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The Nepal Stock Exchange (NEPSE) gained 7.27 points to close at 1,939.61 points on Thursday. Similarly, the sensitive index plunged by 1.05 points to close at 364. 42 points. A total of 5,962,093-unit shares of 273 companies were traded for Rs 2. 30 billion. Meanwhile, Dolti Power Company Limited was the top gainer today, with its price surging by 10. 00 percent. Similarly, River Falls Power Limited was the top loser as its price fell by 6.64 percent. At the end of the day, total market capitalization stood at Rs 2. 83 trillion.

The Meteorological Forecasting Division (MFD) under the Department of Hydrology and Meteorology has asked people to exercise caution in view of the possibility of a heat wave in Tarai belt of the country for next four days. Temperature of the country is soaring above 40 degree Celsius in most parts of Tarai, according to the Division. Temperature will continue as it will take some days for monsoon to arrive this year, said the Division officials. The MFD has urged people to remain indoors as far as possible during the excessive heat, stay in cool places and wear protected clothes while walking out to avoid a severe heat wave. Similarly, one has to take enough amounts of liquid to get hydrated. Heat wave-related illness symptoms include exhaustion, weakness, thirst, headache, dizziness, vomiting and muscle pain.  

The government has decided to release a portion of the agriculture insurance subsidy to insurance companies as they have halted the claim clearance. The Ministry of Agriculture and Livestock Development (MoALD) has decided to release Rs 740 million out of Rs 2.94 billion due amount to be paid to non-life insurance companies. According to MoALD officials, the remaining amount will be cleared in a phase-wise manner. A total of Rs 690 million for livestock insurance and Rs 50 million for agriculture insurance will be cleared in the first phase. Talking to the Annapurna Express, Poonam Gyawali, Chief of the Agriculture and Livestock Insurance Department of the Nepal Insurance Authority, said that the amount would be paid once the paperwork and other procedures are completed. According to her, the remaining amount will also be cleared as the government has already initiated the process for the same. Chunky Chhetri,  President of Nepal Insurers' Association (NIA), also confirmed that the government is providing a portion of the insurance subsidy. "The government is yet to provide Rs 3 billion in agriculture insurance subsidy." NIA, the umbrella organization of non-life insurance companies in the country, last month announced the suspension of agricultural and livestock insurance. The government has been providing an 80 percent subsidy on agricultural insurance premiums. However, the government has failed to make the payments over an extended period. NIA said the government has an outstanding amount of Rs 2.94 billion to be paid as subsidies. If the government does not fulfill this payment, the association decided to halt the sale of agricultural insurance policies and the payment of claims starting from May 21. According to NIA, there is a pending amount for fish insurance subsidies from 2077 BS (2020/2021) onwards1. Similarly, for crop insurance, a partial payment has been made from Asar (June/July) to Chaitra (March/April) of 2078 BS (2021/2022), and the remaining subsidy amount has not been disbursed. NIA also states there is a pending amount for livestock insurance subsidy from Ashar (June/July) of 2078 (2021) onwards. According to the association, they have repeatedly written to the Ministry of Agriculture and Livestock Development, Department of Agriculture, and Nepal Insurance Authority for the release of the subsidy, but it has not been received. The withholding of billions of rupees has increased financial risks for the companies involved, the association stated. In a bid to cover the damages and losses to agriculture, the government introduced the Agriculture and Livestock Insurance Program in the fiscal year 2013/2014. In the initial phase, the government provided a 50 percent subsidy on the premium of the insurance. The premium was later increased to 75 percent, and currently, it is 80 percent. Now, the farmers have to pay Rs 20 out of Rs 100 premium while insuring crops and livestock. The insurance companies will get the rest Rs 80 from the government. The statistics of the Nepal Insurance Authority show the business of agriculture insurance has increased by 417.55 percent in the first half of FY 2022/23. Insurance companies have collected Rs 1.09 billion in insurance premiums from agriculture insurance in the first six months of the current fiscal compared to Rs 211.13 million during the same period of the last fiscal. The non-life insurance companies have sold 82,746 agricultural insurance policies in the current fiscal year.

