New budget soon: Dr Bhattarai

Finance Minister Dr Baburam Bhattarai Tuesday said that the government would bring out a new people-oriented budget in the nearest future. Talking to a delegation from Nepal Chamber of Commerce (NCC), Dr Bhattarai said that the current focus of the new government was to bridge the impasse existing between the people and the State.

He also tagged peace and development as two sides of the same coin, and committed that Nepalis would soon feel a sense of security and peace in the country, NCC said in a statement Tuesday.

According to the NCC statement, Dr Bhattarai said that public-private partnerships would form the basis of government's new economic policy. The statement said that the new finance minister assured that the government would continue with the good aspects of governance and focus on breaking the cycle of bad practices.

NCC President Surendra Bir Malakar, meanwhile, urged Dr Bhattarai to come up with private-sector oriented policies and programs to facilitate stronger economic growth and accomplish economic advancements.

He stated that improving industrial security and securing the already present investments were very crucial to lure more investment from domestic private players as well as overseas investors.

Malakar also pinpointed hydropower, tourism, agriculture and mining as potential areas of economic activities that can change the economic outlook of the country for the better. "However, the government must put and end to bandas, highway blockades, strikes and unfair practices like syndicates and cartels to give the private sector a smooth operational and level playing field," Malakar was quoted as saying.

Among others, the business leaders also urged the government to seriously implement its common minimum program.
Source: eKantipur
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Agriculture Development Bank to be mega venture

After the issuance of ordinary and preferential shares, according to its plan, Agriculture Development Bank Ltd (ADBL) will become one of the largest commercial banks in terms of a paid up capital of Rs 11.9 billion.

"ADBL will soon float 30 per cent shares worth Rs 960 million among the public," Yogeshwar Pant, ADBL managing director said adding that the bank has, apart from that, set aside Rs 162.5 million worth shares for its staff. After the public issue and issue to the staff, the government's share in it will reduce to only 51 per cent. ADBL has Rs 10.77 billion paid up capital at present, Pant said.

The bank will also initiate Rural Finance Sector Development Cluster Program II (RFSDCP) with the help of Asian Development Bank (ADB). "ADB will provide project preparatory technical assistance to ADBL," he added. ADBL signed deals with BAAC of Thailand, VIVARD of Vietnam and MASAV of Israel recently. It has also reduced its Non-Performing Assests (NPA) to 10.41 per cent and plans to bring it down to less than even eight per cent.
Source:The Himalayan Times
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Share Allotment of Lord Buddha Financial Institution

Shares of Lord Buddha Financial Institution Ltd. has been allotted. Click here to see more in detail
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Share Allotment of Kaski Finance

Shares of Kaski Finance Ltd. has been allotted on date 28 Aug 2008. To see share allotment in detail follow this link.
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Soaltee wins Today's Traveler Platinum Award

Soaltee Crowne Plaza Kathmandu won Today's Traveler Platinum Award for Nepal's best business hotel of 2008, the hotel said in a statement Wednesday. The award was announced at a ceremony held on Monday in New Delhi on the occasion of 11th anniversary of Today's Traveler. Ambika Soni, the Union Minister for Tourism of India presented the award to Greesh Bindra, general manager of Soaltee Crowne Plaza Kathmandu.
Source: eKantipur
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Agriculture Development Bank to release its share

Agriculture Development Bank Ltd. is issuing Rs. 960 million worth shares as Initial Public Offering (IPO) to the general public in the next month. The technical and financial proposals are under creation and once the proposals are made ready, issue manager will be appointed. The bank planned to issue the shares before a year but it was delayed because of the general meeting that was held only six month ago. ADB issued 1250000 shares in last Mangshir that received maximum applications. For this reason, 4525000 shares were given to the previous shareholders worth Rs. 452.5 million. The shares were oversubscribed again. ADB is an "A" grade company that has earned Rs. 622 million profit in the fiscal year 2064/65 which is 53.15% more than the previous year. Within this period it collected Rs. 32.22 billion as deposit and disseminated Rs. 36.57 billion as loan.
Source: Jamb News Service
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Nepal Industrial & Commercial Bank's Right shares enlisted

1518773 right shares of Nepal Industrial & Commercial Bank are listed on Nepal Stock Exchange from 27th August 2008.The bank distributed 20% bonus share and 20% right share in the fiscal year 2064/65. The paid up capital of the bank is Rs. 944 million at present and was able to earn Rs. 248.941 million net profit this year which is 57% more than the corresponding previous year.
Source: Jamb News Service
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SBL's ninth branch in Patan Dhoka

