Sanima Bikash Bank Ltd. is distributing its right share certificate to the share holders upto 22nd April, 2008 (2065 Baisakh 10) from 10th August, 2008 (2065 Shrawan 26).
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Saturday, August 9, 2008
Gold, silver prices on the wane
It seems the bullish trend in the bullion market has fizzled out. The price of gold plunged this week by Rs 685 per 10 gram to Rs 19,720 on Friday from Rs 20,405 last Sunday.
According to the Nepal Gold and Silver Dealers’ Association (NEGOSIDA), the stronger dollar and decline in the price of crude oil to $120 per barrel in the global market this week have pulled down the bullion market this week.
Gold gained Rs 45 to Rs 20,450 on Monday but came down to Rs 20,000 the very next day. The price Rs per 10 gram of gold further fell by Rs 280 per 10 gram to Rs 19,720 on Wednesday. The precious yellow metal gained slightly on Thursday and posted at Rs 19,890. However, it closed at Rs 19,720 on Friday, the last day of weekly trading in the domestic market.
In the international market also, gold price lost $42 to go down to $869 per ounce from last week’s $911.
Silver opened at Rs 384 per 10 gram and remained static on Monday. But it declined to Rs 382 on Tuesday, Rs 380.50 on Wednesday and Thursday. It closed at Rs 380 per 10 gram on Friday.
Source: THT
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FNCCI moves SC against syndicate system
The Federation of Nepalese Chambers of Commerce and Industry today filed a case in the Supreme Court against the syndicate system. The syndicate system, queue system and the dial System, regulated by the government, are adversely affecting the quality of the transportation system, said an FNCCI press release.
FNCCI has prayed to the Supreme Court to stop all activities related to the syndicate system and to direct the transport workers not to follow an unsystematic system. The hearing in the case has been fixed for August 10.
Though the present law does not encourage the syndicate system or monopoly of any sort, at some places in Kailali and Rapti in the Far Western Development Region laws are being flagrantly violated.
Due to this, the people engaged in the business sector and the consumers both are suffering as the quantity of daily commodities is getting scarce, said FNCCI.
According to the Transport Management Act 2049 and Public Procurement Act 2063, the syndicate system was scrapped. However, the system is still active in some regions and creating problems for people. Dismayed at the anarchy caused by the syndicate system, the Kailali Chambers of Commerce had forwarded a memorandum to the district administration office on June 29 and also halted loading and unloading work since July 1.
District level commerce departments in the Central Development Region and Far Western Development Region have initiated the protest against the disorganised syndicate system.
Source: THT
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FNCCI has prayed to the Supreme Court to stop all activities related to the syndicate system and to direct the transport workers not to follow an unsystematic system. The hearing in the case has been fixed for August 10.
Though the present law does not encourage the syndicate system or monopoly of any sort, at some places in Kailali and Rapti in the Far Western Development Region laws are being flagrantly violated.
Due to this, the people engaged in the business sector and the consumers both are suffering as the quantity of daily commodities is getting scarce, said FNCCI.
According to the Transport Management Act 2049 and Public Procurement Act 2063, the syndicate system was scrapped. However, the system is still active in some regions and creating problems for people. Dismayed at the anarchy caused by the syndicate system, the Kailali Chambers of Commerce had forwarded a memorandum to the district administration office on June 29 and also halted loading and unloading work since July 1.
District level commerce departments in the Central Development Region and Far Western Development Region have initiated the protest against the disorganised syndicate system.
Source: THT
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Cloud over WTO talks has silver lining for third world
Ok, so the recent trade negotiations at the World Trade Organisation (WTO) in Geneva failed but the affair also had a great outcome, at least for India and other developing countries, given the state of play.
The collapse of the talks has meant that developing countries have united against rich nations and prevented them from concluding a trade deal that would have been one-sided. The tough stance taken by Indian interlocutors led by commerce minister Kamal Nath and their counterparts from China led to vociferous complaints by the US and the European Union over the in transigence of these two emerging economies that did not accept the terms laid down in the draft agreement on agriculture.
Many years ago when the Uruguay Round was being negotiated, developing countries got the short end of the stick mainly because most of them did not understand the technicalities of the deal. The world trade scenario has changed enormously since that time and developing countries are now realising that not only do they have a voice but also enough muscle, if they remained united, to ensure their concerns are brought on board.
In the latest round of ministerial negotiations, India was adamant that it would not agree to drop the provision for special safeguard mechanisms (SSMs) that will allow developing countries to use tariffs to protect their farm commodities from cheaper imports. In addition, neither India nor China — nor other developing countries — was satisfied with the extent to which developed countries had reduced their trade distorting subsidies on agricultural products. The rich countries, on their part, felt that developing economies were not opening up their markets sufficiently and this would in turn impede global trade flows.
The unity of the third world in recent years has baffled the US and EU trade negotiators. Trade diplomats have conceded that it is a completely different ball game from the one played out during the previous Uruguay Round. Issues that could have easily been pushed on to to the table and squeezed into the final pact are now simply unacceptable to the developing economies.
Credit for the unity goes the troika of India, Brazil and South Africa which has been holding consultations for the last few years before any ministerial or mini-ministerial to ensure that the common concerns of the developing world are not ignored at the negotiating table.
It is on agriculture that developing nations have drawn the line — thus far and no farther. Both India and China have pointedly stated that there can be no discussion on livelihood issues that affect hundreds of millions of farmers in these countries.
Failure of the mini-ministerial is not the end of the road for Doha Round. It just means negotiations will resume after a while with the aim of finally reaching some sort of consensus. There is little hurry just now since the US presidential elections are being held at the end of the year. Once a new US administration is in place, trade talks are likely to move forward once again.
However, developing countries have made their point. They will not be bulldozed into any kind of trade agreement. It must be one that balances interests of the rich and the poor globally.
Source: THT
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The collapse of the talks has meant that developing countries have united against rich nations and prevented them from concluding a trade deal that would have been one-sided. The tough stance taken by Indian interlocutors led by commerce minister Kamal Nath and their counterparts from China led to vociferous complaints by the US and the European Union over the in transigence of these two emerging economies that did not accept the terms laid down in the draft agreement on agriculture.
Many years ago when the Uruguay Round was being negotiated, developing countries got the short end of the stick mainly because most of them did not understand the technicalities of the deal. The world trade scenario has changed enormously since that time and developing countries are now realising that not only do they have a voice but also enough muscle, if they remained united, to ensure their concerns are brought on board.
