KATHMANDU, July 31 - The Nepal Stock Exchange (NEPSE) Thursday continued its downturn after it fell by 5.48 points.
Majority of the sub indices at NEPSE witnessed a downturn. Finance sector was the only one to gain on the floor by rising 0.81 points. The banking sector lost the most by shedding 7.13 points followed by development bank sector which fell by 7.07 points and the hydropower sector which lost 2.14 points.
The share market witnessed a total turnover of Rs. 82.575 million with 159,384 shares being traded. Shares of 62 companies changed hands on NEPSE.
Among the 21 commercial banks listed on NEPSE, Machhapuchhre Bank posted the biggest growth with its stock rising by 13 points while Everest Bank lost the most on the trading floor by shedding 94 points.
Similarly, Swabala-mbhan Bikas Bank witnessed the highest increase of 62 points among the development banks while Annapurna Bikas Bank dropped 28 points. Among the 23 finance companies, Annapurna Finance Company Limited gained the highest by increasing 39 points. Lumbini Finance lost 113 points.
The top five winners were Swabalambhan Bikas Bank with a 9.89 percent rise in its stock price followed by Annapurna Finance Company Limited, Prabhu Finance, Machha-puchhre Bank Limited and Malika Bikas Bank Limited.
The top five losers on Thursday were Lumbini Finance Limited which fell by 20 percent followed by Annapurna Bikas Bank, Central Finance Company Limited, Everest Bank Limited and Capital Merchant Banking and Finance Limited.
Kantipur Report
Friday, July 31, 2009
NEPSE falls 5.48 points
Nabil, Sunrise prepare to import gold
KATHMANDU, July 31 - With the growing interest of people to invest in gold, an increasing number of banks are starting to deal in the yellow metal as an additional banking product to offer to their customers.
Nabil Bank and Sunrise Bank are preparing to import gold soon while a number of other banks like NIC Bank and Ace Development Bank are already doing so.
Nabil's chief executive officer Anil Shah said that his bank was preparing to import gold within the first quarter of the current fiscal year.
"The bank's board has already decided to go for gold trading, and we are now seeking partners in the Middle and Far East for the purpose," he said.
The bank will bring gold from Dubai as it is the most accessible country for Nepal, said Anupama Khunjeli who oversees the gold trading department at Nabil. "The bank will also give loans against gold," she added.
"There is an increasing trend of investing in gold in Nepal," Shah said. "We want to tap this market."
Sunrise's CEO Kishor Maharjan said his bank was going to import gold within a month. "We are planning to import from 1.5 to 2 tons initially in a year," he said.
He added that there were good prospects for earnings with volume sales although the profit margin was low.
Soaring gold imports during the last two years also show how the gold market in Nepal is expanding.
According to Nepal Rastra Bank statistics, the import of gold soared to Rs. 11.71 billion during the first 10 months of the last fiscal year 2008/09 against Rs. 3.24 billion during the same period in 2007/08. Gold imports in 2006/07 were worth just Rs. 842.4 million
After the government removed gold from its list of prohibited imports on Feb. 16, 2006, financial institutions and other legally registered firms became free to import gold.
The growing tendency of people to purchase gold as a safe investment is mainly responsible for the rise in import, said bankers.
Bijaya Satyal, chief executive officer of Commodities and Metal Exchange Nepal (COMEN) said that there were about 2,000 committed gold investors in COMEN. "The number is expected to grow by 20 percent every year," he said.
COMEN is a paper gold market where trading is done with no yellow metal being physically transferred between the traders. According to Satyal, more than 100 kg of paper gold is traded daily at COMEN. According to gold dealers, about 25 percent of the imported gold is used for investment purposes while the rest is used to make jewelry.
Ace Development Bank CEO Siddhant Raj Pandey said that his bank had been importing gold for a year for trading on the paper gold market. He added that about 300 kg of gold had been traded during the year from Ace.
Tej Ratna Shakya, president of the Nepal Gold and Silver Dealers Association, said that growing competition in importing the yellow metal would make the market competitive which would benefit all including retailers like him.