Siddhartha Bank Ltd opened its ninth branch in Patan Dhoka, Lalitpur. Chairman of the bank and board of directors Chiranji Lal Agrawal inaugurated it on Wednesday. "It will provide loans for projects, business, house, personal needs, hire purchase and education too," states a press release. SBL registered operating profit of Rs 286 million, a growth of 64 per cent over the last fiscal year. The bank says its total deposit is Rs 10.25 billion and loans and advances at Rs 9.48 billion.
Source: THT
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Citizens bank's evening counter

Citizens Bank International Ltd (CBIL) has started evening counter at its Kathmandu branches from Wednesday. According to the press statement, the bank will provide the service at its Kamaladi, Boudha, New Road and Koteshwor branches. The bank is also going to start 365 days banking at its New Road branch from Wednesday.
Source: The Himalayan Times
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Nepse lays down new market-halt rule

Nepal Stock Exchange Ltd (Nepse) has set a new rule for market-halt from today.

“Instead of the pointbased system, we have formed a percentagebased system for smooth operation of the market,” Nepse general manager Rewat Bahadur Karki said adding that after the listing of 15,00,00,000-unit of NT shares, the market trading halt policy needed change.

“Nepse was already thinking of changing the rule according to market growth, and with the entry of a huge volume of NT shares it was the right time,” he added.

Now, market trading will halt for 15 minutes during the first hour of trading if the Nepse index changes by three per cent upward or downward from previous day’s index.

Also, if the index changes by four per cent either way after the market reopens the market will halt for 30 minutes. If the Nepse index changes five per cent upwards or downwards, the market will close for the day, ac cording to the new rule.

The new policy will stabilise the sec ondary market and help it grow, Karki said adding, “It’s almost a year since Nepse brought a market halt policy based on points. Earlier, the growth of 15, 20 and 25 points were the base markers of market halt.” NT’s 15,00,00,000-unit shares are listed under the others’ group, which has only one company Nepal Film Development Company (NFD) with its 4,91,285-unit shares with a face value of Rs 100 per unit. The others’ group saw no trading since the last some months. However, after entry of NT shares the others’ group has be gun posting significant growth since yesterday.

Today, 16,190-unit of NT shares were traded at Nepse between Rs 900 and Rs 950 per unit. Trading in NT shares pushed the overall market cap italisation to over Rs 5.53 trillion.
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Nepalstock's website hosted in one more server

Due to increased traffic & increasing trend of number of users viewing the NEPAL STOCK EXCHANGE website(http://www.nepalstock.com) users & investors were experiencing slow response from the server. Taking this into account we have hosted nepalstock website in one more server and now they can view the Real Time Data & other information related to NEPSE from http://www. nepalstock.com.np too. We hope now the investors & related viewers can gain the information disseminated from NEPSE more efficiently.
Your feedback & suggestions are highly appreciated.
Source: NepalStock.com
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Warning to Agrawal Securities

Agrawal Securities Pvt. Ltd. Broker No. 6 is warned by NEPSE against doing irresponsible behaviour towards client.
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NABIL to give bonus and dividend

The Board of Director (BOD) meeting held on 25th August 2008 decided to distribute 60% cash dividend and 40% bonus share to its shareholders which means each shareholder will receive Rs. 60 as cash dividend per share and 4 bonus shares for each 10 share holdings.
Source: Jamb News Service
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ADB to release its share

Agriculture Development Bank Ltd. is issuing Rs. 960 million worth shares as Initial Public Offering (IPO) to the general public in the next month. The technical and financial proposals are under creation and once the proposals are made ready, issue manager will be appointed. The bank planned to issue the shares before a year but it was delayed because of the general meeting that was held only six month ago. ADB issued 1250000 shares in last Mangshir that received maximum applications. For this reason, 4525000 shares were given to the previous shareholders worth Rs. 452.5 million. The shares were oversubscribed again. ADB is an "A" grade company that has earned Rs. 622 million profit in the fiscal year 2064/65 which is 53.15% more than the previous year. Within this period it collected Rs. 32.22 billion as deposit and disseminated Rs. 36.57 billion as loan.
Source: Jamb News Service
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NTC drives NEPSE figure: Amendment in the suspension policy