In the latest round of ministerial negotiations, India was adamant that it would not agree to drop the provision for special safeguard mechanisms (SSMs) that will allow developing countries to use tariffs to protect their farm commodities from cheaper imports. In addition, neither India nor China — nor other developing countries — was satisfied with the extent to which developed countries had reduced their trade distorting subsidies on agricultural products. The rich countries, on their part, felt that developing economies were not opening up their markets sufficiently and this would in turn impede global trade flows.
The unity of the third world in recent years has baffled the US and EU trade negotiators. Trade diplomats have conceded that it is a completely different ball game from the one played out during the previous Uruguay Round. Issues that could have easily been pushed on to to the table and squeezed into the final pact are now simply unacceptable to the developing economies.
Credit for the unity goes the troika of India, Brazil and South Africa which has been holding consultations for the last few years before any ministerial or mini-ministerial to ensure that the common concerns of the developing world are not ignored at the negotiating table.
It is on agriculture that developing nations have drawn the line — thus far and no farther. Both India and China have pointedly stated that there can be no discussion on livelihood issues that affect hundreds of millions of farmers in these countries.
Failure of the mini-ministerial is not the end of the road for Doha Round. It just means negotiations will resume after a while with the aim of finally reaching some sort of consensus. There is little hurry just now since the US presidential elections are being held at the end of the year. Once a new US administration is in place, trade talks are likely to move forward once again.
However, developing countries have made their point. They will not be bulldozed into any kind of trade agreement. It must be one that balances interests of the rich and the poor globally.
Source: THT
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CEDB opens Durbar Marg branch
Clean Energy Development Bank opened its second branch in Durbar Marg, Kathmandu on Thursday. The branch will deliver services like deposits, loan, remittance, micro credit, traveler's check, ATM and phone bill payment, states a press statement issued by the bank. The Kathmandu head-quartered bank last week opened its first branch in Birtamod of Jhapa.
Source: eKantipur
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Source: eKantipur
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Kumari Bank opens Aabu Khaireni branch
Kumari Bank has opened a new branch in Aabu Khairani, Tanahun. The bank said it earned Rs 351.7 million during the Fiscal Year 2007/08, collected deposits of Rs 12.78 billion and invested Rs 11.34 billion. The bank is opening another branch in Baglungbazar of Baglung district soon.
Source: eKantipur
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Source: eKantipur
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Friday, August 8, 2008
Nepal Banker’s Association (NBA) call to govt
Nepal Banker’s Association (NBA) has urged the government to provide it security and check the anti-social activities of the employees of Credit Consumer Association Nepal (CCAN) district office in Kanchanpur. According to an NBA press release, some Kanchanpur CCAN employees padlocked the office on August 3-4 and prevented other staffers from working. The protestors demanded to halt all activities related to credit repayment, said NBA adding that taking action was not possible.
Source: THT
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Source: THT
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FNCCI plea to govt
The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has urged the government to provide security to people engaged in the business sector. Issuing a press release, FNCCI flayed the attack on Dhangadhi businessman Dharma Raj Kunwar who was heading here from Dhangadhi for a medical check-up of his child. A group of more than 20 people at tacked Kunwar at Atariya.
Source:: THT
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Source:: THT
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Thursday, August 7, 2008
Market closed for today: NEPSE down by 26.77 points
Market was halted for 15 minutes in 12:31:46 when the NEPSE decreased by 15 points. It was again suspended at 12:49:20 when the benchmark dipped down by 20 points and finally close down for the day at 13:29:34 when it plunged by 26.77 points.
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Seven Securities Listed on NEPSE
Right and Bonus shares for seven companies have been listed at Nepal Stock Exchange on 6th August 2008. Altogether 4724000 rights and bonus shares were listed yesterday. The shares of these companies can be traded from today. The right shares of Laxmi Bank Ltd, Himchuli Development Bank Ltd, Preduntial Finance Ltd, Business Development Bank Ltd and Premier Finance Ltd as well as bonus shares of World Merchant Bank Ltd and Bageshowari Development Bank Ltd were listed yesterday.
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New Sebon rule : Need to have bank account for IPO
Sebon has directed investors to mention their bank accounts, if they are applying for an initial public offerings (IPOs) worth more than Rs 10,000. "The directive will come into effect from Wednesday," said Dr Chiranjivi Nepal, chairman of the board. The money — when returned to investors after the allotment of shares — should be paid through account payee cheques, the new directive said. Similarly, money collected by the collection centres and deposited at bankers to the issue should be deposited in an account in the Nepal Rastra Bank within five days of the closing of IPOs for a minimum of six days, Nepal said adding that the capital market is expected to become more transparent after the new directive.
Source: THT
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Source: THT
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Kumari Bank Ltd's Right Share Allotment
Kumari Bank Ltd. has allotted its right shares to the shareholders upto 2nd April 2008 (2064 Chaitra 20).
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Sahayogi Vikas Bank Ltd posts profit
Sahayogi Vikas Bank Ltd. has posted Rs. 6.266 million profit for the 4th quarter of fiscal year 2064/65 which is almost 85% more than the corresponding previous quarter.
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Kumari Bank Limited's new branch in Bhairahawa
Kumari Bank Limited (KBL) has opened a new branch in Bhairahawa, a leading trading hub of western Nepal. Chairman of the bank, Noor Pratap JB Rana inaugurated the branch amid a function Wednesday, the bank said in a press release. Speaking on the occasion, acting chief executive of KBL, Kapil Sharma said that the bank would continuously focus on offering new products and increase branch network in various parts of the country. The bank said it maintained deposits and loans of Rs 12.78 billion and Rs 11.34 billion respectively in the fiscal year 2007/08. During the year, the bank earned operating profit of Rs 336.184 million.
Source: eKantipur
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Source: eKantipur
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Nepal Express and Finance Ltd operational
Nepal Express and Finance Ltd (NEFL) has started its transactions from its Kathmandu head office from Wednesday. Its former head office in Butwal will act as a branch office henceforth, said a press release. NEFL registered a profit of Rs 34.21 million in fiscal 2007-08.
Source: THT
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Source: THT
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Nepal Credit and Commerce Bank Limited posts profits
In the fiscal year 2064-65 Nepal Credit and Commerce Bank Limited (NCC), successfully granted rights share of 1:1 ratio of Rs 700 million. The total paid up capital of the NCC that was Rs 700 million is now Rs 1400 million. With a total profit of Rs 620 million NCC has successfully achieved a capital of 11.4 per cent, said a Sunday press release. Last year, the bank faced a loss of Rs 78.7 million but recovered losses and achieved a profit of Rs 625.1 million including bonus and taxes.
