Tag: records

  • Large Taxpayer Office Reports Record Profit Tax Collection of Rs. 12.5 Arba from Mergers, Acquisitions, and FPOs

    Large Taxpayer Office Reports Record Profit Tax Collection of Rs. 12.5 Arba from Mergers, Acquisitions, and FPOs


    The Large Taxpayer Office has reported the successful collection of Rs. 12.5 Arba in profit tax, derived from mergers, gains from acquisitions, and profits generated from Follow-On Public Offerings (FPOs). This significant amount was gathered on Friday and Saturday through detailed filings by numerous organizations. On Friday, 30 organizations contributed to this sum, filing taxes amounting to Rs. 11.3 Arba, with an additional 11 institutions filing taxes on Saturday, totaling Rs. 1.44 Arba. Mr. Janak Sharma, the head of the Large Taxpayer Office, commended both public and private entities for their proactive engagement in meeting their tax obligations.

    It was disclosed that among the 41 organizations paying taxes on profits from FPO, 14 also paid taxes on profits from both FPO and bargain purchases resulting from mergers and acquisitions. This tax collection falls under the current financial year, representing a substantial boost in revenue.

    This initiative was prompted by persistent recommendations from the Office of the Auditor General, raising concerns about tax evasion related to FPO premiums, gains from bargain purchases in mergers and acquisitions, and auction share sales. The Ministry of Finance and the Inland Revenue Department initially overlooked these concerns but took action following the 60th report of the Office, emphasizing the recovery of revenues from these sources.

    In response, Finance Minister Dr. Prakash Sharan Mahat introduced an arrangement to encourage timely payment of revenues. Companies paying taxes on FPO premiums, bargain purchase gains, and auction share sales by the end of Mangsir would be exempted from fines and interests. Despite legal scrutiny, the constitutional bench of the Supreme Court recently dismissed a petition filed by 16 Banking and Financial Institutions (BFIs), upholding the government’s position that the taxation did not constitute a levy on capital.

    The BFIs were given a deadline to deposit the specified amount by the end of Mangsir, and companies proactively met this deadline, contributing significantly to the substantial revenue collection observed over the weekend. The detailed breakdown of tax payments by various BFIs under different titles is provided, with a total of Rs. 7 Arba 97 Crores 87 lakhs remitted under FPO and Rs. 4 Arba 49 Crores 81 Lakhs for benefit of Bargain Purchases.

  • NEPSE Index Surges by 1.39%, Records Highest Turnover in Five and a Half Months

    NEPSE Index Surges by 1.39%, Records Highest Turnover in Five and a Half Months


    The Nepal Stock Exchange (NEPSE) Index marked a notable increase of 27.75 points or 1.39% from the previous day’s closing, concluding at 2,022.35 points. In the prior trading session, the index had gained 6.55 points.

    The day’s market activity commenced with the index opening at 1986.06, reaching an intraday low of 1,951.02, and achieving an intraday high of 2,022.82.

    During today’s trading session, a total of 295 different stocks were traded in 101,128 transactions. The volume of shares exchanged amounted to 17,166,465, resulting in a total turnover of Rs. 5.15 Arba, marking the highest turnover recorded by NEPSE in the past five and a half months. The market capitalization stood at Rs. 31.19 Kharba, with a float market capitalization of Rs. 10.84 Kharba.

    Himal Dolakha Hydropower Company Limited (HDHPC) led in terms of turnover, reaching Rs. 25.12 crores and closing at a market price of Rs. 146.

    Additionally, eleven companies experienced positive circuit hits during the day. On the downside, Himalayan Laghubitta Bittiya Sanstha Limited (HLBSL) incurred the highest loss of 6.77%.

    Regarding sector performance, three sectors closed in the negative, with the “HydroPower Index” witnessing the highest gain of 5.55%, while the “Banking SubIndex” incurred a loss of 0.67%.

  • “Nepal’s Economic Triumph: Robust Balance of Payments Surplus Signals Financial Stability”

    “Nepal’s Economic Triumph: Robust Balance of Payments Surplus Signals Financial Stability”


    In a positive economic development, a report from the Nepal Rastra Bank reveals that Nepal’s balance of payments (BOP) has maintained a surplus of Rs.147.11 billion, marking a significant increase compared to the Rs.20.03 billion surplus recorded in the same period the previous year, based on data ending in mid-November.