After the listing of NTC, the market trading halt policy has been changed for the smooth operation of the market. The existing value weighted index is highly influneced by the huge market capitalization of Nepal Telecom. Small changes in price of NTC's share will bring about big changes in the benchmark index which is not justifiable. To curb this problem free float index assigning weight to each scrips should be implemented by NEPSE as soon as possible. NEPSE has introduced the percentage system instead of previous point based system. Accordingly, the market trading will halt for 15 min. if NEPSE index changes by 3% of previous day's NEPSE index in either way before 13:00 hrs. Similarly if it changes by 4% in either way before 14:00 hrs market trading will halt for 30 min. and if NEPSE index changes 5% in either way market will halt for rest of the day.
Source: Jamb News Service
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Gurkha Dev. Bank Right Share Certificate Distribution

Gurkha Dev. Bank Ltd. is distributing its right share certificate from 25th August 2008 (2064 Bhadra 9).
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Oriental Hotel's Upcoming 11th AGM

Oriental Hotels Ltd. has announced its forthcoming 11th Annual General Meeting to be held on 15th September 2008 (2065 Bhadra 30).
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Lumbini Bank Ltd doubles capital

Lumbini Bank Ltd (LBL) has doubled its paid up capital to Rs 995 million from Rs 500 million in the fiscal year 2006-07. The bank has also been successful in pushing its net worth up to Rs 299 million from a negative Rs 722 million. An LBL press release said the bank plans to becomes one of the strongest banks in its capital adequacy requirement.
Source: THT
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Prabhu Finance Company Limited Shares Listed for Trading from today

1600000 Kitta of Prabhu Finance Company Limited with Symbol (PRFL) has been listed for trading from today.
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Ace Development Bank to give dividend

Ace Development Bank Ltd. is about to give 10% bonus share and 0.53% cash dividend to its shareholders. The BOD meeting held on 19th August 2008 (2065 Bhadra 3) decided on the matter. The proposal is yet to be finalized from the AGM. After the distribution of bonus share, the bank is issuing 64% right shares so as to increase its paid up capital to Rs. 750 million. In near future, ACE is introducing "ACE Gold ETF" and portfolio management service.
Source: Jamb News Service
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NTC and PRFL Listed, NTC traded for highest limit of Rs. 893

Finally the NTC shares have been listed in the NEPSE for trading from today. 150000000 Kitta of Nepal Doorsanchar Company Limited with Symbol (NTC) has been listed . Along with it, 1600000 Kitta of Prabhu Finance Company Limited with Symbol (PRFL) has been listed for trading from today itself. Meanwhile, the 280 shares Nepal Telecom(NTC) is traded at Rs. 893 for the first time which is the highest value of the book value limit of 3-5 times trapped by Nepal Stock Exchange(NEPSE). Most of the speculators had estimated the trade of NTC around Rs. 600 to Rs 700 only. On contrary, the first transactions of NTC has killed the greed of large investors who did presumed and shouted to have stable price of NTC at lower limit.
Source: Jamb News Service
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Suspension of Sipla Securities Pvt. Ltd

The Trading of broking firm "Sipla Securities Pvt. Ltd. Broker No. 20" has been suspended by SEBO due to wrong information provided, until further notice.
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Kumari Bank Ltd's Bond Enlistment

"KBL Bond 2070" has been enlisted in the Nepal Stock Exchange.
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Shikhar Bittiya Sanstha's Share Allotment

The shares of Shikhar Bittiya Sanstha Ltd. has been allotted.
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Royal Merchant Banking & Finance's Right Share Certificate Distribution

Royal Merchant Banking & Fin. Ltd. is distributing its right share certificate from 22nd August 2008 (2065 Bhadra 6).
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Bhrikutee Bikas Bank Ltd in Rupandehi

Bhrikutee Bikas Bank Ltd. has opened its fourth branch in Farsatikar of Rupandehi. The bank has undertaken rural development policy. Other three branches of the bank are located in Kapilbastu, Madigram of Rupandehi and Sunwal bazaar of Nawalparasi. BBBL aims to raise Rs. 640 million paid up capital to lift up its status as a national level development bank. It has collected Rs. 706.4 million as deposit and has distributed Rs. 651.9 million as loan. The bank has incorporated various schemes such as Grihini Mahila Bachat, Khutruke Bachat as well as different service for elderly people and disables
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