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14/02/2024

Nepal Rastra Bank (NRB) has taken disciplinary actions against six financial institutions for various regulatory violations:

1. Muktinath Bikas Bank diverted collected fees from customers for loans, resulting in caution to its executive committee, chairman, and CEO.
2. Saptakoshi Development Bank had its independent director's provision revoked and its CEO cautioned for unauthorized base rate changes.
3. Narayani Development Bank faced fines for failing to maintain mandatory cash reserves and exceeding the Credit-Deposit ratio limit.
4. Progressive Finance received a caution for risky valuation methods in lending.
5. Goodwill Finance received a caution for inadequate project viability analysis.
6. Guheshwori Merchant Banking and Finance exceeded investment thresholds, resulting in a caution to its CEO.

NRB has issued directives for full compliance with regulatory provisions in the future.

14/02/2024

Kumari Bank Limited (KBL) has introduced the Kumari Gajjab Savings Account, offering a high-interest rate and health insurance benefits with a minimum balance requirement of Rs. 1,000. The account provides an annual interest rate of 6.01% and health insurance coverage up to Rs. 20,000, along with a complimentary debit card.

14/02/2024

Recent reports in various news sources have raised concerns regarding the bank's risk management practices and its increasing exposure to loans in the real estate sector. In response, the bank has taken proactive measures to address these concerns.

Firstly, the bank has clarified its position on the matter and has actively sought guidance from Nepal Rastra Bank, the country's central bank, to ensure compliance with regulatory standards. Additionally, the bank is updating its reporting practices based on the recommendations received and is working to enhance its understanding of loan classifications related to residential property claims.

Despite the challenges faced, the bank remains steadfast in its commitment to positively contribute to the country's renewable energy production. To this end, it has actively sought regulatory guidance and has provided updates on reporting Claims Secured by Residential Properties.

Moreover, the bank is dedicated to maintaining transparency in its operations, particularly concerning its exposure to the real estate sector. It has ensured compliance with Nepal Rastra Bank's limits on reporting financial flows in this sector, with the bank's loan flow amounting to only 10.14% by the end of the fiscal year 2080, well below the 25% limit stipulated by regulatory authorities.

14/02/2024

The Nepal Stock Exchange (NEPSE) witnessed a downturn as it bore the brunt of a 30.56 point drop following the unveiling of yesterday's monetary policy.

On the Nepal Stock Exchange (NEPSE) today, the index experienced a loss of 30.56 points, equivalent to 1.45% compared to the previous day's closing, ultimately settling at 2,070.59 points. Contrastingly, the index had witnessed a gain of 15.33 points in the preceding trading session.

The market commenced today's trading with an opening index value of 2,101.56. Throughout the trading day, the index fluctuated, reaching an intraday low of 2,064.84 and peaking at an intraday high of 2,101.55.

Within the course of today's trading activities, a total of 305 different stocks were traded across 82,899 transactions. The cumulative volume of shares exchanged amounted to 12,165,202, contributing to a total turnover of Rs. 4.66 Arba.

As for market capitalization, it stood at Rs. 32.54 Kharba, with a float market capitalization recorded at Rs. 11.16 Kharba.

14/02/2024

Kumari Capital Limited has announced an extension of the deadline for its mutual fund scheme, "Kumari Sabal Yojana," to both the general public and institutions until the 13th of Falgun, 2080. Initially opened on the 28th of Magh, the scheme was scheduled to conclude today, the 2nd of Falgun, 2080. However, due to an insufficient number of applications received, the deadline has been extended until Falgun 13.

Out of a total of 10 crore unit shares, 1% equivalent to 10 lakh units valued at Rs. 1 crore has been reserved for the scheme manager, Kumari Capital Limited. Additionally, 14% amounting to 1.4 crore units valued at Rs. 14 crore has been allocated to the fund sponsor, Kumari Bank Limited. The remaining 8.5 crore units valued at Rs. 85 crore will be made available to the general public.

"Kumari Sabal Yojana" operates as a closed-end fund with a maturity period of 10 years. Interested applicants can apply for a minimum of 100 units up to a maximum of 1,00,00,000 units.

As per data provided by CDSC, a total of 15,068 applicants have applied for 1,89,63,790 units valued at Rs. 18.96 Crore as of 5 pm yesterday.

14/02/2024

The Securities Exchange Board of Nepal (SEBON) has recently added "Garima Samriddhi Yojana", under preliminary review in the latest list of mutual fund scheme pipeline status published.