    Expressed in US Dollars, the BOP surplus for the review period reached 1.11 billion, slightly lower than the 149.6 million surplus in the corresponding fiscal year. The current account has also displayed improvement, registering a surplus of Rs.96.38 billion in contrast to a deficit of Rs.37.79 billion in the previous year. In US Dollar terms, the current account surplus reached 725.1 million, a notable contrast to the 296.1 million deficit in the same period last year.

    The report underscores a 46.6% decrease in capital transfer to Rs.1.59 billion, while net foreign direct investment (FDI) remained positive at Rs.3.64 billion, marking a significant increase from the Rs.429.2 million recorded in the previous year. Merchandise imports witnessed a 3.8% decrease, totaling Rs.512.50 billion, with notable shifts in import categories and sources.

    Trade patterns at various customs points exhibited mixed trends, with some experiencing increases while others faced decreases. The total trade deficit reduced by 3.3% to Rs.461.94 billion during the review period, contributing to an improved export-import ratio of 9.9%, down from 10.3% in the corresponding period last year.

    Merchandise imports from India, paid in convertible foreign currency, amounted to Rs.53.84 billion during the review period, showing an increase from Rs.42.69 billion in the same period the previous year. Overall, the report signals positive strides in Nepal’s economic indicators, with the BOP surplus indicating enhanced financial stability.

  • “NEPSE Records Volatile Trading Day: High Turnover, Notable Gains, and Losses in Latest Market Update”

    “NEPSE Records Volatile Trading Day: High Turnover, Notable Gains, and Losses in Latest Market Update”


    The Nepal Stock Exchange (NEPSE) Index recorded a decline of 15.40 points, equivalent to 0.78%, settling at 1,948.57 points compared to the previous day’s closing.

    In the preceding trading session, the market had witnessed an impressive 6% surge, prompting multiple trading halts and leading to the early closure of the market for the entire day. The total turnover on NEPSE reached a noteworthy Rs 48.24 Crores, concluding at 1,963.98 points with a substantial triple-digit gain of 111.20 points.

    The day commenced with the index opening at 1989.54, touching an intraday low of 1,928.76, and reaching an intraday high of 1,989.71.

    Throughout the day’s trading activities, 303 different stocks were involved in 109,918 transactions. The volume of shares traded totaled 14,698,517, resulting in a total turnover of Rs. 4.84 Arba, marking the highest turnover recorded in the past 5 and a half months. Notably, the market capitalization stood at Rs. 30.04 Kharba, with a float market capitalization of Rs. 10.49 Kharba.

    Sonapur Minerals And Oil Limited (SONA) emerged as the leader in turnover, reaching Rs. 25.15 crores and closing at a market price of Rs. 328.

    Additionally, Bottlers Nepal (Balaju) Limited (BNL), Samudayik Laghubitta Bittiya Sanstha Limited (SLBSL), and Dolti Power Company Limited (DOLTI) displayed the highest gains at 10%, followed by Hathway Investment Nepal Limited (HATHY) with a gain of 9.90%.

    Conversely, Samata Gharelu Laghubitta Bittiya Sanstha Limited (SMATA) recorded the most significant loss of 7.15% on the day.

    In terms of sector indices, four sector indices closed positively, with the “Mutual Fund Index” registering the highest gain at 2.16%. On the other hand, the “Development Bank Index” experienced the most substantial loss, declining by 2.09%.

  • Nepalese Gold Market Soars to Record Highs, Fine Gold Reaches Unprecedented Rs. 119,300 per Tola

    Nepalese Gold Market Soars to Record Highs, Fine Gold Reaches Unprecedented Rs. 119,300 per Tola


    “The Nepalese gold market experiences an unprecedented surge as prices hit an all-time high on November 29, 2023. The Federation of Nepal Gold and Silver Dealers’ Association reports a remarkable single-day gain of Rs. 1600, driving fine gold to an extraordinary rate of Rs. 119,300 per tola. Just a day earlier, on November 28, 2023, fine gold had already reached a record high of Rs. 1,17,700 per tola. Tejabi gold, another sought-after variant, has also experienced a substantial increase, currently trading at Rs. 118,750 per tola, up from its previous rate of Rs. 1,17,150.