Source: THT
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Source: THT
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Stock bubbles
Making a relentless ascent and setting new records one after another, the stock market has crossed the 1,100-point mark due mainly to heavy speculative buying. Investors are parking money in shares to cash in on the share issuing spree that financial institutions have embarked on to raise their paid-up capital. New investors are swarming to the country's solitary market, the Nepal Stock Exchange (NEPSE). Plainly speaking, the entry of new faces in the market is an exciting matter and a sign that the nascent market is grappling to become a reliable, strong and true platform for raising capital. Obviously, the economy can achieve a higher growth rate only when there is a well-functioning and matured stock market. But the big question is whether the present boom is sustainable to foster the timid development pace.
Will the good times last for investors? Predicting the future is a tricky business, and many analysts, economists and rational investors have failed to foresee the future of share prices. Nonetheless, forecasts are an integral part of share trading, and they are what keep stock markets worldwide alive. In the case of NEPSE, it could be concluded that current share prices are overrated and the market has overheated; and the present whopping growth does not have adequate fundamentals to back it up, even though it could not be accurately predicted. Also, market theory postulates that unnaturally high stock prices mean that a crash is inevitable in the future. If that happens, investors will lose faith in the stock market and rapidly pull out their money, triggering a cyclic downfall.
It is interesting to note that global stock market experience shows that many investors do poorly in the market over time because they chase the latest fashion -- as Nepali investors are doing right now. They are induced to do so as there is often a systematic flow of disinformation by the big players who pocket the pickings and leave ordinary investors in the lurch. What investors should understand is that they need to invest on the basis of detailed information and rationality and good forecasts. In addition, there is a role for the government, market operator and regulator if they are to protect the interests of investors and develop the stock exchange. The supply of shares needs to be increased by wooing new companies, mainly from manufacturing, trading and services. On top of that, the regulatory function of the Securities Board of Nepal should be enhanced and NEPSE's capacity to create a more transparent trading environment improved. Moreover, the government must welcome institutional investors, including mutual fund operators and brokerage houses offering investment advice and consultancy services, to prevent the market from dancing to the tune of players.
Source: eKantipur Editorial
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Will the good times last for investors? Predicting the future is a tricky business, and many analysts, economists and rational investors have failed to foresee the future of share prices. Nonetheless, forecasts are an integral part of share trading, and they are what keep stock markets worldwide alive. In the case of NEPSE, it could be concluded that current share prices are overrated and the market has overheated; and the present whopping growth does not have adequate fundamentals to back it up, even though it could not be accurately predicted. Also, market theory postulates that unnaturally high stock prices mean that a crash is inevitable in the future. If that happens, investors will lose faith in the stock market and rapidly pull out their money, triggering a cyclic downfall.
It is interesting to note that global stock market experience shows that many investors do poorly in the market over time because they chase the latest fashion -- as Nepali investors are doing right now. They are induced to do so as there is often a systematic flow of disinformation by the big players who pocket the pickings and leave ordinary investors in the lurch. What investors should understand is that they need to invest on the basis of detailed information and rationality and good forecasts. In addition, there is a role for the government, market operator and regulator if they are to protect the interests of investors and develop the stock exchange. The supply of shares needs to be increased by wooing new companies, mainly from manufacturing, trading and services. On top of that, the regulatory function of the Securities Board of Nepal should be enhanced and NEPSE's capacity to create a more transparent trading environment improved. Moreover, the government must welcome institutional investors, including mutual fund operators and brokerage houses offering investment advice and consultancy services, to prevent the market from dancing to the tune of players.
Source: eKantipur Editorial
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Wednesday, August 6, 2008
Suspension of Siddhartha Development Bank Ltd's trading
The trade of Siddhartha Development Bank Ltd. has been suspended because of Contradictory decision made by the company. The AGM of SDBL had announced to issue right share at 1:5 ratio whereas the BOD at present reduced the ratio to 1:1 for the benefit of investors.
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Nepse hits yet another record high of 1,102-pts
Market watchers predict it may go even higher. Nepse does it again. In two days time, it posted yet another historic high and is `still' looking up. Propelled by commercial banks group, Nepse crossed 1,100-point mark today to register 1,102.1 points from yesterday's record of 1,075.34 points. The normal three-hour session of the market today suspended its transactions within fifty minutes at 12.48 for the day as the Nepse registered an increase by more than 25 points.
The financial institution-dominated Nepse witnessed only 191 transactions with a turnover of Rs 423.72 million in a day's trading today. Nepal SBI Bank Ltd took a lead with its per share unit price increasing by Rs 166 followed by Standard Chartered Bank Nepal Ltd's per unit share increase by Rs 139.
Commercial banks group registered a growth of 37.13 points or 3.28 per cent to 1168.28 points, whereas development banks group gained 12.57 points or 0.85 per cent to 1497.96 points to push the the sole secondary market, Nepal Stock Exchange Ltd (Nepse) index up by 26.76 points or 2.49 per cent to 1102.1.
The sensetive index a barometer of the A-class companies ¿ has also posted a growth of 7.82 points or 2.72 per cent to 294.91 points. The total market capitalisation has also crossed the past records reaching Rs 4.25 trillion. "The bullish trend is going to continue for some time," Nanda Kishor Mundada, president of Brokers' Association of Nepal said adding that it will continue for another three to four months with little corrections here and there. "But Nepse will float above 1000-point mark."
This is the begining of fiscal year and all financial institutions are making their accounts public. "Normally, Nepse posts growth this time of the year. Nepal Investment Bank Ltd has shown a good results yesterday pushing the market up," he said, adding that other companies are also posting good results. "The major correction will come in December-January after the settlement of rights and bonus shares, and cash dividends," Mundada added.
Apart from that when the 19 per cent promoters' shares will come to the market being converted into public, it will increase the supply of shares and market might react in a different way, then," he said. At present, retail buyers are increasing pushing the index up. The new investors should be very careful not to be fooled.
Meanwhile, Securities Board of Nepal (Sebon), issuing a press statement has urged the investors to be very careful while investing. "Be careful of the noise creators, who can mislead," states the press note. Investors might find themselves on the road over night, if they do not look at profit and loss accounts, management, income per share, book value, risk factors and financial health of the company, warns the board, the regulatory authority of the capital market.
"The financial statements published by all the financial institutions at present is unaudited that may have a high variation in real terms," cautious the board. Last year, a bank's unaudited and audited reports showed a variation of upto 31 per cent in its net profit.
