KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Dept of Commerce collects Rs 4 million in fines
The Department of Commerce, Supply and Consumers Protection (DCSCP) has collected a revenue of around Rs 4 million in fines from businessmen selling substandard goods and operating illegal business.
The Department had carried out a market monitoring from August 17 to 31. It took action against 68 companies and firms.
Among the total 273 firms and companies monitored, the Department found as many as 14 operating by meeting all set standards and 156 had some general faults, according to Department’s information officer Rabindra Acharya.
Similarly, sample of goods of nine firms and companies were collected for a test and clarification was sought from 23. The Department also sealed off 16 firms and destroyed date expired goods worth over Rs 15,000.
Nepse up 20.75 points in first one hour
Nepal Stock Exchange (Nepse) has increased by 20.75 points to reach at 1,505 in the first one hour on Wednesday.
The benchmark index witnessed the transaction of over 1 billion rupees during the period. As many as 2,179,000 units of shares from 173 companies were sold for Rs 1.06 billion in the first one hour of the transaction.
Seven hydro power companies are among the 10 companies that topped the tally with highest increment in the share value.
Nepal Reinsurance Company’s share value increased by 9.92 percent while that of NRN Infrastructure’s soared by 9.89 percent.
Similarly, the share value of Arun-Kabeli increased by 9.35 percent and that of Barun Hydropower Is increased by 9.28 percent.
All the indexes of 12 sub-groups are in green zone. Of them, the index of hydropower sub-group has gone up by 2.22 percent.
Tata Motors records highest sales in 2.5 years
Tata Motors has recorded a staggering sales growth of 154% in August 2020. This is the highest sales growth ever registered by any car manufacturing companies for the month.
Tata Motors had merged its PV business with EV verticals in March 2020. With Kia Sonet bookings showing heart, its launch will see Tata Nexon compete with yet another segment entrant.
In fact, the entry level compact-SUV segment is going to see a number of entrants soon. With this segment already being a highly competitive one, Maruti Suzuki and Hyundai have for long enjoyed segment dominance.
Tata Motors PV sales for August 2020 is reported at 18,580 units, exceeding July 2020 sales of 15,012 units. The last time Tata posted higher sales than that in Aug 2020, was almost 2.5 years ago, in March 2018 – when sales were at 20,006 units.
Sales in August 2019 was reported at 7,316 units. YoY sales growth stands at 154 percent, and MoM sales growth is pegged at 24 percent.
(Compiled and prepared by Nitish Lal Shrestha)
Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.
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