Tuesday, December 10th, 2024

Economic Digest: Nepal’s Business News in a Snap


12 November 2024  

Time taken to read : 6 Minute


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KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.

The Nepal Stock Exchange (NEPSE) saw a positive movement on Monday, rising by 22.14 points (0.80%), closing at 2,760.21, following a significant gain in the previous session.

The market saw a total turnover of Rs. 11.31 billion, with 24.5 million shares exchanged across 302 companies. This uptick in stock market activity suggests continued investor confidence, bolstered by positive market sentiment and liquidity.

Meanwhile, the price of gold in Nepal dropped by Rs. 1,000 per tola, mirroring trends in the global precious metals market, while silver also saw a slight decrease.

On the infrastructure front, Qatar Airways’ entry into the Bhairahawa market strengthens the region’s aviation connectivity, enhancing its status as a growing international hub.

Similarly, Arun Valley Hydropower reported impressive financial results with a net profit surge of over 720%, signaling a thriving energy sector.

As Nepal’s tourism sector grows, Tilicho Lake has become a hotspot for domestic tourists, with better access and improved weather conditions driving increased visits.

Despite a policy shift by India to ease rice exports, prices in Nepal remain high, with expectations of stabilization during the upcoming harvest season.

NEPSE rises by 22.14 points on Monday

The Nepal Stock Exchange (NEPSE) ended the trading day on a positive note, rising by 22.14 points (0.80%) to close at 2,760.21, following a significant gain of 62.54 points in the previous session.

The index opened at 2,740.12 points and fluctuated between a low of 2,734.41 and a high of 2,782.43.

A total of 24,557,153 shares from 302 companies were exchanged in 113,964 transactions, with an overall turnover of Rs. 11.31 billion.

Price of gold drops by Rs 1,000 per tola

The price of gold in Nepal dropped by Rs 1,000 per tola on Monday, moving from Rs 166,000 to Rs 165,000 per tola.

This decline reflects a decrease in the domestic market value of hallmark gold, as reported by the Federation of Nepal Gold and Silver Dealers’ Association.

In addition to the drop in gold prices, the price of silver has also decreased by Rs 5 per tola, now priced at Rs 1,955 per tola.

While this change is less pronounced than the gold price drop, it still reflects a broader trend in the precious metals market. Price fluctuations in both gold and silver often mirror shifts in economic conditions, such as inflation rates or changes in the global financial outlook.

Qatar Airways to begin operations from Bhairahawa

Qatar Airways’ decision to begin operations from Gautam Buddha International Airport (GBIA) in Bhairahawa marks a significant milestone for the region’s aviation sector.

Starting Tuesday, the airline will offer daily flights connecting Doha, Bhairahawa, and Kathmandu, expanding the international connectivity of the airport.

This move increases the total number of airlines providing regular international services from GBIA to five, joining Nepal Airlines, Jazeera Airways, FlyDubai, and Thai AirAsia.

The addition of Qatar Airways, known for its extensive global network, enhances the airport’s appeal as a hub for international travelers and signals growing confidence in the region’s infrastructure and tourism potential.

Arun Valley Hydropower’s Net Profit Surges Over 720% in Q1 2081/82

Arun Valley Hydropower Development Company Limited (AHPC) reported a remarkable financial performance for Q1 of fiscal year 2081/82, with net profit soaring by 720.51% to Rs. 11.32 crores, up from Rs. 1.38 crores last year.

The company’s paid-up capital doubled to Rs. 3.73 Arba, reserves grew by 231.59%, and its investment portfolio surged by nearly 65%.

Revenue from power sales also saw a dramatic 485.57% increase, rising to Rs. 7.74 crores.

These gains reflect strong financial growth and continued investment in infrastructure.

Tilicho Lake becomes hotspot for domestic tourists

As travel becomes increasingly popular among Nepali citizens, Tilicho Lake in Manang has emerged as a leading destination, drawing a large number of domestic visitors.

Situated at 4,919 meters above sea level, nearly 90% of recent holiday-goers to the lake were from Nepal.

Pema Lama, a hotel owner at Tilicho Base Camp, explained that the rise in Nepali tourists is largely due to improved weather conditions and better access to the area. In response, hotels in Khangsar and Tilicho Base Camp have expanded their facilities to accommodate the growing number of visitors.

As domestic tourism continues to grow, Tilicho Lake remains a top holiday destination.

Rice prices stay high in Nepal despite India’s export policy shift

Despite India lifting its rice export ban and removing export duties over a month ago, rice prices in Nepal remain high.

Most Nepali urban residents rely on fine, long-grain rice imported from India, as local production of these varieties is limited. Traders expect prices to stabilize with the start of the paddy harvest season.

In the past fiscal year, Nepal imported Rs 22 billion worth of rice and paddy, even during India’s export restrictions.

After the ban was lifted on September 27, India set a minimum export price of $490 per ton for non-basmati rice and reduced the duty on parboiled rice exports from 20% to 10%.

Publish Date : 12 November 2024 08:48 AM

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