Prime Minister Pushpa Kamal Dahal inaugurated the Lumbini cable car on Thursday. Prime Minister Dahal formally inaugurated the cable car by unveiling a copper plaque at the bottom station in Golpark Bamghat of Butwal. The cable car is around three kilometers long and it is operated from Golpark Bamghat of Butwal Sub-Metropolitan City-3 to Basantapur of Tinau Rural Municipality-3 in Palpa district. It is the first cable car in Lumbini Province. Basantapur, where one can reach from Lumbini cable car, has Kamakhyadevi Temple, as well as Bhagwati Temple, Ganesh Temple, Kailash Parbat, and other structures like pond, stone spout, and it has now become a religious tourism destination. An agreement has already been reached among Lumbini Cable Car Company, Butwal Sub-Metropolis and Tinau Rural Municipality for daily operation of the cable car. The IME Group constructed and brought the cable car into operation on its investment. This is the third cable car run by IME Group. Chairperson of Lumbini Cable Car Pvt Ltd Chandra Prasad Dhakal said that with the operation of Lumbini cable car, a new religious and tourism destination has been added in Basantapur. He said, "We became successful in constructing and bringing the Lumbini cable car into operation due to the love, goodwill and support of the federal government, Lumbini province government, local government as well as local brothers and sisters." It is believed that the cable car connecting Rupandehi and Palpa districts would help in economic and social transformation of Rupandehi, Palpa, Nawalparasi, Kapilvastu districts as well as overall Lumbini Province. This project would be a milestone to fulfill the desire and wish of political leaders and people of Lumbini Province of making Rupandehi as the financial capital of Lumbini Province, mentioned Chair Dhakal. He also announced a new campaign for construction of a cable car religious tourism circuit. In the first phase, Rs 1.5 billion has been invested for the construction of a cable car. The total cost of the cable car project along with the resort is Rs 5 billion. Restaurants have already been constructed at the top station of the cable car while a hotel, children playground, skywalk, zipline are under construction. The bottom station is 230 meters above the sea level and the top station is 940 meters above the sea level. There are 25 gondolas in the cable car. One can reach the top station within 10 minutes travel from the bottom station.  

The price of gold has dropped by Rs 1, 000 per tola in the domestic market on Thursday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow bullion is being traded at Rs 111, 700 per tola today. The yellow metal was traded at Rs 112, 700 per tola on Wednesday. Meanwhile, tejabi gold is being traded at Rs 111, 150 per tola. It was traded at Rs 112, 150. Similarly, the silver is being traded at Rs 1,415 per tola today.

Although the government paved the way for under-construction projects that are facing a shortage of explosives to borrow explosives from other projects in the middle of May, the implementation of the barter system is likely to be challenging. A number of construction projects, particularly those developed or contracted to Chinese companies, are facing a shortage of explosives as the southern neighbor has denied the supplies. In its bid to sort out the issue, the government amended the Explosives Rule-1964, making provision that one construction project could borrow explosives from another project--that does not need explosives urgently. But a supplier of explosives for construction projects in Nepal said that the Indian embassy has been refusing to issue a No Objection Certificate as long as the end user is not confirmed. “The Indian embassy has clearly communicated to us that a No Objection Certificate will not be issued if there is a scope of transferring the explosive to another project,” the supplier said. Only after receiving the No Objection Certificate, a supplier can receive supplies of explosives from India. India is a traditional supplier of explosives for Nepal’s construction projects. As per the new rule, the explosives can be borrowed to carry out the construction works related to the roads, energy projects and various other development projects that require blasting of explosives. One can borrow the explosive only if it is facing acute shortage and supply cannot be received immediately and Nepal Army is also unable to supply the explosive, the rule says. Kathmandu-Nijgadh Fast Track Project, Tanahu Hydropower Company Hongshi Cement, Huaxin Cement, and Senjen Khola Hydropower are among the projects that faced explosives shortages in recent months. All of them have either Chinese investments or the involvement of the Chinese contractor. Given the chronic shortage of explosives, the government came up with a new rule allowing the borrowing of explosives. In fact, some projects have got supplies of explosives even from China in recent months with India being reluctant to supply the explosives. Earlier, it was reported that Nepal received the supply of explosives from China in April. According to the report, a company named—Tactical Solutions Pvt Ltd had supplied 90 tonnes of explosives from China for the Hongshi Shivam Cement Factory located at Nawalparasi and SinoHydro Corporation, contractor for the Senjen Khola Hydropower Project in Rasuwa district. It later supplied additional explosives brought from China to Huaxin Cement Narayani and Senjen Khola Hydropower too, according to the reports. But suppliers say that taking the delivery of explosives from China is more complicated than bringing them from India because of the long distance and high altitudes involved. But Nepal has been traditionally reliant on India for commercial explosives. Even Sunchari Emulsion Plant, an explosive plant run by Nepal Army in Makwanpur is not operating because of a lack of raw materials which are supplied by Indian entities. As the acute shortage of explosives affected the implementation of key development projects in the country, Nepal has sought ease in the supply of explosives at the highest level. Prime Minister Pushpa Kamal Dahal told the media that he had raised the issue with Indian Prime Minister Narendra Modi regarding the issues asking the latter to ease supply. “I have talked with Prime Minister Modi to ease the supply of explosives required for big infrastructure projects like hydropower and roads,” he said upon his arrival at Tribhuvan International Airport after visiting India.