Source: THT
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The financial institution-dominated Nepse witnessed only 191 transactions with a turnover of Rs 423.72 million in a day's trading today. Nepal SBI Bank Ltd took a lead with its per share unit price increasing by Rs 166 followed by Standard Chartered Bank Nepal Ltd's per unit share increase by Rs 139.
Commercial banks group registered a growth of 37.13 points or 3.28 per cent to 1168.28 points, whereas development banks group gained 12.57 points or 0.85 per cent to 1497.96 points to push the the sole secondary market, Nepal Stock Exchange Ltd (Nepse) index up by 26.76 points or 2.49 per cent to 1102.1.
The sensetive index a barometer of the A-class companies ¿ has also posted a growth of 7.82 points or 2.72 per cent to 294.91 points. The total market capitalisation has also crossed the past records reaching Rs 4.25 trillion. "The bullish trend is going to continue for some time," Nanda Kishor Mundada, president of Brokers' Association of Nepal said adding that it will continue for another three to four months with little corrections here and there. "But Nepse will float above 1000-point mark."
This is the begining of fiscal year and all financial institutions are making their accounts public. "Normally, Nepse posts growth this time of the year. Nepal Investment Bank Ltd has shown a good results yesterday pushing the market up," he said, adding that other companies are also posting good results. "The major correction will come in December-January after the settlement of rights and bonus shares, and cash dividends," Mundada added.
Apart from that when the 19 per cent promoters' shares will come to the market being converted into public, it will increase the supply of shares and market might react in a different way, then," he said. At present, retail buyers are increasing pushing the index up. The new investors should be very careful not to be fooled.
Meanwhile, Securities Board of Nepal (Sebon), issuing a press statement has urged the investors to be very careful while investing. "Be careful of the noise creators, who can mislead," states the press note. Investors might find themselves on the road over night, if they do not look at profit and loss accounts, management, income per share, book value, risk factors and financial health of the company, warns the board, the regulatory authority of the capital market.
"The financial statements published by all the financial institutions at present is unaudited that may have a high variation in real terms," cautious the board. Last year, a bank's unaudited and audited reports showed a variation of upto 31 per cent in its net profit.
Source: THT
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Nepal Share Market & Finance Ltd posts profit
Nepal Share Market & Finance Ltd. has posted Rs. 48.891 million profit for the 4th quarter of fiscal year 2064/65 which is 49% more than the corresponding previous quarter.
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Tuesday, August 5, 2008
Pashupati Development Bank Ltd to issue IPO
Pashupati Development Bank Ltd. is issuing an initial public offering (IPO) for the general public from 12th August 2008 (2065 Shrawan 28). Total 8,00,000 shares amounting to Rs. 80 million is being issued at the rate of Rs. 100 per share. The company is issuing the IPO from 12th August 2008 (2065 Shrawan 28) to 18th August, 2008 (2065 Bhadra 2). The issue will be managed by NIDC Capital Markets and Nepal Finance Company. The company started its operation from 15th January 2004 which is located in Banepa of Kavre. The bank has authorized capital Rs. 400 million, issue capital Rs. 200 million and paid up capital Rs. 12 million at present.
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NEPSE Index hits record 1075.34pts
The Nepal Stock Exchange NEPSE Index touched a record high on Monday’s trading, as better financial results of the listed companies induced investors to become further speculative.
The index ended at 1075.34 points Monday, recording rising 27.67 points. The previous record high of 1,064.09 points was set on December 17, 2007. The share market has been making relentless rises in recent weeks.
The investors argued that they were picking up shares at higher prices due to improved profits of the companies in the Fiscal Year 2007/08 -- shown in published balance sheets for the year. But, market watchers said the stock market is heading towards ‘some sort of crash’, as the boom is mainly coming from speculative buying.
Today’s increment in stock prices led to addition of nearly nine billion rupees to the market in terms of paper money. Its capitalization -- value of all outstanding shares --reached Rs 415 billion, up from around Rs 404 billion. Major gainers were share holders of Standard Chartered Bank, Nabil Bank and Chilime Hydropower.
Attempting to cool the soaring stocks prices down, NEPSE closed the market for half an hour at around 1 pm after the index rose by 20 points. Half an hour after in trading was resumed, the market’s total gain crossed 25 points, leading NEPSE to suspend trading for the remaining day.
NEPSE has regulations that force it to suspend trading when the index makes gains or losses of over 25 points in a single day transaction.
Navraj Pokharel, a stock broker, said the market is entering into an inflated zone, heightening risks that it may meet with an ‘accident’, when it reaches a new turning point. “Now, old investors are selling shares, getting good money, while new investors are making entry seeing profits made by others,” he said. “Investors are buying shares on heavy speculation, as companies are bringing out their balance sheets for the last fiscal year.”
Source: eKantipur
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The index ended at 1075.34 points Monday, recording rising 27.67 points. The previous record high of 1,064.09 points was set on December 17, 2007. The share market has been making relentless rises in recent weeks.
The investors argued that they were picking up shares at higher prices due to improved profits of the companies in the Fiscal Year 2007/08 -- shown in published balance sheets for the year. But, market watchers said the stock market is heading towards ‘some sort of crash’, as the boom is mainly coming from speculative buying.
Today’s increment in stock prices led to addition of nearly nine billion rupees to the market in terms of paper money. Its capitalization -- value of all outstanding shares --reached Rs 415 billion, up from around Rs 404 billion. Major gainers were share holders of Standard Chartered Bank, Nabil Bank and Chilime Hydropower.
Attempting to cool the soaring stocks prices down, NEPSE closed the market for half an hour at around 1 pm after the index rose by 20 points. Half an hour after in trading was resumed, the market’s total gain crossed 25 points, leading NEPSE to suspend trading for the remaining day.
NEPSE has regulations that force it to suspend trading when the index makes gains or losses of over 25 points in a single day transaction.
Navraj Pokharel, a stock broker, said the market is entering into an inflated zone, heightening risks that it may meet with an ‘accident’, when it reaches a new turning point. “Now, old investors are selling shares, getting good money, while new investors are making entry seeing profits made by others,” he said. “Investors are buying shares on heavy speculation, as companies are bringing out their balance sheets for the last fiscal year.”
Source: eKantipur
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Expectations From 15th SAARC Summit
The Fifteenth Summit Meeting of Heads of State or Government of SAARC (Colombo, 2-3 August 2008) has attracted a lot of attention in the Nepalese press. The coverage especially in the last few days when Nepal was preparing to send a summit level delegation has been quite extensive. Though the people here were somewhat puzzled to see a kind of confusion on the matter after the government's decision to dispatch a 30 plus member delegation to the Colombo summit, the news that all major four political parties forged consensus at the last moment came as a big relief.
