KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
On Wednesday, the Nepal Stock Exchange (NEPSE) saw a decline of 24.97 points, closing at 2,750.87, after a prior gain of 17.80 points.
Despite fluctuations throughout the day, with a low of 2,747.65 and a high of 2,795.78, trading remained strong with a turnover of Rs. 9.13 billion.
Meanwhile, Prime Minister KP Oli, during his official visit to China, emphasized Nepal’s openness to Chinese investments and political stability.
He also highlighted the signing of a Belt and Road Initiative (BRI) cooperation framework agreement with China.
In other news, gold prices increased by Rs 100 per tola, and Nepal SBI Bank announced a 10.65% dividend proposal.
Additionally, Shree Investment Finance proposed a 1.9641% dividend, and the Upper Tamakoshi Hydropower Project aims to resume operations by December 25 after repairs following landslide damage.
NEPSE drops 24.97 points to close at 2,750.87
The Nepal Stock Exchange (NEPSE) on Wednesday fell by 24.97 points (0.89%) to close at 2,750.87, after gaining 17.80 points in the previous session.
The market opened at 2,795.58 and saw significant fluctuations throughout the day, hitting a low of 2,747.65 and a high of 2,795.78.
Trading activity was strong, with a total turnover of Rs. 9.13 billion from 96,677 transactions.
A total of 20,332,066 shares were traded from 320 listed companies.
Nepal welcomes Chinese investment: PM Oli
Prime Minister KP Oli, currently on a four-day official visit to China, has said Nepal is interested in welcoming investments from China.
In his address to a reception organised by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and China Council for the Promotion of International Trade in Beijing today, the Prime Minister said the atmosphere is favorable for investment in Nepal which has made its way towards an era of political stability and prosperity.
“We will facilitate the investments for realizing the national aspiration ‘Prosperous Nepal, Happy Nepali’. We are committed to investment security,” he said.
Nepal and China sign ‘BRI Cooperation Framework’ agreement
Nepal and China signed a framework agreement for Belt and Road Initiative (BRI) cooperation.
The agreement was formalized during a special ceremony held in Beijing, China, on Wednesday, between the Government of Nepal and the Government of China.
The BRI agreement had attracted significant attention during Prime Minister KP Oli’s official visit to China. The previously prepared draft framework was signed with the term “aid financing” replacing “grant financing.”
While a grant refers to a subsidy, aid can encompass both grants and loans, offering more flexibility in the terms of assistance.
Gold price up by Rs 100 per tola today
KATHMANDU: The price of gold has increased today (Wednesday).
According to the Nepal Gold and Silver Traders Federation, the price of gold has risen by 100 rupees per tola.
Currently, the price of gold stands at Rs 150,400 per tola. Yesterday, the price was Rs 150,300.
Last week, the price of gold dropped significantly, falling by 18,000 rupees per tola in just two days.
The price of silver has also increased today by Rs 20 per tola, reaching Rs 1,865. Yesterday, the price of silver was Rs 1,845 per tola.
Following the government’s reduction of customs duties, the prices of gold and silver had previously seen a sharp decline.
Nepal SBI Bank proposes 10.65% dividend
Nepal SBI Bank Limited (SBI) has announced a proposed dividend of 10.65% for the fiscal year 2080/81.
During the 521st board meeting held on Tuesday, it was decided to offer a 10.65% dividend based on the paid-up capital of Rs. 10.12 billion.
This includes 3.8% in bonus shares and 6.85% in cash dividends (inclusive of tax).
The dividend distribution is contingent upon approval from the central bank and ratification at the bank’s upcoming 31st Annual General Meeting (AGM).
Shree Investment Finance proposes 1.9641% dividend
Shree Investment Finance Company Limited (SIFC) has proposed a 1.9641% dividend totaling Rs. 1.92 Crores for the fiscal year 2080/81.
The proposal was made during the 336th board meeting held on Tuesday, where it was decided to distribute the dividend from the paid-up capital of Rs. 98.16 Crores.
The dividend includes 1.8659% in bonus shares valued at Rs. 1.83 Crores, along with a 0.0982% cash dividend of Rs. 9,64,042.11 (for tax purposes).
The dividend will be distributed following approval from the central bank and ratification at the company’s upcoming AGM.
Upper Tamakoshi Hydropower Project targets resumption by Dec 25
The 456 MW Upper Tamakoshi Hydropower Project, Nepal’s largest operating hydropower facility, aims to resume electricity generation by December 25 following extensive damage caused by landslides on September 27 and 28.
The Nepal Electricity Authority (NEA) announced that maintenance of the left desander is prioritized, with tasks including repairing damaged slopes and grouting cracks in the culvert walls and ceilings.
(Prepared by Srija Khanal)
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