Euro rises against dollar
LONDON: The euro rose against the dollar on Friday but gains were capped ahead of crucial US economic growth data and after news of a record drop in eurozone inflation.In late morning London trade, the European single currency rose to 1.4096 dollars from 1.4063 dollars in New York late on Thursday.Against the Japanese currency, the dollar firmed to 95.65 yen from 95.51 yen late Thursday.The first estimate of US gross domestic product (GDP) for the April-June quarter will be closely scrutinised for a lead on how the economy in the recession-hit United States is faring.Analysts expect the report to show a contraction of 1.5 percent annualised, which would be a major improvement after the 5.5 percent slide in the first quarter. The data is slated for release at 1230 GMT."Today, markets are going to focus on the publication of the US second-quarter GDP," said Commerzbank analyst Ulrich Leuchtmann."Expectations are that we will see a notable improvement on the first quarter, while the figure will remain negative. It is unclear what effects any deviations from this expectation would have on euro/dollar."Meanwhile, the foreign exchange market digested news of tumbling inflation in the eurozone.Consumer prices in the 16 euro countries fell a record 0.6 percent in July over one year, after dropping for the first time last month, according to an official EU estimate Friday."Euro area annual inflation is expected to be (minus) 0.6 percent in July 2009 according to a flash estimate," the European Union's Eurostat data agency said in a statement. The figure was minus 0.1 percent in June.After hitting a record high of 4.0 percent in June and July 2008, eurozone inflation has fallen sharply as oil and other commodity prices have collapsed in the face of the global economic downturn.Most economists had expected that eurozone inflation would dip briefly into negative territory but have ruled out a longer Japanese-like bout of deflation, a pernicious downward spiral in prices.While the prospect of falling prices may delight consumers, deflation can wreak havoc on the broader economy as households put off purchases in hope of getting a better bargain in the future, undermining demand and in turn investment in new production.In London on Friday, the euro was changing hands at 1.4096 dollars against 1.4063 dollars late on Thursday, at 134.80 yen (134.33), 0.8519 pounds (0.8527) and 1.5338 Swiss francs (1.5302).The dollar stood at 95.65 yen (95.51) and 1.0883 Swiss francs (1.0876).The pound was at 1.6544 dollars (1.6489).On the London Bullion Market, the price of gold edged up to 935.05 dollars an ounce from 932.50 dollars an ounce late on Thursday.
Thursday, July 30, 2009
5 finance institutions ready for merger
The merger of five financial institutions, which have been permitted by the Nepal Rastra Bank, has reached final stage.
Himchuli Development Bank of Pokhara, Mahalaxmi Finance of Birgunj, Butwal Finance of Butwal and Siddhartha Finance of Bhairahawa have been permitted to merge with each other.The financial institutions have applied for upgrade by presenting Rs 2.1 billion paid capital. All process for the merger has been completed and documents have been sent to NRB for final approval, said Himchuli Development Bank's chairman Sushil Raj Parajuli.
The details of all institutions have been received to issue rights shares for merger, he said. He said rights sharea will be issued soon and the merger process will complete by Dashain. Each of the institute will contribute Rs 420 million.
Kantipur report
Chilime at the verge of closure
The Chilime Hydropower Company Limited, a project acclaimed as an exemplary model of hydropower in Nepal, has fallen into a new debate over its resource ownership and benefit sharing between the locals and the project promoters.
With this dispute, the project is now on the verge of closure.
The typical project, which was developed by Nepalese engineers and technicians, has fallen into controversy after it announced the allotment of Public Initial Offerings (IPOs).
A case regarding this has been under consideration at the Supreme Court. The local people and different organizations have claimed the ownership of the project and created obstructions in the operation of the project.
In an effort to address the burning issues related to the project, the Chilime Hydropower Project organized an interaction with the concerned stakeholders with top level government officials, energy experts and project promoters.
Prem Tamang, member of the Constituent Assembly from the Rasuwa district, said that ensuring locals’ ownership of the project should be a top priority.
Tamang suggested that the project should ensure 50 per cent ownership of the locals, who had given their land, water and resources to the project.
He claimed that the government’s ambitious plan to generate 25,000 MW power within 25 years was possible but the level of confidence of the state and project developers was getting low. “Politics in water is lessening the potential of power development in Nepal,” he claimed.
Ratna Sansar Shrestha, an energy expert, blamed that the increasing public attraction towards the Chilime shares was leading the project to controversy. “The project should ensure the locals’ rights first,” he said.
Laxmi Devkota, former member of the National Planning Commission (NPC), asked the government to be honest toward the development of any hydropower project.
“There is a need for the formation of a task force comprising of locals, journalists, policy makers and other stakeholders to identify issues with their dimensional analysis regarding the benefit sharing and project ownership,” Devkota added.
