in the local market has reached a new all-time high, increasing by Rs. 500 per tola. According to the Federation of Nepal Gold and Silver Dealers’ Association’s official website, fine gold is currently being traded at Rs. 112,500 per tola, while Tejabi gold is being traded at Rs. 111,950 per tola. Yesterday, the rates were maintained at Rs. 112,000 and Rs. 111,450 per tola, respectively.

    Just the day before, gold prices had already reached an all-time high in Nepal, with fine gold priced at Rs. 112,000 per tola and Tejabi gold priced at Rs. 111,450 per tola. The continuous rise in gold prices has prompted discussions on the reasons behind the significant increase of Rs. 3,900 per tola in just two days in Nepal.

    In addition to gold, the price of silver has also experienced an increase of Rs. 15 per tola. Currently, silver is being traded at Rs. 1,410 per tola in the local market, compared to the previous day’s closing rate of Rs. 1,395 per tola.

  • Life Insurance Companies in Nepal Compete to Increase Premium Collections

    Life Insurance Companies in Nepal Compete to Increase Premium Collections


    Insurance companies in Nepal are competing to increase their premium collections, the amount of money they receive from policyholders. During the first ten months of the fiscal year 2079/80, life insurance companies collected a total of Rs. 1.14 Kharba in premiums from their 1.38 crore active insurance policies.

    A report from the Nepal Insurance Authority revealed that Nepal Life Insurance Company Limited collected the highest premium amount of Rs. 29.65 Arba. They had 1,035,214 active insurance policies as of Baisakh 2080.

    On the other hand, Himalayan Life Insurance Limited collected the lowest premium amount of Rs. 15.11 Crores due to having only 595 active insurance policies. Himalayan Life Insurance was formed after merging Prime Life Insurance, Gurans Life Insurance, and Union Life Insurance, which is the largest merger in Nepal’s insurance sector.

    In another development, Sanima Life Insurance Company Limited and Reliance Life Insurance Company Limited completed their merger process with a swap ratio of 1:1. They have now combined to form ‘Sanima Reliance Life Insurance Company Limited’ since Chaitra 09.

    Among the insurance companies, Reliable Nepal Life Insurance Co. Ltd. has the highest number of active insurance policies, with 34,77,018 clients as of Baisakh 79/80. However, their premium collection amounted to only Rs. 3 Arba.