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The Nepal Stock Exchange (NEPSE) gained 51.31 points to close at 1, 942.63 points on Tuesday. Similarly, the sensitive index surged by 8.83 points to close at 367. 72 points. A total of 6,067,432-unit shares of 271 companies were traded for Rs 2. 20 billion. Meanwhile, Kalika Laghubitta Bittiya Sanstha Ltd Kalika Laghubitta Bittiya Sanstha Ltd, Khaptad Laghubitta Bittiya Sanstha Limited and Aatmanirbhar Laghubitta Bittiya Sanstha Limited were the top gainers today, with their price surging by 10. 00 percent. Similarly, Sunrise First Mutual Fund was the top loser as its price fell by 2.00 percent. At the end of the day, total market capitalization stood at Rs 2. 83 trillion.

Bhuwan Hari Sigdel is a 74-year-old Nepali poet and novelist who has 10 books to his credit. Some of his notable works are ‘Aamoi’, ‘Ramila Nani’, and ‘Jadau Malik’. Babita Shrestha from ApEx talked to Sigdel about his writing career. You started your writing career a little late. What inspired you to write?  I worked for a company in the private sector before becoming a writer. Although I enjoyed reading, I didn’t write much. I first started writing poetry after I retired in my 50s. The first poem I ever wrote was ‘Aartanada’ back in 2002. It’s based on a soldier’s history as well as the works of half a dozen other poets. After 2009, I decided to try writing prose. Since then, I have published several other writings. But initially, my friends thought writing prose would be challenging. And it was. It was the will to pursue that challenge that motivated me throughout the journey. I like to test my limits and push my boundaries with my work. Can you run us through your writing process? I write in a pretty conventional manner. I still write stories on paper rather than typing them out. For the first draft, I let my writing flow without any corrections and while editing I make the changes. Before anything else, I create chapters for my novel to avoid redundancy. Then I decide on the plot for the chapters. I try to employ hooks in the initial pages to draw the curiosity of the readers and use other strategic approaches. I get completely lost when I’m writing. I actually detach from all social activities, turn off my phone, and just write. What has been the most challenging part of your literary journey? I was nominated for the Madan Puraskar for my book ‘Aamoi’. But I didn’t win. The fifth edition of the book has just been released since it’s still in demand. To avoid paying shares, the market publishes and sells the book while keeping the writer in the dark. So, the market has been my greatest challenge in the writing world. But I believe I was able to overcome that, establish myself, and receive numerous honors. I took a break from writing for a while, due to some health issues. Now, I’m working on my autobiography. Which among your books do you think readers should not miss out on? I would specifically recommend ‘Aamoi’. It’s a story about the life of a woman from 104 years ago. ‘Sarangi’ is a good choice too. It tells the story of a member from the Gandarva community, who lost his hearing. I think people should also read my other book called ‘Jadau Malik’, which tells the story of the Chaudhary community in Bardia. It portrays the custom followed in Bardia where the male head of the village (Malik) marries a laborer. In my writings, I strive to assemble the dark aspects of society, including the gloomy pasts of many regions of Nepal. What advice do you have for aspiring writers? Digital technology is deteriorating the new generation’s capacity to be creative. There is also a decline in the reading culture. So, I’d advise them to develop a reading habit. Read literature related to your field and interests. It will help you develop your ideas as well as express them clearly. The first person to read your writing is you. Make sure you are satisfied with the work you have done. Don’t be afraid to rewrite. Be persistent and patient. Most importantly, try to be original and create your writing style. Sigdel’s picks: Char Khola Ko Aaganima by Bhabani Khatiwada It’s a verse poem about Khatiwada’s travel journey to Ilam. Anurag  by Jaya Ojha This is a contemporary fiction about women empowerment and motherhood.

Despite its promises to reform public enterprises (PEs), the government once again announced that some of the closed state-owned factories would be brought into operation. The government's policies and programs for the fiscal year 2023/24 reads that Hetauda Kapada Udyog, Gorakhkali Rubber Udyog, and Butwal Dhago Udyog be reopened for operation. The government’s announcement to run these defunct companies has come at a time when it has promised reforms of PEs that are using state resources without offering any noticeable benefits for the country and the people. While the government is seeking budgetary support of $200m from the Asian Development Bank (ADB), one of the conditions put forward by the Asian lender is that Nepal needs to commit to reforming PEs. A cabinet meeting on April 18 decided to form a public enterprises recommendation committee headed by former government secretary Shankar Prasad Adhikari. “If the government insists on running the closed state-owned factories without viable plans that require no extra injection of public money, there is the question about whether donors will be happy about the government’s move,” said an expert on public enterprises who chaired a task force on reforming PEs in the past. “It is better to let these companies remain closed if they are not operated commercially and independently outside the government and politicians’ influence,” the expert said, adding that the government has been forced to inject huge amounts of its resources into badly run public enterprises. The government is currently in negotiation with the ADB to secure $200m as the government has a gap in financial resources for its failure to collect enough revenue. The government wants to get funding from multilateral donors in the form of budgetary support which the government can utilize in its prioritized sector. Donors want reforms in PEs and they have been suggesting against recklessly pouring public money into such enterprises. Among the three factories, Hetauda Kapada Udyog, a textiles manufacturer, has remained closed since 2000 after it ran under huge losses and was subsequently liquidated in 2013. It is owned by Industrial District Management Limited. The factory is spread over 8 acres and possesses machines used in making thread, dyeing, and spinning. In fact, a task force headed by Economist Pushkar Bajracharya had even suggested the government let the factory be operated by the Nepal Army to produce necessary clothing items for it. Likewise, Gorakhkali Rubber Udyog, a state-owned tire company, has remained defunct since 2012. The loss-making entity incurred a net loss of Rs 685.5m in the fiscal year 2018/19 while its cumulative losses in the fiscal year 2018/19 amounted to Rs 631.5m, according to the Annual Performance Review of the Public Enterprises 2022 published by the finance ministry. It has the outstanding dues of loans to be paid as of 2018/19 stand at Rs 1.55bn. The factory needs to manufacture radial tires as per the market demands and new plants need to be established if it is operated, according to the annual performance review report. “For this, around Rs 2bn in investment is needed,” it said. According to the report, there had been a discussion about running it by giving it on a lease. Butwal Dhago Karkhana was established in 1983 with the aim of exporting yarn and thread to the international market. The mill started production in 1991, but within a decade its situation deteriorated as the trade union and employees attached to various political parties ran it into the ground with their endless strikes and interference.