Dr. Govinda Nepal, another energy expert, pointed out that revenue sharing, providing development funds to locals, equity sharing and exemption of power tariff were the common practices of developing hydropower. “In this context, the project should ensure a minimum of 10 per cent shares for the locals.”
He said that the locals and the Chilime management should join hands to pressurize the government to amend the existing rules and regulation. “Obstructing the project will not be an ultimate solution,” he added.
Shankar Prasad Koirala, Secretary of the Ministry of Energy, emphasized the need for building a national consensus for the development of hydropower in the country.
Koirala said that the government was mulling over new provision that would ensure rights of the local people.
He said that providing a 10 per cent share to locals, distributing free electricity to them and ensuring employment opportunity for them was a positive indicator of power development in the future.
“Similarly, the tax exemption in electro-mechanic equipment and developing transmission line will give a boost to the development of power sector,” he said.
Dr. Prakash Sharan Mahat, Minister of Energy, said that the government had allocated Rs.14.69 billion for the development of power and energy.
He said that there was a huge attraction among investors toward hydropower sector in recent times. “This should be tapped well,” he said.
There should be a win-win situation to balance the investor’s investments and ensure the fundamental rights of the locals as resource owners, he said.
The 22-MW project, which lies 150 kilometers north of the capital, is the first of its kind built wholly by the Nepalese engineers.
This is one of the cheapest projects ever built in Nepal with a total cost of Rs.2.32 billion. Construction work of the project was started in 1995.
Chilime is producing 130.7 million unit of electricity annually and per unit costs Rs.2.19. Nepal Electricity Authority (NEA) pays Rs.3.00 per unit. The price will increase 8 per cent annually for 12 years.
Excel Development Bank: Right Share Issue Closing
Excel Development Bank Ltd. is closing its extended right share issue date on 23 Shrawan 2066 (7th Aug 2009)
Kaski Finance: Book Closure
Kaski Finance Ltd is closing its book on 28 Shrawan 2066 (12 Aug 2009) for issuance of 1:2 right share
Gorkha Finance: 4th Quarter Financial Report (2065/66)
Gorkha Finance Ltd.has posted Rs. 9.974 million net profit (unaudited figure) for the 4th quarter of fiscal year 2065/66
Central Finance: 4th Quarter Financial Report (2065/66)
Central Finance Co. Ltd. has posted Rs. 29.272 million net profit (unaudited figure) for the 4th quarter of fiscal year 2065/66
Sewa Bikash Bank: 4th Quarter Financial Report (2065/66)
Sewa Bikash Bank Ltd. has posted Rs. 10.039 million net profit (unaudited figure) for the 4th quarter of fiscal year 2065/66
NDB liquidation: Court appoints probe officer
KATHMANDU, July 30 - Patan Appellate Court has appointed Chartered Accountant Tirtha Raj Updhyaya as an investigating officer to advise whether or not Nepal Development Bank (NDB) should be liquidated.
A division bench of justices Mohan Prasad Ghimire and Dinesh Kumar Karki on Wednesday gave Upadhaya a three-month timeline to submit his report. The investigating officer is expected to start his work within the next three days.
As per the insolvency act such a report is critical before taking any decision to liquidate any financial institution.
This is the first time the court has appointed an investigation officer as per insolvency act. It is the first ever instance of any financial institution being taken to court for liquidation.
The court however hasn't decided on the Nepal Rastra Bank (NRB)'s plea to pay off the money belonging to ordinary depositors. NDB has deposits worth around Rs. 190 million of ordinary depositors. Since NDB has deposits in other financial institutions, NRB has been trying to get back that money to the ordinary depositors.
Nepal Rastra Bank (NRB) had registered an application at the Patan Appellate Court on July 3, seeking liquidation of crisis-ridden Nepal Development Bank (NDB).
On the basis of the investigation officer's report if the court gives an order to liquidate the bank, the company registrar will appoint a liquidator to proceed with the liquidation process. The liquidator after comprehensive evaluation, will sell off the bank assets. The money received from selling is used to pay back the depositors and creditors of the bank.
The Bank and Financial Institution Act (BAFIA) has given first priority to ordinary depositors after the liquidator's expenses followed by fixed depositors and then only other types of depositors.
But there is slim chance that institutional depositors of the bank, Nepal Army and the Employees' Provident Fund (EPF) will get their money back. The Army and the EPF have deposited Rs. 331 million and Rs. 180 million in NDB, respectively.