    The surge in gold prices commenced on November 27, 2023, with both fine gold and tejabi gold reaching unprecedented highs at Rs. 1,17,700 and Rs. 1,17,150 per tola, respectively. In contrast to the gold rally, the price of silver has also seen a notable uptick, gaining Rs. 20 to trade at Rs. 1,520 per tola.

    This surge in gold prices in the Nepalese market is reflective of the global trend, with the current global price of gold standing at USD $2,045.60 per ounce. Simultaneously, silver is being exchanged at $24.98 per ounce on the global stage.”

     

  • NEPSE Faces Challenges: Technical Glitch and Consecutive Declines Mark Trading Day

    NEPSE Faces Challenges: Technical Glitch and Consecutive Declines Mark Trading Day


    Due to technical difficulties arising from a power outage impacting the NEPSE system, trading on the Nepal Stock Exchange (NEPSE) experienced a delay of 24 minutes, ultimately leading to an early market closure at 3:24 pm instead of the usual closing time. This interruption occurred on the third consecutive day of declining trends in the NEPSE index, initiated earlier in the week.

    The NEPSE index recorded a loss of 17.93 points, or 0.94%, settling at 1,876.60 points for the day. The trading session commenced at 11:24 am, with an opening index of 1894.79. Throughout the day, the index fluctuated, reaching an intraday low of 1,871.93 and a high of 1,907.07.

    In today’s session, 286 different stocks were traded in 34,747 transactions, with a total turnover of Rs. 1.23 arba and a float market capitalization of Rs. 10.08 Kharba. The market capitalization stood at Rs. 28.93 Kharba.

    Sonapur Minerals And Oil Limited (SONA) led in turnover for the fourth consecutive day, finishing at a market price of Rs. 295.50 with a turnover of Rs. 6.28 crores.

    While Vijaya laghubitta Bittiya Sanstha Ltd. (VLBS) emerged as the highest gainer at 9.88%, Buddha Bhumi Nepal Hydropower Company Limited (BNHC) experienced the most significant loss of 9.98%. Among the sector indices, only the “Others Index” saw a gain of 0.16%, with the “Manufacturing And Processing” index encountering a loss of 2.13%.

    The NEPSE Board continues to grapple with challenges, including power-related disruptions and consecutive days of declining market performance, prompting anticipation and scrutiny from market participants.

  • US Dollar Reaches Record High Against Nepali Rupee, Impacting Imports and State Loans

    US Dollar Reaches Record High Against Nepali Rupee, Impacting Imports and State Loans


    The US dollar has recently attained its highest value against the Nepali rupee, reaching a new record of Rs. 133.68 last Wednesday and continuing to rise. The latest statistics from Nepal Rastra Bank on this Sunday indicate a slight increase, with the current rate standing at Rs. 133.70, marking a 2-paisa uptick from the previous record. In practical terms, this means that 1 US dollar now requires 133 rupees and 70 paisa for exchange.

    The depreciation of the Indian rupee in comparison to the US dollar has played a role in the weakening of the Nepali rupee. Given that Nepal maintains a fixed exchange rate with India, any fluctuations in the Indian currency have a direct impact on the Nepalese rupee.

    The surge in the dollar’s value carries consequences, particularly making imports more expensive. As transactions for imports are conducted in dollars, a stronger dollar translates to higher expenditure. Furthermore, the appreciation of the dollar is expected to increase the burden of state loans from foreign donor agencies.

    While a robust dollar may have advantages for sectors such as tourism, exporters, and remittance recipients, experts argue that the disadvantages are more significant due to the substantial share of imports in the Nepali economy.