The CPN (Maoist Center) has decided to pull out of the Madhes government. The Parliamentary Party of the CPN (Maoist Center) has decided to recall Tourism, Forest and Environment Minister Sunita Yadav and state minister Rahabir Ansari. The CPN (Maoist Center), Janamat Party and Democratic Socialist Party Nepal are holding a meeting at present, Maoist Center leader and state minister Rahabir Ansari said.    

Double amputee Hari Bahadur Budha Magar, who scaled Mt Everest on May 19, has been welcomed at the Tribhuvan International Airport on Tuesday. Minister for Culture, Tourism and Civil Aviation Sudan Kiranti, tourism entrepreneurs and Magar Community welcomed Budha at TIA. Photos: Sunita Dangol Budha Magar arrived in Kathmandu from Lukla this afternoon. Also an ex-Gurkha army, Budha Magar had reached atop the world's highest peak on May 19. With this, he has set a record to become the first double amputee mountaineer climbing Everest.  He had scaled Mt Everest with the support of prosthesis. On the occasion, Minister Kiranti congratulated climber Budha Magar, saying he had shown indomitable courage time and again in his life. Minister Kiranti said, "Budha Magar has given a new message from the top of Everest. He has given a message to the world community that nothing is impossible through hard work and willpower." Similarly, climber Budha Magar extended special gratitude to the team helping him for the success. He said, "My attempt to scale Everest would not have been successful without the team that helped me to reach atop the highest peak putting their life at risk." Budha Magar had lost both legs below the knee to an IED explosion in Afghanistan in 2010.

Two more commercial banks have finalized their merger. Laxmi Bank and Sunrise Bank have inked the final agreement for the merger on Monday. Both banks decided to move forward on an equal basis of a 1:1 swap ratio based on the due diligence reports. Both banks will now hold a special general meeting to endorse the merger proposal. The merged entity will be named Laxmi Sunrise Bank. Post-merger, Ajay Bikram Shah, the current CEO of Laxmi Bank will lead the merged entity. The current CEO of Sunrise Bank, Suman Sharma will exit the bank after the date of the integrated transaction is decided. It has been agreed that there will be three directors each from Laxmi Bank and Sunrise Bank on the board of the new entity. Motilal Dugar, Malchand Dugar and Bachhraj Tater will be appointed from Sunrise Bank while Raman Nepal, Swati Roongta and Manish Thapa will represent Laxmi Bank in the merged entity. Currently, the paid-up capital of Laxmi Bank is Rs 11.55bn and Sunrise Bank is Rs 10.11bn. After the merger, the paid-up capital will increase to Rs 21.65bn. Both banks had signed a merger MoU in the second week of January this year. Following this, a merger committee, comprising four members (two each from both banks) has been formed to finalize the merger. The total number of commercial banks in the country will come down to 20 from the current 21 once Laxmi and Sunrise begin their unified business. The total number of commercial banks that had reached a high of 32 in 2014. In terms of banking consolidation, the first half of FY 2022/23 was historic. The first six months of the current fiscal year saw three mergers and one acquisition in the banking sector. Kumari Bank and NCC Bank started unified business on Jan 1. The second week of January saw two mergers and one acquisition becoming successful in the Nepali banking sector; the Global IME Bank and Bank of Kathmandu merged and commenced their unified business and Prabhu Bank acquired Century Commercial Bank. Nepal Investment Bank and Mega Bank completed their merger and commenced business as Nepal Investment Mega Bank.  

Noted climber Kami Rita Sherpa scaled Mt Everest for the 28th time on Tuesday. He reached the summit of the world's highest peak at 9: 23 am today. With this, he broke his previous record of the highest number of ascents on Mt Everest. This is his second expedition to the world's highest peak this spring. He scaled the peak for the 27th time just a week ago on May 17. The 53-year-old climber has a record of 40 summits to the mountains above 8, 000 meters including Choyu (eighth time), Manaslu (three times), Lhotse and Mount K2. He celebrated his first summit to Everest on May 13, 1994. Likewise, Pasang Dawa Sherpa has a record of climbing the world's highest peak for the 27th time. The 46-year-old scaled Everest for the second time this spring on May 22, equalizing the record with Kami Rita. Now, Kami Rita broke his own record by reaching the top of the world for the 28th time. In Nepal's 70-year-old expedition history, the Department of Tourism issued the highest number of permits for mountain climbing this spring. According to the Department, 478 climbers of 44 expedition teams acquired permission for climbing mountains in Nepal.    

The price of gold has dropped by Rs 800 per tola in the domestic market on Tuesday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow bullion is being traded at Rs 109, 200 per tola today. The yellow metal was traded at Rs 110, 000 per tola on Monday. Meanwhile, tejabi gold is being traded at Rs 108, 700 per tola. It was traded at Rs 109, 500. Similarly, the silver is being traded at Rs 1,365 per tola today.