The central bank has already told that common people who have invested their money to buy the rights shares of the bank, will get their money back. The common depositors had invested Rs. 81 million for the such shares.
Kantipur Report
NEPSE continues to fall
The share market witnessed a total turnover of Rs. 104.328 million with 152,799 shares being traded. Shares of 62 companies changed hands on NEPSE. Similarly, among the 17 development banks whose shares were traded on NEPSE on Wednesday, Swabhalambhan Bikas Bank witnessed the highest increase of 46 points while Infrastructural Develop-ment Bank dropped 23 points. Among the 18 finance companies on NEPSE, Prabhu Finance was the highest gainer with an increase of 26 points in its share price. Narayani Development Bank lost 38 points.
The top five winners on NEPSE were Prabhu Finance with a 3.94 percent rise in its stock price followed by Swabhalambhan Bikas Bank, ICFC Financial Institution, Standard Finance and Lord Buddha Financial Institution.
Similarly, the top five losers on Wednesday were Narayani Development Bank which fell by 12.75 percent followed by Lumbini Bank, Annapurna Finance Company, Bishal Bazaar Company and
Nepal Development and Employment Promotion Bank. Citizens Bank International topped the chart in terms of turnover with Rs. 13.762 million.
Kantipur
NEPSE Today's Share Price - As of 2009-07-30
S.No. | Traded Companies | No.of Transaction | Max. Price | Min. Price | Closing Price | Total Share | Amount | Previous Closing | Difference Rs. |
1 | 18 | 460 | 427 | 427 | 1,350 | 606,965 | 455 | -28 | |
2 | 1 | 550 | 550 | 550 | 98 | 53,900 | 560 | -10 | |
3 | 65 | 959 | 900 | 959 | 7,676 | 7,103,942 | 920 | 39 | |
4 | 3 | 580 | 580 | 580 | 5,000 | 2,900,000 | 580 | 0 | |
5 | 19 | 640 | 635 | 635 | 311 | 197,660 | 635 | 0 | |
6 | 4 | 635 | 635 | 635 | 400 | 254,000 | 629 | 6 | |
7 | 94 | 575 | 560 | 575 | 4,640 | 2,618,530 | 565 | 10 | |
8 | 20 | 1,715 | 1,692 | 1,700 | 1,680 | 2,854,291 | 1,720 | -20 | |
9 | 24 | 880 | 851 | 856 | 1,148 | 992,460 | 873 | -17 | |
10 | 2 | 510 | 500 | 500 | 100 | 50,500 | 520 | -20 | |
11 | 1 | 1,170 | 1,170 | 1,170 | 100 | 117,000 | 1,176 | -6 | |
12 | 3 | 650 | 637 | 637 | 228 | 146,757 | 657 | -20 | |
13 | 113 | 672 | 656 | 670 | 6,500 | 4,341,570 | 670 | 0 | |
14 | 3 | 2,475 | 2,430 | 2,430 | 100 | 244,104 | 2,524 | -94 | |
15 | 7 | 890 | 890 | 890 | 70 | 62,300 | 890 | 0 | |
16 | 12 | 562 | 550 | 554 | 630 | 349,040 | 566 | -12 | |
17 | 1 | 541 | 541 | 541 | 100 | 54,100 | 550 | -9 | |
18 | 1 | 600 | 600 | 600 | 11 | 6,600 | 600 | 0 | |
19 | 3 | 1,731 | 1,720 | 1,720 | 381 | 655,628 | 1,750 | -30 | |
20 | 20 | 522 | 505 | 518 | 2,754 | 1,413,202 | 516 | 2 | |
21 | 37 | 502 | 480 | 484 | 3,260 | 1,593,030 | 493 | -9 | |
22 | 8 | 576 | 564 | 570 | 2,882 | 1,645,004 | 567 | 3 | |
23 | 6 | 1,000 | 970 | 1,000 | 1,163 | 1,137,710 | 989 | 11 | |
24 | 1 | 515 | 515 | 515 | 15 | 7,725 | 525 | -10 | |
25 | 37 | 890 | 881 | 890 | 450 | 397,190 | 878 | 12 | |
26 | 24 | 820 | 803 | 810 | 2,331 | 1,898,270 | 831 | -21 | |
27 | 5 | 373 | 369 | 370 | 790 | 292,410 | 366 | 4 | |
28 | 13 | 488 | 480 | 487 | 300 | 144,750 | 479 | 8 | |
29 | 63 | 909 | 839 | 908 | 9,361 | 8,042,442 | 927 | -19 | |
30 | 3 | 820 | 810 | 820 | 62 | 50,580 | 810 | 10 | |
31 | 2 | 448 | 448 | 448 | 175 | 78,400 | 561 | -113 | |
32 | 95 | 429 | 415 | 427 | 12,036 | 5,070,155 | 418 | 9 | |
33 | 4 | 448 | 435 | 448 | 1,549 | 678,114 | 435 | 13 | |
34 | 5 | 427 | 418 | 422 | 1,210 | 508,970 | 410 | 12 | |
35 | 1 | 282 | 282 | 282 | 480 | 135,360 | 278 | 4 | |
36 | 1 | 268 | 268 | 268 | 15 | 4,020 | 263 | 5 | |
37 | 13 | 4,750 | 4,690 | 4,730 | 862 | 4,055,125 | 4,750 | -20 | |
38 | 104 | 392 | 347 | 360 | 28,684 | 10,461,323 | 357 | 3 | |