Garima Samriddhi Yojana is a closed-end mutual fund scheme that will have a fund size of Rs. 1 Arba divided into 10 Crore units, having a par value of Rs.10 per unit. The application was sent to SEBON on Magh 28. Garima Capital is the fund manager of the mutual fund scheme. Whereas, Garima Bikas Bank Limited (GBBL) is the Fund Sponsor of this scheme.

This is the first mutual fund scheme that will be managed by Garima Capital Limited.

14/02/2024

Singati Hydro Energy Limited (SHEL) has initiated the issuance of a 1:1 ratio of right shares to its shareholders, commencing from today, the 2nd of Falgun, and continuing until the 22nd of Falgun, 2080.

The hydropower company intends to issue 100% right shares valued at Rs. 1.45 Arba, offering 14,500,000 (1:1) units of right shares to its existing shareholders at a par value of Rs. 100 per share. With the current paid-up capital standing at Rs. 1.45 Arba, the proposed right share issuance will lead to an increase in the paid-up capital of the company to Rs. 2.90 Arba following the adjustment of 1.45 crore units of right shares.

The decision to issue the right shares has been made to raise funds for investment in other companies and for the purpose of debt clearance, as stated by the hydropower company.

Kumari Capital Limited has been appointed as the issue manager for this right issue.

14/02/2024

NMB Laghubitta Bittiya Sanstha Limited (NMBMF) has declared that it will not be distributing dividends for the Fiscal Year 2079/80.

The decision was made during the 153rd Board Meeting of NMBMF held on Falgun 1, 2080. It was decided that the company would not distribute any dividends for the fiscal year 2079/80. However, it's essential to let you know that this decision is subject to the approval of the financial statements by the regulatory authority, Nepal Rastra Bank, as well as the upcoming Annual General Meeting of the company.

At present, NMBMF is trading at Rs. 529.90.

14/02/2024

Siddhartha Premier Insurance Limited (SPIL) has scheduled its 30th Annual General Meeting (AGM) for the 30th of Falgun, 2080. The meeting is set to take place at Lisara Receptions, Bhagwati Bahal, Kathmandu, commencing at 11:00 a.m. on the aforementioned date.

One of the key agendas of the AGM is the endorsement of an 11% cash dividend for the fiscal year 2079/80. This decision was made during the 19th Board of Directors meeting held on Magh 21. The proposed cash dividend, inclusive of tax, amounts to Rs. 30.87 crores. It's worth noting that SPIL's existing paid-up capital stands at Rs. 2.80 Arba.

Additionally, the AGM will address the endorsement of the auditor's report, Profit and Loss statements, financial reports, and cash flow reports, along with the appointment of an auditor for the fiscal year 2080/81. Another agenda item is the election of six directors, comprising four from the promoter shareholder group and two from the public shareholder group.

The book closure date has been set for Falgun 11. Shareholders holding shares before this date are eligible for the dividend payout and are welcome to attend the AGM.

14/02/2024

The price of pure gold has dropped by Rs. 1,200 per tola, according to the latest report from the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA). Presently, fine gold is trading at Rs. 116,500 per tola, marking a decrease of Rs. 1,200 compared to yesterday's closing rate of Rs. 117,700 per tola.

Similarly, Tejabi gold is priced at Rs. 115,950 per tola today, which is Rs. 1,200 lower than yesterday's closing price of Rs. 117,150 per tola.

Furthermore, the price of silver has also declined by Rs. 30 per tola. The current market rate for silver is Rs. 1,365 per tola, down from yesterday's closing rate of Rs. 1,395 per tola.

14/02/2024

Ghorahi Cement Industry Limited (GCIL) has recently disclosed its second-quarter financial report for the fiscal year 2080/81, unveiling a discernible downturn in net profitability. The company reported a notable net loss amounting to Rs. 41.84 Crore, a stark contrast to the Rs. 1.54 Crores profit registered in the corresponding quarter of the preceding year.

The Revenue from the Operation of the company has increased by 1.40 percent, totaling Rs. 1.71 Arba. The administrative expenses of the company spiked by 41.81 percent, amounting to Rs. 15.58 Crores.

The company's negative Net Profits in Q2 FY 2080-81 have led to corresponding negative Earnings per Share (EPS), while the Net Worth per Share stands at Rs. 225.45.

GCIL maintains Rs. 4.56 Arba in paid-up capital, Rs. 2.65 Arba in share premium, Rs. 2.99 Arba in retained earnings and surplus and has Rs. 7.9 Crores as other equity. GCIL has augmented its investments, reaching Rs. 16.5 Crores.

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