Good Omen
The parley of the political parties was rightly utilized by the caretaker Prime Minister in persuading all leaders that there should be no obstruction to his leadership in the SAARC summit. This should have been considered a good omen on the eve of a summit being hosted by Sri Lanka, a SAARC fellow member and a good friend of Nepal, which is observing 60th anniversary of its independence.
Ideally, the representative of a new government should have led the 15th SAARC Summit Delegation. Despite all the initiatives taken by the CPN (M) in the capacity of being the single largest political party in the Constituent Assembly in mobilizing support from all other fellow parties in CA to form a new cabinet, the time was running out. The options before Nepal were not many. Either it had to decide the newly-elected President to be the leader of SAARC Delegation or to let the Prime Ministerial Delegation, though a jumbo size as some critics point out, to participate in the regional meeting. There were differing opinions regarding Presidential delegation as the current Interim Constitution of Nepal makes provision for a ceremonial President. The SAARC Charter provisions suggest that Summit meetings of regional organization are to be represented at the level of Heads of State or Government with executive powers. One can always argue that there have been exceptions to this arrangement.
The most glaring example of a situation when the ceremonial President of Islamic Republic of Pakistan led the country's delegation to Eighth SAARC Summit was (May 2-4, 1995) in New Delhi. That time late Mrs. Benazir Bhutto was the Prime Minister of Pakistan who did not attend that summit for some internal reasons. Had the political parties agreed on the suggested formula of sending Nepal's President to lead the 15th SAARC Summit in view of caretaker nature of the present government, there would hardly have been objections to Nepal's participation from other participating summiteers. In that situation, the Constituent Assembly could have taken a decision authorizing our ceremonial President to attend the meeting as the head of the Nepalese Delegation which would not be setting any precedent for the future. Anyway the issue was resolved without having to take recourse to a proposal to be tabled before the CA in this regard. The way it had been addressed only indicates that the political parties are capable of developing consensus though at the very last moment.
As the SAARC meetings move on in Colombo we have been receiving encouraging results. SAARC Standing Committee has already recommended the Draft Colombo Declaration to be adopted at the end of the 15th summit. The world is facing acute shortage of food supply with resultant high price creating additional economic burden on SAARC countries where about 40 per cent of poor people in the world live. In consideration of this, the presentation of a Statement on Food Security by the Foreign Secretaries for approval by the Foreign Ministers to be issued during summit looked quite relevant. Food crisis is one of the pressing issues before the 15th SAARC. There has been notable progress achieved under the framework of regional organization. One of these is the finalization of the Draft SAARC Convention on Mutual Legal Assistance related to criminal matters. This will enhance regional cooperation in combating terrorism which seems to raise its ugly head as demonstrated in recent bomb blasts in different cities in India causing both human and material damages. Of the many expected outcome, the operationalization of SAARC Development Fund following the signature of Agreement connected to the same during the summit is the most noteworthy one. This fund seems to be a successor to South Asia Development that was conceived a few years earlier. The present fund is much more promising with a lot of ownership taken by the member countries themselves. SAARC Development Fund is equivalent to $300 million which has three different windows like social, economic and infrastructure. Among the three windows, some projects concerning health and education of the South Asian people will be launched in the near future. The fund amount is to be raised from among the member governments of SAARC countries based on the assessment scale applied in meeting the expenses of SAARC secretariat. It is roughly estimated that the government of Nepal will have to contribute $32 million to the SAARC Development Fund. Perhaps, this was the reason why apprehension was expressed by the leaders of some major political parties with regard to the Delegation of caretaker Prime Minister to the 15th SAARC Summit where Agreement on the subject is being signed. Many people in the SAARC region feel that the regional organization has lacked in its implementation. SAARC has completed two decades of its existence and there are not many concrete projects launched in South Asia to deliver economic fruits. There is enough truth behind criticism of SAARC. Till today we do not have any statistics to show growing intra-trade in our region. Accelerated economic growth is not possible without having more freely-traded goods among the member countries. In theory, the SAARC leaders have realized this as seen through their commitments to move forward on economic matters. Slow Pace In this connection, we need to mention that SAFTA (South Asian Free Trade Association) has come into effect for some years but regional trade has taken very slow pace. The reasons for this are understandable. The SAARC member nations have not been so forthcoming in being flexible in their approach to liberalize intra-SAARC trade. They are still maintaining a very long list of goods which cannot be traded freely. Negative list with many items included is an impediment to trade among nations. Additionally, member countries still impose non-tariff barriers. Once the countries come out of this obsession with their long negative list of goods, it may pave way forward for increased trade to uplift the common well-being of South Asians for which the regional organization was born about 22 years ago.
Source: The Rising Nepal (By Hira Bahadur Thapa)
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Good Omen
The parley of the political parties was rightly utilized by the caretaker Prime Minister in persuading all leaders that there should be no obstruction to his leadership in the SAARC summit. This should have been considered a good omen on the eve of a summit being hosted by Sri Lanka, a SAARC fellow member and a good friend of Nepal, which is observing 60th anniversary of its independence.
Ideally, the representative of a new government should have led the 15th SAARC Summit Delegation. Despite all the initiatives taken by the CPN (M) in the capacity of being the single largest political party in the Constituent Assembly in mobilizing support from all other fellow parties in CA to form a new cabinet, the time was running out. The options before Nepal were not many. Either it had to decide the newly-elected President to be the leader of SAARC Delegation or to let the Prime Ministerial Delegation, though a jumbo size as some critics point out, to participate in the regional meeting. There were differing opinions regarding Presidential delegation as the current Interim Constitution of Nepal makes provision for a ceremonial President. The SAARC Charter provisions suggest that Summit meetings of regional organization are to be represented at the level of Heads of State or Government with executive powers. One can always argue that there have been exceptions to this arrangement.
The most glaring example of a situation when the ceremonial President of Islamic Republic of Pakistan led the country's delegation to Eighth SAARC Summit was (May 2-4, 1995) in New Delhi. That time late Mrs. Benazir Bhutto was the Prime Minister of Pakistan who did not attend that summit for some internal reasons. Had the political parties agreed on the suggested formula of sending Nepal's President to lead the 15th SAARC Summit in view of caretaker nature of the present government, there would hardly have been objections to Nepal's participation from other participating summiteers. In that situation, the Constituent Assembly could have taken a decision authorizing our ceremonial President to attend the meeting as the head of the Nepalese Delegation which would not be setting any precedent for the future. Anyway the issue was resolved without having to take recourse to a proposal to be tabled before the CA in this regard. The way it had been addressed only indicates that the political parties are capable of developing consensus though at the very last moment.
