Saturday, December 7th, 2024

Economic Digest: Nepal’s Business News in a Snap


30 October 2024  

Time taken to read : 5 Minute


  • A
  • A
  • A

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) index rose by 46.69 points, closing at 2,692.05, as investor confidence surged, with 221 companies reporting gains and total trading reaching NPR 6.12 billion.

Concurrently, gold prices soared to an all-time high of Rs 168,500 per tola, reflecting heightened demand for safe-haven assets, while silver prices also increased.

In corporate news, CEDB Hydropower Development Company reported a remarkable 146% revenue growth for Q1 of fiscal year 2081/82, though reserves saw a decline.

Additionally, the Kathmandu Metropolitan City is promoting local flower producers by organizing sales for upcoming festivals, and Minister Balaram Adhikari announced that 6,155 depositors from problematic cooperatives have received full refunds totaling 1.48 billion rupees, although 56,605 depositors are still owed significant amounts.

NEPSE index rises by 46 points

On Tuesday, the Nepal Stock Exchange (NEPSE) index rose by 46.69 points, closing at 2692.05.

The trading session was active, with NPR 6.12 billion in shares exchanged, totaling 13.3 million shares.

A positive market sentiment was evident as 221 companies saw their share prices increase, while only 17 experienced declines.

Notable gainers included Saptakoshi Development Bank, Sanima GIC Insurance, and Kutheli Bukhari Small Hydropower, each rising by 10 percent.

Additionally, Corporate Development Bank shares climbed by 9.98 percent, and Samaj Laghubitta shares rose by 9.18 percent.

Overall, the day’s results reflect strong investor confidence in the market, with only a few companies recording minor declines.

Gold rebounds with record surge as silver prices rise

Gold made a remarkable comeback, soaring to a new all-time high on Tuesday at Rs 168,500 per tola, following a dip earlier in the week.

This surge, an increase of Rs 1,500 in just a day, reflects shifting market dynamics and heightened demand for safe-haven assets amid ongoing economic uncertainties.

In tandem with gold, silver also saw a significant rise, climbing to Rs 2,105 per tola from Rs 2,065.

This upward trend in precious metals not only indicates increasing investor confidence but also highlights broader market trends that could influence future trading.

CEDB Hydropower reports 146% revenue growth

CEDB Hydropower Development Company Limited (CHDC) reported a notable increase in its financial performance for Q1 of fiscal year 2081/82, with net profit rising to Rs. 9.07 crores and revenue up by 146% compared to Q1 of 2080/81.

The company’s paid-up capital grew by 23.21%, reaching Rs. 1.03 Arba from Rs. 83.94 crores the previous year.

However, reserves and surplus fell by 9.39%, down to Rs. 48.60 crores, reflecting a decrease in retained earnings.

Advances saw a rise of 81.26%, totaling Rs. 86.81 crores, while fixed deposit investments slightly declined by 5.08%, from Rs. 18.50 crores to Rs. 17.56 crores.

KMC enourages use of locally-produced flowers

The Kathmandu Metropolitan City (KMC) has taken a step to support local flower producers during the Tihar, Nepal Sambat, and Chhath festivals by organizing sales at 46 locations across the city.

This initiative not only promotes the vibrant local flower industry but also reinforces the importance of using locally sourced materials, as the sale of plastic flowers and decorative items has been banned.

By creating accessible venues in shopping malls, parks, and community centers, KMC aims to enhance the visibility of domestic products.

Building on the success of last year’s efforts, the KMC is focusing on providing better support for flower-selling farmers this season.

6,155 depositors fully refunded in problematic cooperatives: Minister Balaram Adhikari

Minister of Land Management, Cooperatives, and Poverty Alleviation Balaram Adhikari has stated that 6,155 depositors have received full refunds totaling 1.48 billion rupees from problematic cooperatives.

The initiative, managed by the Problematic Cooperative Management Committee, aims to address the financial losses faced by depositors, with an additional 30 million rupees refunded to 438 depositors as partial refunds.

Despite these efforts, Minister Adhikari highlighted that 56,605 depositors are still owed a substantial amount of 38.42 billion rupees.

To expedite the refund process, he indicated that the assets of these troubled cooperatives will be sold, auctioned, or exchanged as necessary to recover funds and settle the outstanding debts to depositors.

(Prepared by Srija Khanal)

Publish Date : 30 October 2024 08:04 AM

NPL: Sudurpaschim sets Lumbini a target of 188 runs

KATHMANDU: Sudurpaschim Royals have set Lumbini Lions a target of

Malekhu elected as President of TSNA Nepal

KATHMANDU: Junu Malekhu has been elected the president of Tourism

South Korean President Yoon apologizes for anxiety over martial law decree

SEOUL: South Korean President Yoon Suk Yeol on Saturday apologized

CPN-UML holding Secretariat meeting on Tuesday

KATHMANDU: Ruling CPN-UML is holding its Secretariat meeting on Tuesday

NPL 2024: Lumbini Vs Sudurpaschim, Karnali Vs Biratnagar today

KATHMANDU: Two matches are being played today under the ongoing