After Nepal and India signed an initial agreement on long-term power trade, the Nepal Electricity Authority (NEA) is going to enter into a medium-term power purchase agreement (PPA) with India to sell 200 MW of electricity in the first phase. The state-owned power utility has recently sent a draft of the PPA to India's NTPC Vidyut Vyapar Nigam Ltd (NVVN) to sell 200 MW of electricity starting this wet season. After NVVN approves the PPA, the NEA plans to enter into an agreement with the Indian power company for a five-year period. According to NEA officials, NEA plans to export 200 MW of electricity from this wet season. "We have sent a draft proposal to NVVN, the electricity trading company in India, to sell electricity for the medium term," said a senior NEA official. A preliminary agreement for the power trade agreement has been signed between Nepal and India during Prime Minister Dahal's recent visit to India. During the visit, the southern neighbor agreed to buy 10,000 MW of electricity from Nepal in the next 10 years. The authority has planned to export up to 1,200MW of electricity to India this year. The NEA is preparing to export 200 MW by signing the medium-term PPA and the rest to the Indian energy exchange. NEA plans to export power generated from six power projects - 83.42 MW Solukhola (Dudhkoshi) Project, 40.74 MW Mistry Khola Project, 34.92 MW Upper Balefi A Project, 28.17 MW Likhukhola-1 Project, and 12.75 MW Upper Chaku Khola Project. Nepal has been requesting the southern neighbor for a long-term power trade deal arguing that an inter-government agreement would lock in the market and end the unpredictability of the Indian market’s availability for electricity from Nepal in the long run. The signing of the preliminary agreement, according to Nepali officials, has ensured a market for electricity produced in Nepal. Based on the agreement reached between the two countries, the NEA is planning to complete a medium-term PPA (five-year period) to export 200 MW of electricity in the first phase. According to NEA sources, it was planning to sign PPA with NVVN during Prime Minister Dahal's India visit. However, the Indian side failed to endorse the PPA draft sent by the NEA on time. "Now, NEA and NVVN can enter into medium-term and long-term PPA," said an official of the Ministry of Energy. According to the sources, NEA is planning to sell electricity at a rate of INR 5 which is equivalent to Rs 8 per unit. The authority has been purchasing electricity from domestic power developers at Rs 4.80 per unit. NEA has been selling electricity to Indian energy exchange for up to INR 12 per unit. However, Nepali officials say it will be difficult to get the same rate in the case of medium and long-term PPA. Nepal has started exporting surplus electricity to India during the wet season, it has to import electricity in the dry season to meet the power demand. The NEA has been selling electricity in the day-ahead market of Indian Energy Exchange Limited (IX) through daily bidding. Currently, the southern neighbor has allowed Nepal to sell 452.6 MW of electricity generated by 10 hydropower projects in the Indian power market. Since the approvals given to the 10 hydropower projects need to be renewed every year, Nepal has been pushing for a long-term power agreement with India.

Two persons died on the spot when a jeep met with an accident at Sera Bazaar in Raskot Municipality-2 of Kalikot on Thursday. The deceased have been identified as Man Bahadur Shahi and his wife Mana Kumari Shahi of Raskot Municipality-1. Ritu Singh of the same ward was critically injured in the incident that occurred at around 7 am today. She is undergoing treatment at the Raskot Hospital. “The driver was wearing his shoes at the bus park of Sera Bazaar. The vehicle was in neutral. The jeep fell into the river in the same situation and met with an accident,” local Deepak Simkhada said. Further investigation into the incident is underway, police said.