As the SAARC meetings move on in Colombo we have been receiving encouraging results. SAARC Standing Committee has already recommended the Draft Colombo Declaration to be adopted at the end of the 15th summit. The world is facing acute shortage of food supply with resultant high price creating additional economic burden on SAARC countries where about 40 per cent of poor people in the world live. In consideration of this, the presentation of a Statement on Food Security by the Foreign Secretaries for approval by the Foreign Ministers to be issued during summit looked quite relevant. Food crisis is one of the pressing issues before the 15th SAARC. There has been notable progress achieved under the framework of regional organization. One of these is the finalization of the Draft SAARC Convention on Mutual Legal Assistance related to criminal matters. This will enhance regional cooperation in combating terrorism which seems to raise its ugly head as demonstrated in recent bomb blasts in different cities in India causing both human and material damages. Of the many expected outcome, the operationalization of SAARC Development Fund following the signature of Agreement connected to the same during the summit is the most noteworthy one. This fund seems to be a successor to South Asia Development that was conceived a few years earlier. The present fund is much more promising with a lot of ownership taken by the member countries themselves. SAARC Development Fund is equivalent to $300 million which has three different windows like social, economic and infrastructure. Among the three windows, some projects concerning health and education of the South Asian people will be launched in the near future. The fund amount is to be raised from among the member governments of SAARC countries based on the assessment scale applied in meeting the expenses of SAARC secretariat. It is roughly estimated that the government of Nepal will have to contribute $32 million to the SAARC Development Fund. Perhaps, this was the reason why apprehension was expressed by the leaders of some major political parties with regard to the Delegation of caretaker Prime Minister to the 15th SAARC Summit where Agreement on the subject is being signed. Many people in the SAARC region feel that the regional organization has lacked in its implementation. SAARC has completed two decades of its existence and there are not many concrete projects launched in South Asia to deliver economic fruits. There is enough truth behind criticism of SAARC. Till today we do not have any statistics to show growing intra-trade in our region. Accelerated economic growth is not possible without having more freely-traded goods among the member countries. In theory, the SAARC leaders have realized this as seen through their commitments to move forward on economic matters. Slow Pace In this connection, we need to mention that SAFTA (South Asian Free Trade Association) has come into effect for some years but regional trade has taken very slow pace. The reasons for this are understandable. The SAARC member nations have not been so forthcoming in being flexible in their approach to liberalize intra-SAARC trade. They are still maintaining a very long list of goods which cannot be traded freely. Negative list with many items included is an impediment to trade among nations. Additionally, member countries still impose non-tariff barriers. Once the countries come out of this obsession with their long negative list of goods, it may pave way forward for increased trade to uplift the common well-being of South Asians for which the regional organization was born about 22 years ago.
Source: The Rising Nepal (By Hira Bahadur Thapa)
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Bank, private dairy team up to promote milk production
One of Nepal's leading commercial banks, Laxmi Bank Limited and Sujal Dairy, the private sector's first milk power producer, have come together to support a unique program to promote milk production in the rural part of the country.
According to an agreement inked Monday between the bank and Sujal Dairy amid a function, Laxmi Bank will extend low-interest loans to farmers in rural areas of the country to farm cows and buffalos whereas Sujal Dairy has assured that it will buy the entire milk production in cooperation with local milk cooperatives. Initially the program aims extend loans to buy 1,000 cows and/or buffalos. Later the volume of loans will be expanded be enough to buy 5,000 cows and/or buffalos.
A press statement issued on the occasion stated that the bank would provide loans at the rate of nine percent per annum for a maximum period of three years. “The maximum amount that the bank will extend currently stands at Rs 30,000 and the borrower will have to pay installments of Rs 900-1,000 per month,” said Niranjan Shrestha, managing director of Sujal Dairy.
He further elaborated that a farmer could, on an average, earn Rs 6,000 per month. 60 percent of the amount can be retained if the farmer chooses hybrid cows or buffaloes. He further added that the program would initially focus on Chitawan and Pokhara before it was extended to other areas that have animal farming prospects.
As per the procedures highlighted on the agreement, the bank has also agreed to extend loans to farmers on group commitment without collateral. Sujal Diary, which will buy the entire milk production, will also pay the monthly installments to the bank on behalf of the borrowers and the remaining amount will be handed-over to the farmers. In addition, the Deposit Insurance Corporation, Sujal Dairy and local farmers will also collaborate to implement insurance policies for the cows and buffalos, stated the release.
Talking at the signing ceremony, Laxmi Bank CEO Suman Joshi said that the program is a part of the bank’s strategy of promoting responsible banking initiatives and expressed hope that it would contribute to promote livelihood in the rural areas.
Source: eKantipur
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According to an agreement inked Monday between the bank and Sujal Dairy amid a function, Laxmi Bank will extend low-interest loans to farmers in rural areas of the country to farm cows and buffalos whereas Sujal Dairy has assured that it will buy the entire milk production in cooperation with local milk cooperatives. Initially the program aims extend loans to buy 1,000 cows and/or buffalos. Later the volume of loans will be expanded be enough to buy 5,000 cows and/or buffalos.
A press statement issued on the occasion stated that the bank would provide loans at the rate of nine percent per annum for a maximum period of three years. “The maximum amount that the bank will extend currently stands at Rs 30,000 and the borrower will have to pay installments of Rs 900-1,000 per month,” said Niranjan Shrestha, managing director of Sujal Dairy.
He further elaborated that a farmer could, on an average, earn Rs 6,000 per month. 60 percent of the amount can be retained if the farmer chooses hybrid cows or buffaloes. He further added that the program would initially focus on Chitawan and Pokhara before it was extended to other areas that have animal farming prospects.
As per the procedures highlighted on the agreement, the bank has also agreed to extend loans to farmers on group commitment without collateral. Sujal Diary, which will buy the entire milk production, will also pay the monthly installments to the bank on behalf of the borrowers and the remaining amount will be handed-over to the farmers. In addition, the Deposit Insurance Corporation, Sujal Dairy and local farmers will also collaborate to implement insurance policies for the cows and buffalos, stated the release.
Talking at the signing ceremony, Laxmi Bank CEO Suman Joshi said that the program is a part of the bank’s strategy of promoting responsible banking initiatives and expressed hope that it would contribute to promote livelihood in the rural areas.