  • Non-Life Insurance Sector in Nepal Achieves Rs. 10.44 Arba Premium in FY 2080/81

    Non-Life Insurance Sector in Nepal Achieves Rs. 10.44 Arba Premium in FY 2080/81


    In the initial three months of the fiscal year 2080/81, concluding at the end of Ashwin, the non-life insurance sector in Nepal achieved remarkable success by accumulating a substantial premium of Rs. 10.44 Arba. This impressive growth is outlined in a recent comprehensive report released by the Nepal Insurance Authority. The robust performance of the insurance industry was fueled by a total of 6.81 lakh active insurance policies, collectively held by policyholders across a diverse range of segments.

    Siddhartha Premier Insurance emerged as a prominent leader in this sector, boasting an impressive count of 79,696 active policies. Following closely, Neco Insurance secured a commendable position with 75,916 active policies in force. In contrast, National Insurance exhibited a more modest presence with 9,731 active insurance policies.

    In terms of the total charges generated through insurance, Sagarmatha Lumbini Insurance established itself as a front-runner, accumulating insurance charges amounting to Rs. 1.31 Arba. Siddhartha Premier Insurance, while not leading in terms of charges, maintained a substantial presence with total charges reaching Rs. 1.06 Arba. Shikhar Insurance Limited also made a substantial contribution, recording insurance charges of Rs. 1.04 Arba.

  • NEPSE Index Drops 0.29%, Market Capitalization at Rs. 30.35 Kharba

    NEPSE Index Drops 0.29%, Market Capitalization at Rs. 30.35 Kharba


     

    In today’s trading, the NEPSE index closed at 2,004.45, down 5.89 points or 0.29% from the previous day. It had lost 19.42 points yesterday. The day started with an opening of 2,012.21 and saw a low of 1,999.62 and a high of 2,015.56 before settling at 2,004.45.

    During the trading session, there were 284 different stocks traded in 78,421 transactions. The total volume of shares traded was 6,516,006, with a turnover of Rs. 1.56 Arba. The market capitalization was Rs. 30.35 Kharba, and the float market capitalization was Rs. 10.69 Kharba.

     

  • “Global IME Bank Records Impressive Q4 FY 79-80: Core Business Growth Drives Rs. 7.25 Arba Net Profit”

    “Global IME Bank Records Impressive Q4 FY 79-80: Core Business Growth Drives Rs. 7.25 Arba Net Profit”


     

    Global IME Bank Limited (GBIME) has released its fourth quarter report for the fiscal year 2079-80, revealing a significant rise in Net Profit to Rs. 7.25 Arba, marking a 46.26 percent increase from the previous year’s Rs. 4.95 Arba during the same period. The bank has seen notable growth in both Net Interest Income and Operating Profit, which have surged by 66.37 percent and 40.57 percent, respectively. GBIME achieved a total core business revenue of Rs. 17.11 Arba in FY 2079-80, contributing to an Operating Profit of Rs. 10.10 Arba up to the same period.

     

  • “Siddhartha Bank’s Q4 Sees Strong Net Profit Growth, Doubled Impairment Allocation”

    “Siddhartha Bank’s Q4 Sees Strong Net Profit Growth, Doubled Impairment Allocation”


    Siddhartha Bank Limited (SBL) has released its fourth-quarter report for the fiscal year 2079-80, revealing a steady growth in its Net Profits, increasing by nearly 10 percent. In the last quarter of FY 2079-80, the bank’s profits reached Rs. 3.19 billion, a rise from the previous year’s Rs. 2.90 billion in the same period.

    The bank has also seen positive developments in its Net Interest Income and Operating profits, which have increased by 23.97 percent and 9.83 percent, respectively. The core business revenue for the bank in the last quarter of FY 2079-80 reached Rs. 8.17 billion, compared to the previous Rs. 4.68 billion.

     

  • “NEPSE Index Gains 0.14% with Rs. 30.71 Kharba Market Cap”

    “NEPSE Index Gains 0.14% with Rs. 30.71 Kharba Market Cap”


     

    In today’s trading, the Nepal Stock Exchange (NEPSE) Index closed at 2,089.84 points, showing a slight increase of 3.00 points or 0.14% from yesterday’s closing. The day started with the index opening at 2,088.56 and reaching a high of 2,109.29. However, it later dropped to a low of 2,083.92 before ending at 2,089.84. Yesterday, the index had gained 9.25 points.