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The Nepal Stock Exchange (NEPSE) plunged by 2. 35 points to close at 2,023.35 points on Sunday.

The sensitive index, however, surged by 0. 91 points to close at 358. 20 points.

A total of 7,795,033-unit shares of 320 companies were traded for Rs 3. 06 billion.

Meanwhile, Shrijanshil Laghubitta Bittiya Sanstha Limited (SHLB)was the top gainer today with its price surging by 10. 00 percent. Likewise, Gurans Laghubitta Bittiya Sanstha Limited (GLBSL) was the top loser as its price fell by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 3. 20 trillion.

The Asian Development Bank (ADB) has projected that Nepal's economy is to grow by 3.6% (at market prices) in fiscal year 2024.

Releasing the Asian Development Outlook (ADO) April 2024, a flagship publication of the Asian Development Bank (ADB) by organising a press conference here today, it shared that Nepal's economy would go up from an estimated growth of 1.9% in fiscal year 2023.

ADB Country Director for Nepal, Arnaud Cauchois said, "A gradual relaxation of monetary policy coupled with improved consumer and investor confidence is expected to stimulate economic activity in 2024. Moreover, industry is projected to grow more rapidly than in fiscal year 2023 as capital spending by the government ramps up in the second half of the fiscal year, and as additional hydroelectricity power comes online by the end of fiscal year 2024."

Service sector growth would also likely accelerate as credit controls ease, interest rates further decrease, and tourism revenues expand. Agriculture growth may increase marginally from 2.7% in fiscal year 2023 to 2.8% as a record rice harvest is tempered by a shortfall in winter crops and other agricultural production, given the deficient rainfall this winter season, reads the press release issued by ADB.

The report projects annual average inflation to fall to 6.5% in fiscal year 2024 from 7.7% in fiscal year 2023 on subdued oil prices and a decline in inflation in India, Nepal's main import source.

"External risks remain relatively well contained. The current account deficit may fall again into deficit after registering a surplus in the first half of fiscal year 2024", clarified the ADB.

As per the ADO, as the trade deficit contracted by 4.7% year-on-year in the first 6 months of fiscal year 2024, and as workers' remittances expanded by 22.6% year-on-year, the current account recorded a surplus of $1.2 billion.

However, amid higher imports and stable remittance inflows in the remainder of the fiscal year, the 2024 current account deficit is forecast at 0.7% of gross domestic product.

Similarly, ADB Principal Economist for Nepal Jan Hansen shared, "Downside risks to the economic outlook in fiscal year 2024 may arise from a downturn in the global economy affecting Nepal's tourism and remittance receipts."

"Any intensified geopolitical turmoil could disrupt supply chains, pushing up global inflation and tightening global financial conditions. This may lead to a tightening of domestic monetary policy, undermining investment and consumption, and dragging down growth", reads the press release.

He expressed commitment to provide possible support in favour of prosperous and inclusive Nepal.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members-49 from the region. 

Gandaki Province Chief Minister Khagraj Adhikari has decided to add two ministries.

He has decided to separate the Ministry of Health from the Ministry of Social Development and Health and Ministry of Internal Affairs from the Chief Minister's Office.

The Chief Minister has decided to add the ministries to divide with the coalition partners.

The Gandaki Province which had seven ministries earlier will now have nine ministries.

Earlier on Wednesday, the Supreme Court had issued an interim order in the name of  Chief Minister Adhikari not to take a decision that would have long-term effects.

A single bench of Justice Binod Sharma issued such a directive responding to a writ petition filed by outgoing Chief Minister Surendra Raj Pandey.

Prime Minister Pushpa Kamal Dahal has directed Home Minister Rabi Lamichhane and Finance Minister Barshaman Pun not to threaten businessperson.

Finance Minister Pun revealed that Prime Minister Dahal called him and Home Minister Lamichhane and gave such an instruction.

During an interaction organized on the occasion of 58th annual general meeting of the Federation of Nepalese Chambers of Commerce and Industry, Minister Pun had urged the businessperson to do business with confidence by paying taxes to the government.

He said that after the reshuffle of the Cabinet, the Prime Minister had called him and Home Minister Lamichhane together for the first time and issued a directive not to threaten the private sector without any reason.

During the meeting, the Prime Minister said that there is no one above the law in the democratic country, 

Bimala Ghimire of the CPN-UML has been elected as the vice-chairperson of the National Assembly.

Ghimire got 39 votes while Bishnu Devi Pudasaini was limited to 16 votes.  

After Ghimire got the majority, National Assembly Chairman Narayan Prasad Dahal announced that she was elected as the vice-chairperson of the National Assembly.

As many as 55 lawmakers took part in the election process.

Pudasaini was proposed by Durga Gurung of the Nepali Congress while Ghimire was proposed by Bhagwati Neupane.

The post had been vacant after National Assembly Vice-Chair Urmila Aryal tendered her resignation on March 28.

After the formation of a new political equation under the leadership of the UML, an agreement was reached among UML Chairman KP Sharma Oli, CPN (Maoist Center) Chairman Pushpa Kamal Dahal, Rastriya Swatantra Party President Rabi Lamichhane and Janata Samajbadi Party Chairman Upendra Yadav to give National Assembly chair to Maoist Center and vice-chair to UML.

As per the agreement, Narayan Prasad Dahal of the Maoist Center was elected as the National Assembly chair on March 12.

In the 59-member strong upper house, Maoist Center has 18 members, Congress 16, UML 10, CPN (Unified Socialist) eight, Janata Samajbadi Party three, Loktantrik Samajbadi Party one and Janamorcha has one lawmaker.  

Meanwhile, Narayan Prasad Dahal and Bamdev Gautam are the nominated members.

The District Administration Office, Sunsari has clamped an indefinite  curfew in five different local levels of the district.

Acting Chief District Officer Bedraj Phuyal said that the curfew has been imposed in Inaruwa Municipality, Harinagar, Dewagunj, Jhokraha Narsingh and Koshi Rural Municipalities effective from 5 pm today.

The Office said that the curfew order was issued to avert any untoward incident.

It has been said that the order was issued to maintain peace and security following a clash between two communities.

The Nepali Congress has decided to field Dambar Bahadur Khadka in Ilam-2 for the by-election to be held on April 27.

A Central Work Execution Committee meeting held at party President Sher Bahadur Deuba's residence in Budhanilkantha on Thursday decided to field Khadka in Ilam-2 for the by-election, Publicity Department Chief Min Bahadur Bishwokarma said.

Similarly, the meeting has decided to field Abhisekh Bahadur Singh in Bajhang, he informed.

Singh is the son of late Congress lawmaker Prithvi Bahadur Singh.

The by-election is going to be held in Bajhang after Singh, the Law Minister of Sudurpaschim Province, passed away on June 20.

Ilam's candidate Khadka had lost to CPN-UML candidate Subash Chandra Nembang in the election held in 2022.

Lumbini Province Chief Minister Dilli Bahadur Chaudhary resigned from his post on Thursday.

Chaudhary announced his resignation during a meeting of the Lumbini Province Assembly held today.

On the occasion, he thanked everyone who supported him during his tenure.

Chief Minister Chaudhary fell into minority after the CPN (Maoist Center) withdrew support to the government with Prime Minister Pushpa Kamal Dahal changing the power equation.