Source: eKantipur
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Patan Finance Ltd posts profit
Patan Finance Ltd. has posted Rs. 7.267 million profit for the 4th quarter of fiscal year 2064/65 which is more than double the corresponding previous quarter.
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Infrastructure Development Bank Ltd posts profit
Infrastructure Dev. Bank Ltd. has posted Rs. 33.589 million profit for the 4th quarter of fiscal year 2064/65 which is almost three times more than the corresponding previous quarter.
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Siddhartha Bank Ltd (SBL) in Narayangadh
Siddhartha Bank Ltd. has opened its eighth branch in Narayangadh on 4th August. The recently inaugurated branch has an aim to deliver its service to the general public, business organizations and industrialists of Narayangadh and nearby areas. The bank is providing range of services to meet the need of the customers. SBL earned Rs. 286 million operating profit in the fiscal year 2064/65 which is 64% more than the previous year. The company collected Rs. 10.25 billion as deposit and distributed Rs. 9.48 billion as loan in one years' time.
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Monday, August 4, 2008
Market halted for half an hour
Trading Floor at Nepal Stock Exchange halted with new record, the highest index marked at 1069.95 points till now. Breaking the previous highest height of 1064.09 triggered on 17th Dec 2007, market has been suspended for 30 minutes (from 13:30:11) as the result market Index Increased by 20 Points today.
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Nepal Investment Bank Ltd.(NIB) Appropriation of Profit and Loss Account
The board of directors in its 306th meeting held on held on august 4,2008 approved the following appropriations to the profit and loss account of F/Y 2064/65.
a) Cash dividend of 7.5%
b)Issuance of bonus share of 3:1 (1 share for every 3 share)
c)call on Right issue of 2:1, after the issuance of Bonus share.
The said appropriations are subjected to the approval of NRB and AGM.
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a) Cash dividend of 7.5%
b)Issuance of bonus share of 3:1 (1 share for every 3 share)
c)call on Right issue of 2:1, after the issuance of Bonus share.
The said appropriations are subjected to the approval of NRB and AGM.
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Siddhartha Finance Ltd. posts profit
Siddhartha Finance Ltd. has posted Rs. 24.863 million net profit for the 4th quarter of the fiscal year 2064/65 which is 36% more than the corresponding previous quarter.
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Civil Merchant Bittiya Sanstha Ltd. posts profit
Civil Merchant Bittiya Sanstha Ltd. has posted Rs. 10.043 million net profit for the 4th quarter of the fiscal year 2064/65 which is 168% more than the corresponding previous quarter.
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Sunday, August 3, 2008
Nepal shares gain 53pts
After falling nearly 13 points last week, Nepal Stock Exchange (NEPSE) Index rebounded this week gaining 53.21 points to finish at 1034.02 points.
936,259 units of shares amounting Rs 813.3 million were traded through 4,626 transactions during the week. In terms of transaction amount, trading in the sole secondary market of the country recorded 86.70 percent rise this week. 508,623 units of shares worth Rs 435.6 changed hands through 2,966 transactions last week.
Trading of ‘A’ category companies reached 510.6 million and made up 62.78 percent of the total transactions.
Under the group-wise trading, the index of Commercial Banks shot up by 68.44 points to end at 1081 points on Thursday, the last day of transaction. Development Bank group posted the second biggest rise after the shares of commercial banks going up by 62.51 points from an opening of 1371.88 points on the first day of transaction.
Similarly, the index of Finance Companies and Hydro Power companies also went up by 38.48 points and 17.41 points respectively to finish at 1173.08 points and 1249.45 points.
However, the Index of Insurance companies and trading companies saw falls of 16.81 points and 3.77 points respectively to reach 813.58 points and 200.31 points. The Index of manufacturing and the Others group remained unchanged.
The sensitive index, which indicates the level of transaction of the companies of ‘A’ category, rose by 15.49 points to end at 274.84 points.
Nepal Credit and Commerce Bank led all the companies in terms of transaction amount, number of share traded and the number of transactions. 318,000 units of shares of the bank, worth Rs 146.6 million were traded through 378 transactions during the week.
According to NEPSE, Nepal Credit and Commerce Bank, Kist Merchant Bank and Finance, National Hydro Power Company, Cosmic Merchant Finance, and Nepal Bangladesh Bank were the top five companies respectively in term of transaction amount.
Source: eKantipur
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936,259 units of shares amounting Rs 813.3 million were traded through 4,626 transactions during the week. In terms of transaction amount, trading in the sole secondary market of the country recorded 86.70 percent rise this week. 508,623 units of shares worth Rs 435.6 changed hands through 2,966 transactions last week.
Trading of ‘A’ category companies reached 510.6 million and made up 62.78 percent of the total transactions.
Under the group-wise trading, the index of Commercial Banks shot up by 68.44 points to end at 1081 points on Thursday, the last day of transaction. Development Bank group posted the second biggest rise after the shares of commercial banks going up by 62.51 points from an opening of 1371.88 points on the first day of transaction.
Similarly, the index of Finance Companies and Hydro Power companies also went up by 38.48 points and 17.41 points respectively to finish at 1173.08 points and 1249.45 points.
However, the Index of Insurance companies and trading companies saw falls of 16.81 points and 3.77 points respectively to reach 813.58 points and 200.31 points. The Index of manufacturing and the Others group remained unchanged.
The sensitive index, which indicates the level of transaction of the companies of ‘A’ category, rose by 15.49 points to end at 274.84 points.
Nepal Credit and Commerce Bank led all the companies in terms of transaction amount, number of share traded and the number of transactions. 318,000 units of shares of the bank, worth Rs 146.6 million were traded through 378 transactions during the week.
According to NEPSE, Nepal Credit and Commerce Bank, Kist Merchant Bank and Finance, National Hydro Power Company, Cosmic Merchant Finance, and Nepal Bangladesh Bank were the top five companies respectively in term of transaction amount.
Source: eKantipur
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Opting for real McCoy tough
Should investors believe the unaudited report of a financial institution and invest in it if there is a huge difference of detail between the unaudited report and balanced books of the institution? There is a 31.52 per cent variation between unaudited and audited accounts in the net profit shown by a bank's fourth quarterly report for 2006-07.
Commercial banks, development banks and finance companies have to publish their unaudited balance sheet at the end of the fiscal year, according to the Nepal Rastra Bank's (NRB) directives in order to maintain transparency in the financial sector and inform investors of the financial health of the company.
Based on the unaudited report of a particular company or financial institution, investors decide whether to buy or sell the shares of that institution as the audited report takes a longer time to be published.