39 | 11 | 341 | 325 | 338 | 3,810 | 1,256,770 | 330 | 8 | |
40 | 22 | 394 | 385 | 385 | 1,730 | 676,340 | 402 | -17 | |
41 | 29 | 91 | 88 | 90 | 37,530 | 3,346,200 | 90 | 0 | |
42 | 34 | 1,254 | 1,201 | 1,220 | 5,314 | 6,450,649 | 1,250 | -30 | |
43 | 11 | 1,090 | 1,075 | 1,090 | 1,946 | 2,100,040 | 1,100 | -10 | |
44 | 4 | 490 | 488 | 488 | 572 | 279,236 | 490 | -2 | |
45 | 2 | 299 | 299 | 299 | 150 | 44,850 | 294 | 5 | |
46 | 4 | 570 | 570 | 570 | 400 | 228,000 | 575 | -5 | |
47 | 2 | 428 | 428 | 428 | 100 | 42,800 | 420 | 8 | |
48 | 3 | 706 | 697 | 706 | 60 | 42,000 | 684 | 22 | |
49 | 100 | 489 | 475 | 482 | 2,570 | 1,232,540 | 475 | 7 | |
50 | 1 | 721 | 721 | 721 | 20 | 14,420 | 726 | -5 | |
51 | 3 | 700 | 688 | 690 | 324 | 224,100 | 700 | -10 | |
52 | 4 | 1,860 | 1,840 | 1,851 | 232 | 429,284 | 1,860 | -9 | |
53 | 7 | 970 | 962 | 962 | 352 | 340,015 | 973 | -11 | |
54 | 1 | 289 | 289 | 289 | 10 | 2,890 | 284 | 5 | |
55 | 11 | 5,730 | 5,700 | 5,700 | 415 | 2,366,544 | 5,749 | -49 | |
56 | 7 | 306 | 294 | 300 | 1,340 | 398,550 | 306 | -6 | |
57 | 33 | 780 | 761 | 780 | 940 | 724,010 | 770 | 10 | |
58 | 12 | 330 | 322 | 322 | 1,741 | 567,319 | 325 | -3 | |
59 | 4 | 705 | 699 | 700 | 60 | 42,040 | 686 | 14 | |
60 | 13 | 689 | 639 | 689 | 590 | 390,982 | 627 | 62 | |
61 | 6 | 750 | 745 | 745 | 120 | 89,450 | 740 | 5 | |
62 | 5 | 410 | 402 | 410 | 156 | 63,000 | 410 | 0 |
| Total Traded Amount Rs.: | 82,575,156 |
| Total Traded Shares: | 159,384 |
| Total Transactions: | 1,165 |
Commercial banks reduce NPA
KATHMANDU: The Non-Perfoming Assets (NPA) of commercial banks have come down. NPA is one of the key indicators that gaue the financial strength of any bank or financial institution.“By the end of the fiscal year 2006-07, the NPA of A-class commercial banks was 10.3 per cent, which came down to 6.3 per cent by the end of the fiscal year 2007-08,” said the Monetary Policy 2009-10.The NPA decreased to 4.9 per cent by April 13, 2009, according to the unaudited report of the commercial banks.Of the total 25 commercial banks then, except three government and semi-government commercial banks — Nepal Bank Ltd (NBL), Rastriya Banijya Bank (RBB) and Agriculture Development Bank Ltd (ADBL) — 22 commercial banks’ NPA is at 2.4 per cent, the eighth Monetary Policy said. NBL and RBB — by the end of the fiscal year 2007-08 — had 12.4 per cent and 21.7 per cent NPA respectively. They further reduced their NPA to 8.6 per cent and 18 per cent respectively by April 13, 2009. They have succeeded in reducing the NPA under the Financial Sector Reform Programme which had categorically said them to reduce the NPA.However, the number of commercial banks, development banks and finance companies has also increased. Currently, there are 26 commercial banks, 63 development banks, 78 finance companies, 12 micro-finance companies — making it a grand total of 173 banks and financial companies.By April 13, 2009 — the end of fiscal year 2008-09 — the total number of branches of commercial banks also increased to 681 from 555. Within six months, 126 new branches of commercial banks were added, according to the policy that has stated that regionwise the branches of commercial banks stood at 127 in Eastern Development Region, 337 in Central Development Region, 135 in Western Development Region, 51 in Mid-Western Development Region and 31 in Far-Western Development Region.Though commercial banks claim that they are moving towards rural areas, their reach through branches is less in the hilly region. According to the report, the populace in Western Development Region has little access to commercial banks. “The urban-centric banks should go to rural areas,” NRB governor Bijaya Nath Bhattarai said during his reinstating ceremony the other day.
