KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
On the first trading day of the week, the Nepal Stock Exchange (NEPSE) saw a modest increase of 4.98 points, closing at 2,753.76 points, following a gain of 13.95 points in the previous session.
The trading day displayed moderate volatility, with the index fluctuating between 2,748.29 and 2,788.12 points, and a total of 24,426,900 shares traded, resulting in a turnover of Rs. 11.72 billion, indicating strong investor engagement.
In a separate development, Nepal Telecom (NT) launched a robotic assistant named “Maina” to enhance customer service and alleviate the workload of staff managing 200-300 daily visitors.
The Nepal Rastra Bank (NRB) released a report highlighting the prevalence of cyber-enabled fraud, particularly among students, while Nabil Bank announced a 10% cash dividend for its shareholders ahead of its 40th AGM on 27th Mangsir.
Additionally, IME Limited scheduled its 24th AGM for 24th Mangsir, which will address key issues such as dividend distribution and the proposal for an Initial Public Offering (IPO).
NEPSE rises by 4.98 points on week’s opening trading day
The Nepal Stock Exchange (NEPSE) finished on Sunday at 2,753.76 points, marking an increase of 4.98 points or 0.18% on the first trading day of the week.
The slight increase of 4.98 points in the NEPSE index, bringing it to 2,753.76 points, indicates a stable start to the week following a more substantial gain of 13.95 points in the previous trading session.
The trading day exhibited moderate volatility, with the index fluctuating between 2,748.29 and 2,788.12 points, suggesting a cautious but active market.
The total volume of 24,426,900 shares traded across 326 companies and a turnover of Rs. 11.72 billion reflect robust investor engagement.
Notably, Ngadi Group Power Ltd. led the market with a turnover of Rs. 45.17 crores, closing at Rs. 571, signaling strong interest in this stock and contributing positively to the overall market performance.
This consistent trading activity could indicate investor optimism as the market begins the new week.
NT launches robotic service to augment customer support
Nepal Telecom (NT) has made a significant step forward in customer service by launching a new robotic assistant named “Maina” at its Sundhara office.
This initiative aims to address the challenges of handling a daily influx of 200-300 customers with a limited workforce. By implementing this demo version of the robot, NT seeks to alleviate the pressure on staff and enhance operational efficiency.
Maina is programmed to assist with general inquiries and can respond to over 600 questions related to NTC services, thereby streamlining customer interactions.
The robot’s bilingual capabilities in English and Nepali further broaden its accessibility, making it an inclusive tool for a diverse customer base.
Mostly students found responsible for cyber-enabled fraud: NRB report
The Nepal Rastra Bank (NRB) released its Strategic Analysis Report 2024, highlighting the prevalence of cyber-enabled fraud, particularly among students aged 18 to 24.
This report, presented to the government, provides a comprehensive overview of methods and trends related to cyber fraud and the laundering of assets obtained through these crimes, in accordance with the Anti-Money Laundering Act.
The findings indicate that many fraudulent activities, including scams related to gifts, online platforms, OTP fraud, and lottery schemes, occur shortly after account openings.
The report also discusses the misuse of social media and payment systems in these frauds and offers recommendations for informant institutions, law enforcement, and regulatory bodies to combat and reduce such cyber-enabled crimes.
Nabil Bank announces book closure for 10 percent cash dividend
Nabil Bank Limited (NABIL) has announced the date for its 40th Annual General Meeting (AGM) to be held on 27th Mangsir, 2081, with a book closure set for Mangsir 10.
This timeline is crucial for shareholders, as those registered before the closure date will be eligible to receive a 10% cash dividend for the fiscal year 2080/81 and participate in the AGM.
The board of directors made this decision during their 668th meeting, which took place on Kartik 13, and the proposed dividend will be distributed based on a paid-up capital of Rs. 27.05 Arba. This move reflects Nabil Bank’s commitment to rewarding its shareholders, providing a positive outlook on the bank’s financial performance and operational stability.
IME Limited schedules AGM
IME Limited has scheduled its 24th Annual General Meeting (AGM) for 24th Mangsir, 2081, at the Company Register’s office in Panipokhari, Kathmandu.
The AGM will cover several important agendas, including the endorsement of the company’s annual report and the auditor’s report for the fiscal year 2080/81, which includes profit and loss statements, financial reports, and cash flow statements.
Additionally, the meeting will address the appointment of auditors for the upcoming fiscal year 2081/82 and their remuneration.
Shareholders will participate in the election of the board of directors and discuss the distribution of dividends.
Another key agenda item is the proposal to issue an Initial Public Offering (IPO) to the general public, along with necessary amendments to the company’s rules and regulations.
Energy Ministry Implements ‘Contingency Expenditure Work Procedure’
The government has implemented the ‘Contingency Expenditure Work Procedure, 2081’ to manage temporary human resources required for monitoring, supervision, operations, and consulting services related to construction projects.
Minister for Energy, Water Resource and Irrigation, Deepak Khadka, enacted the work procedure following a ministerial decision. The Ministry endorsed this procedure on November 17.
A task force led by Joint Secretary Indira Dahal developed the work procedure.
(Prepared by Srija Khanal)
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