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 slight gain, rising by 1.86 points (0.06%) to close at 2,685.73, with a total turnover of Rs. 8.71 billion.
The finance sector led the charge with a 1.56% increase. Meanwhile, commercial banks mostly kept their interest rates steady, though a few made adjustments.
Gold prices dropped sharply after a brief increase, while Nepal Micro Insurance allocated shares to migrant workers. Soaltee Hotel saw a notable 14.65% rise in net profit, whereas Nepal Telecom experienced a 32.97% decline in its net profit.
Additionally, Nepal and India reached a significant milestone with an agreement on cross-border transmission lines, which will facilitate the export of 15,000 MW of electricity by 2035.
NEPSE sees small gain, finance sector up 1.56%
The Nepal Stock Exchange (NEPSE) saw a modest increase on Wednesday, rising by 1.86 points (0.06%) to settle at 2,685.73, following a previous gain of 6.54 points.
The trading session began at 2,687.17, with the index fluctuating between a peak of 2,697.41 and a low of 2,679.78.
Total turnover for the day amounted to Rs. 8.71 billion, with 15,520,559 shares traded across 307 companies in 82,850 transactions.
Most commercial banks keep interest rates steady
Nepal’s commercial banks have announced their interest rates for Falgun, effective from Falgun 1, with the majority maintaining the same rates as the previous month.
Global IME Bank has raised its fixed deposit (FD) rates by 0.25 percentage points for both individual and institutional deposits.
In contrast, Citizens Bank International has reduced its institutional FD rates by 0.40%, while Laxmi Sunrise Bank has cut its individual FD rates by 0.25%. Other commercial banks have kept their FD rates unchanged.
Gold price plummets after three-day increase
After a steady rise over the past three days, the price of gold has experienced a sharp decline today (Wednesday).
The Nepal Gold and Silver Dealers Federation reports that gold has dropped by 2,700 rupees per tola, now priced at 167,500 rupees, down from 170,200 rupees yesterday.
Additionally, the price of silver has decreased by 15 rupees per tola today, now standing at 1,930 rupees per tola.
Nepal Micro Insurance allocates 225,000 shares to migrant workers
Nepal Micro Insurance Company Limited has allocated 225,000 ordinary shares to Nepali migrant workers who have received government labor approval.
These shares are part of the company’s total offering of 2,250,000 ordinary shares, which constitutes 30% of its issued capital amounting to Rs. 75 crores. The share issuance period ran from Magh 8 to Magh 22, 2081.
Soaltee Hotel reports 14.65% growth in net profit
Soaltee Hotel Limited (SHL) has posted a net profit of Rs. 30.17 crores for the second quarter (Q2) of fiscal year 2081/82, reflecting a 14.65% increase from Rs. 26.31 crores during the same period last year.
The company also saw a significant revenue boost of 16.06%, reaching Rs. 1.21 billion in Q2 2081/82, compared to Rs. 1.05 billion in Q2 2080/81.
Total expenses for the quarter amounted to Rs. 84.88 crores, while finance expenses dropped by 25.32%, totaling Rs. 2.66 lakhs.
Nepal Telecom sees 32.97% drop in net profit in Q2 2081/82
Nepal Telecom (NTC) has reported a net profit of Rs. 2.63 billion for the second quarter (Q2) of fiscal year 2081/82, a decrease of 32.97% from Rs. 3.93 billion in the same period last year.
The company’s operational revenue reached Rs. 17 billion, showing a slight decline of 1.40% from Rs. 17.24 billion in Q2 2080/81.
Additionally, other income dropped significantly by 38.11%, falling to Rs. 2.51 billion from Rs. 4.06 billion.
Nepal, India finalize modalities for cross-border transmission line
Nepal and India have agreed on the construction modalities for cross-border transmission lines, paving the way for exporting 15,000 MW of electricity from Nepal to India and Bangladesh by 2035.
The agreement was reached at a secretary-level meeting in New Delhi on Tuesday, where Nepal’s Energy Secretary Suresh Acharya and India’s Power Secretary Pankaj Agrawal signed a memorandum of understanding.
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