What is NPA?
KATHMANDU: Non-Performing Assets (NPA) is a classification used by financial institutions that refer to loans in jeopardy of default. Once the borrower has failed to make the interest or principal payments for 90 days the loan is considered NPA and also known as Non-Performing Loan (NPL). Non-performing assets are problematic for financial institutions since these institutions depend on interest payments for income. Troublesome pressure from the economy can often lead to a sharp increase in financial institutions’ NPA and often results in massive write-downs. — HNS
Wednesday, July 29, 2009
Nepse dips by 7.56 points
KATHMANDU, July 29: After gaining more than 22 points in a single day, Nepal Stock Exchange (Nepse) suffered loss on two consecutive days. The benchmark Nepse shed 1.04 percent or 7.56 points to close at 721.49 points on Wednesday, a day after the loss of 1.59 points.Analysts say the loss in Nepse is normal after the significant gain -- a common phenomenon being seen in stock markets.The Nepse recorded decline with all sectoral sub-indices declining during the trading session. Banking, the key trading sector in country´s secondary share market, saw its sub-index´s drop by 10.75 points to end 759.46 points.Banking sector suffered loss with share values of Narayani Audyogik Bikash Bank Ltd, Nepal Development and Employment Promotion Bank and Lumbini Bank going down during the trading. Similarly, trading and development bank groups dipped by 10.8 points and 2.02 points to finish at 279.55 points and 755.64 points respectively.Hydropower and finance groups also saw their sub-indices plummet by 2.09 points and 1.35 points to end 979.33 points and 691.79 points respectively. Similarly, others group also shed 5.87 points to finish at 675.56 points.The Sensitive Index, that calculates the performance of Category ´A´ company, also lost 2.68 points to 192. 49 points at the end of the trading. Float index, which represent the prices of ordinary shares in the market, dropped by nominal 0.7 points to 69.59 points. Total turnover reached to 104.32 million with 152,799 units of shares traded through 1,271 transactions.
AC appoints Upadhyaya to report on NDB
KATHMANDU, July 29: The Appellate Court (AC) on Wednesday appointed chartered accountant Tirtha Raj Upadhyaya to reassess the financial status of Nepal Development Bank (NDB) and submit a report to the court within three months in order to facilitate it take decision on Nepal Rastra Bank´s (NRB´s) petition, which seeks permission to liquidate the bank. “This has pushed the court decision for next three months,” Netra Acharya, lawyer at the central bank, told myrepublica.com. The committee has no authority to take any decision, but is entrusted only to report its findings and suggestions to the court after going through the reports and talking with the officials of the NRB as well as the troubled bank. The court will look into its finding while deciding on whether to grant permission to NRB to liquidate the bank.NRB had lodged a petition at the Appellate Court in June after its June 2 board meeting of the central bank decided to send the long-troubled NDB into liquidation, concluding that all its five-year long effort to revive the bank failed owing to incompetent and defiant management.The central bank has frozen all the transactions of the bank, including accounts maintained by the NDB at other financial institutions until the appointment of a liquidator. The central bank has concluded that there was no other alternative to liquidating NDB.
NEPSE in seesaw mode
KATHMANDU, July 29 - The Nepal Stock Exchange (NEPSE) Tuesday fell 1.59 points after having gained 22.53 points on Monday. The sensitive index also declined by 1.2 points.
