KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Ncell is now a public company
Ncell, a telecommunication service provider company, has been transformed into a public company.
Ncell Pvt. Ltd. will now be recognized as Ncell Axiata Limited (NAL), and all its operations will be carried under the NAL.
The transformation has been made pursuant to Article 13 (1) of the Companies Act 2063, which has a provision of transforming a private limited company into a public company if its paid-up capital is above Rs. 5 crores.
It should be noted that Ncell’s paid-up capital is Rs 10 crores. With this, the Ncell can issue its shares to the public by selling up to 20 percent of its shares to the public.
While Axiata owns 80 percent of the Ncell, Bhavana Singh Shrestha owns the remaining 20 percent.
NEPSE plunges 21.20 points to close at 1,382.66 on Wednesday
KATHMANDU: The Nepal Stock Exchange (NEPSE) on Wednesday closed in red with 21.20 points loss in the index from the previous close.
The market closed at 1,382.66 levels, which is an overall decline of 1.61 percent.
On Wednesday, a total of 3,447,765 shares amounting to Rs. 1,233,963,934 in the turnover amount, were traded.
Meanwhile, the Nepal Reinsurance Company Limited had the highest turnover of Rs. 13.61 crores. It closed at a market price of Rs. 576 per share.
15% bonus share of Soaltee Hotel Limited listed on NEPSE
KATHMANDU: The Nepal Stock Exchange Limited (NEPSE) has issued a notice informing the listing of bonus shares of Soaltee Hotel Limited.
According to the notice, as much as 1,09,90,436 units bonus shares of Soaltee Hotel Limited has been listed in NEPSE for regular trading.
The company had earlier issued a 15 percent bonus shares for the FY 2075/76.
4,28,153 apply for IPO of NRN Infrastructure
The NRN Infrastructure and Development Limited closed its issue of 33,98,046 units ordinary shares worth Rs 33.98 crore to the general public Wednesday.
It had opened its issue since Shrawan 16, 2077.
Among the offered 33,98,046 units, around 67,961 units were set aside for the employees of the company, which is 2 percent of the total offered shares.
Likewise, 1,69,902 units were set aside for the mutual funds which is 5 percent of the total offered shares.
The remaining 31,60,183 units have been kept aside for the general public.
Most industries, businesses will collapse if lockdown continues: NRB
A survey conducted by the Research Department at Nepal Rastra Bank (NRB), almost all industries and businesses will collapse if lockdown is re-imposed in the country.
Most of the industries and businesses have been forced to shut down. The report forecast that it will take about 9 months to bring back the businesses to the normal stage.
If the lockdown is re-imposed, industries and businesses that could return to normalcy in nine months will not be able to recover again, the report said.
During the lockdown, around 96.7 percent of the surveyed industries/businesses reported an average decline of 73.8 percent in production/turnover compared to the normal period.
The fact that the average power consumption of electricity has decreased by 83.9 percent used by industries/businesses.
The decline in the production/turnover of many industries and businesses shows a significant decline in economic activities, the survey report said.
(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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