Commercial banks, a major propeller of the capital market, follow NRB directives 'ritually' but not seriously, shows a report. According to a variation analysis on net profit in the unaudited report in the fourth quarter and audited report in the fiscal year 2006-07, prepared by Securities Research Centre and Services (SRCS), one of the commercial bank's loss has even increased to 10.74 per cent in the audited report.
"The bank has shown Rs 104.6 million loss but according to its audited report the loss increased to Rs 115.9 million, a huge difference of Rs 11.24 million or 10.74 per cent," states the report. However, Standard Chartered Bank Nepal (SCBN) and Laxmi Bank Ltd (LBL) are two banks which have nominal difference in their unaudited and audited reports. SCBN showed Rs 692.06 million net profit in its unaudited report while its audited report showed Rs 691.66 million, a difference of Rs 0.39 million or 0.06 per cent.Similarly, Laxmi Bank showed Rs 655.08 million net profit in its unaudited report while its audited report showed the net profit standing at Rs 655.79 million — a minimal difference of Rs 71,000 or 0.11 per cent only.
Of the total 14 commercial banks analysed, most of these have differences in unaudited and audited reports ranging from 1.09 per cent to 5.40 per cent.However, Lumbini Bank reportedly has the highest variation of net profits — 31.52 per cent or Rs 71.18 million difference between its unaudited and audited report for the fourth quarter of 2006-07."That is because of the loan-loss provisioning," acting governor Krishna Bahadur Manandhar said.He added that a bank may think its loan a good one or medium-risk and provision accordingly but NRB may differ on the quality of loan and the ensuing loan-loss provisioning may punch holes in its profit sheet.
Source: THT
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Commercial banks, development banks and finance companies have to publish their unaudited balance sheet at the end of the fiscal year, according to the Nepal Rastra Bank's (NRB) directives in order to maintain transparency in the financial sector and inform investors of the financial health of the company.
Based on the unaudited report of a particular company or financial institution, investors decide whether to buy or sell the shares of that institution as the audited report takes a longer time to be published.
Commercial banks, a major propeller of the capital market, follow NRB directives 'ritually' but not seriously, shows a report. According to a variation analysis on net profit in the unaudited report in the fourth quarter and audited report in the fiscal year 2006-07, prepared by Securities Research Centre and Services (SRCS), one of the commercial bank's loss has even increased to 10.74 per cent in the audited report.
"The bank has shown Rs 104.6 million loss but according to its audited report the loss increased to Rs 115.9 million, a huge difference of Rs 11.24 million or 10.74 per cent," states the report. However, Standard Chartered Bank Nepal (SCBN) and Laxmi Bank Ltd (LBL) are two banks which have nominal difference in their unaudited and audited reports. SCBN showed Rs 692.06 million net profit in its unaudited report while its audited report showed Rs 691.66 million, a difference of Rs 0.39 million or 0.06 per cent.Similarly, Laxmi Bank showed Rs 655.08 million net profit in its unaudited report while its audited report showed the net profit standing at Rs 655.79 million — a minimal difference of Rs 71,000 or 0.11 per cent only.
Of the total 14 commercial banks analysed, most of these have differences in unaudited and audited reports ranging from 1.09 per cent to 5.40 per cent.However, Lumbini Bank reportedly has the highest variation of net profits — 31.52 per cent or Rs 71.18 million difference between its unaudited and audited report for the fourth quarter of 2006-07."That is because of the loan-loss provisioning," acting governor Krishna Bahadur Manandhar said.He added that a bank may think its loan a good one or medium-risk and provision accordingly but NRB may differ on the quality of loan and the ensuing loan-loss provisioning may punch holes in its profit sheet.
Source: THT
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Harisiddhi has closed
Harisiddhi Brick & Tile Factory Ltd. is closed now. Due to the prolonged losses and inability to compensate those failures, the management committee decided to shut down the company. Narendra Maharjan, CEO of the company informed that, based on the decision of the corporate general meeting, HBT has been formally closed. The inability to produce sufficient bricks as targeted due to the lack of raw materials and constantly stacking losses resulted in company closure. The organization is setting up a medical college and an environmental education centre in the industry area. Maharjan added that the management committee has aimed to develop the place as a health village and the necessary procedures for which has been started. The workers and employees are compensated on the basis of years they have worked there. The person working for a year would be given two months extra salary and the amount increases as the working years increased. The management committee asserted that the labors are given more facilities than mentioned in the labor act.
Even though the labors are informed that the industry would be replace in a suitable place, any procedures for restoration has not been carried out. Maharjan states that the company is focusing on the establishment of the medical college and reinstallation of the factory is a subsidiary matter. The labors are raising their voice against the management decision of closing the company. Meanwhile, the labor strike was prevailing for some time to make them permanent. Jasok Thakur, president of Nepal free labor union commented that the company close down was a full-fledged plan to drown the investment of the general public and bank. According to him, there are 80 temporary labors and 30 permanent labors in contract. Harisiddhi bricks was established with the help of China government. It was operating in the ownership of government and during that time it had gained popularity for its qualitative products. However, in 2049 B.S the company was privatized and majority of its shares were brought by NB group, which brought along lots of problems. The general public had Rs. 3 million investments on the company which is again a fatal loss to them.
Source: THT
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Even though the labors are informed that the industry would be replace in a suitable place, any procedures for restoration has not been carried out. Maharjan states that the company is focusing on the establishment of the medical college and reinstallation of the factory is a subsidiary matter. The labors are raising their voice against the management decision of closing the company. Meanwhile, the labor strike was prevailing for some time to make them permanent. Jasok Thakur, president of Nepal free labor union commented that the company close down was a full-fledged plan to drown the investment of the general public and bank. According to him, there are 80 temporary labors and 30 permanent labors in contract. Harisiddhi bricks was established with the help of China government. It was operating in the ownership of government and during that time it had gained popularity for its qualitative products. However, in 2049 B.S the company was privatized and majority of its shares were brought by NB group, which brought along lots of problems. The general public had Rs. 3 million investments on the company which is again a fatal loss to them.
Source: THT
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Nepal Development & Employment Promotion (NDEP) Bank's General Share Certificate Distribution
Nepal Development & Employment Promotion Bank Ltd. is distributing the general share certificate to its shareholders from 3rd August, 2008 (2065 Shrawan 19).
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Bhajuratna Finance & Saving Ltd posts profit
Bhajuratna Finance & Saving Ltd. has posted Rs. 7.047 million profit for the 4th quarter of the fiscal year 2064/65 which is 40% more than the corresponding previous quarter.
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