The banking sector lost the most with a drop of 6.41 points followed by hotel, finance and insurance which shed 2.9 points, 2.6 points and 0.58 point respectively. The development bank and hydropower sectors were the only ones to post a rise.
The share market witnessed a total turnover of Rs. 100.262 million with 151,292 shares being traded. Shares of 60 companies changed hands on NEPSE.
Among the 22 commercial banks listed on NEPSE, Nepal SBI Bank posted the biggest growth with its stock rising by 30 points while Standard Chartered Bank lost the most on the trading floor by shedding 118 points.
Similarly, among the 15 development banks whose shares were traded on NEPSE on Tuesday, Subeksha Bikas Bank witnessed the highest increase of 25 points while Infrastructural Develo-pment Bank dropped 23 points.
Among the 19 finance companies on NEPSE, Prabhu Finance was the highest gainer with an increase of 24 points in its share price. General Finance lost 54 points.
The top five winners on NEPSE were Annapurna Bikas Bank with a 5.54 percent rise in its stock price .
Similarly, the top five losers on Tuesday were General Finance which fell by 30.17 percent.
Kantipur Report
Supreme Court show-cause on Govt.
KATHMANDU, July 29 - The Supreme Court on Tuesday issued show-cause notice to the government demanding legal clarification on its decision to replace Dipendra Bahadur Kshetry with Bijaya Nath Bhattarai as governor at Nepal Rastra Bank (NRB).
However, the notice--issued by a single bench of justice Ram Kumar Prasad Sah in response to Kshetry's writ filed on Monday--has not stayed the government decision as demanded. The apex court has also summoned Kshetry's advocates for a hearing on August 3.
The government had reinstated Bhattarai on Friday following his acquittal of corruption charges.
At Tuesday's hearing, Kshetry's advocates had pleaded that NRB Act 2002 does not have any provision for reinstatement of a retired governor and for sacking Kshetry before his tenure expires.
Kantipur Report
Today's Share Price As of 2009-07-29
S.No. | Traded Companies | No.of Transaction | Max. Price | Min. Price | Closing Price | Total Share | Amount | Previous Closing | Difference Rs. |
1 | 22 | 460 | 445 | 455 | 2,195 | 985,295 | 457 | -2 | |
2 | 6 | 570 | 560 | 560 | 740 | 417,400 | 570 | -10 | |
3 | 1 | 435 | 435 | 435 | 500 | 217,500 | 442 | -7 | |
4 | 5 | 942 | 906 | 920 | 2,320 | 2,113,760 | 961 | -41 | |
5 | 5 | 635 | 635 | 635 | 85 | 53,975 | 625 | 10 | |
6 | 2 | 3,136 | 3,074 | 3,074 | 281 | 872,474 | 3,200 | -126 | |
7 | 3 | 629 | 617 | 629 | 700 | 437,900 | 629 | 0 | |
8 | 117 | 574 | 555 | 565 | 6,310 | 3,582,600 | 575 | -10 | |
9 | 27 | 1,729 | 1,700 | 1,720 | 3,623 | 6,182,013 | 1,729 | -9 | |
10 | 37 | 885 | 870 | 873 | 2,342 | 2,056,580 | 882 | -9 | |
11 | 2 | 1,200 | 1,176 | 1,176 | 600 | 708,000 | 1,180 | -4 | |
12 | 1 | 530 | 530 | 530 | 100 | 53,000 | 540 | -10 | |
13 | 261 | 680 | 665 | 670 | 20,540 | 13,762,590 | 675 | -5 | |
14 | 6 | 433 | 424 | 430 | 668 | 286,640 | 432 | -2 | |
15 | 5 | 2,575 | 2,480 | 2,524 | 81 | 205,280 | 2,514 | 10 | |
16 | 9 | 892 | 875 | 890 | 385 | 340,270 | 890 | 0 | |
17 | 1 | 306 | 306 | 306 | 10 | 3,060 | 300 | 6 | |
18 | 46 | 575 | 555 | 566 | 2,180 | 1,234,050 | 570 | -4 | |
19 | 15 | 744 | 716 | 744 | 585 | 420,530 | 730 | 14 | |
20 | 4 | 1,750 | 1,726 | 1,750 | 224 | 387,900 | 1,749 | 1 | |
21 | 47 | 517 | 505 | 516 | 3,333 | 1,694,385 | 501 | 15 | |
22 | 12 | 506 | 490 | 493 | 860 | 425,920 | 497 | -4 | |
23 | 1 | 370 | 370 | 370 | 10 | 3,700 | 370 | 0 | |
24 | 1 | 567 | 567 | 567 | 42 | 23,814 | 565 | 2 | |
25 | 9 | 989 | 970 | 989 | 1,050 | 1,022,450 | 989 | 0 | |
26 | 21 | 911 | 878 | 878 | 400 | 359,420 | 910 | -32 | |
27 | 29 | 838 | 820 | 831 | 3,128 | 2,588,275 | 855 | -24 | |
28 | 8 | 367 | 360 | 366 | 2,425 | 882,625 | 360 | 6 | |
29 | 4 | 650 | 650 | 650 | 110 | 71,500 | 675 | -25 | |
30 | 16 | 479 | 470 | 479 | 400 | 189,130 | 468 | 11 | |
31 | 49 | 1,010 | 927 | 927 | 7,386 | 7,315,332 | 1,030 | -103 | |
32 | 65 | 428 | 415 | 418 | 13,775 | 5,784,300 | 426 | -8 | |
33 | 6 | 441 | 434 | 435 | 589 | 256,759 | 440 | -5 | |
34 | 4 | 410 | 408 | 410 | 230 | 94,260 | 400 | 10 | |
35 | 3 | 278 | 278 | 278 | 210 | 58,380 | 277 | 1 | |
36 | 1 | 260 | 260 | 260 | 20 | 5,200 | 298 | -38 | |
37 | 13 | 4,849 | 4,750 | 4,750 | 604 | 2,891,629 | 4,849 | -99 | |
38 | 47 | 357 | 340 | 357 | 11,323 | 3,938,210 | 345 | 12 | |
39 | 14 | 340 | 325 | 330 | 4,690 | 1,539,260 | 334 | -4 | |
40 | 3 | 410 | 402 | 402 | 120 | 49,040 | 418 | -16 | |
41 | 13 | 92 | 89 | 90 | 12,900 | 1,163,400 | 91 | -1 | |
42 | 13 | 1,270 | 1,250 | 1,250 | 1,999 | 2,513,689 | 1,290 | -40 | |
43 | 10 | 1,105 | 1,088 | 1,100 | 903 | 986,567 | 1,091 | 9 | |
44 | 4 | 495 | 490 | 490 | 491 | 241,690 | 490 | 0 | |
45 | 3 | 299 | 294 | 294 | 202 | 59,638 | 299 | -5 | |
46 | 8 | 575 | 570 | 575 | 1,060 | 605,900 | 580 | -5 | |
47 | 4 | 425 | 420 | 420 | 960 | 407,110 | 432 | -12 | |
48 | 8 | 304 | 304 | 304 | 3,120 | 948,480 | 304 | 0 | |
49 | 2 | 684 | 671 | 684 | 40 | 27,100 | 658 | 26 | |
50 | 80 | 490 | 471 | 475 | 20,290 | 9,636,950 | 476 | -1 | |
51 | 21 | 740 | 726 | 726 | 450 | 329,520 | 742 | -16 | |
52 | 6 | 710 | 696 | 700 | 548 | 384,700 | 710 | -10 | |
53 | 25 | 1,874 | 1,845 | 1,860 | 4,917 | 9,130,996 | 1,880 | -20 | |
54 | 15 | 1,000 | 973 | 973 | 1,554 | 1,527,668 | 987 | -14 | |
55 | 5 | 289 | 284 | 284 | 80 | 22,970 | 279 | 5 | |
56 | 18 | 5,830 | 5,700 | 5,749 | 1,741 | 10,063,395 | 5,812 | -63 | |
57 | 11 | 306 | 300 | 306 | 2,542 | 768,530 | 303 | 3 | |
58 | 48 | 790 | 765 | 770 | 890 | 693,090 | 790 | -20 | |
59 | 20 | 330 | 322 | 325 | 2,079 | 678,831 | 321 | 4 | |
60 | 1 | 686 | 686 | 686 | 30 | 20,580 | 700 | -14 | |
61 | 4 | 627 | 592 | 627 | 139 | 84,837 | 581 | 46 | |
62 | 24 | 759 | 735 | 740 | 690 | 518,290 | 745 | -5 |
| Total Traded Amount Rs.: | 104,328,337 |
| Total Traded Shares: | 152,799 |
| Total Transactions: | 1,271 |
