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The Nepal Stock Exchange (NEPSE) plunged by 6. 45 points to close at 1,961.37 points on Tuesday.

Similarly, the sensitive index dropped by 0. 47 points to close at 377. 24 points.

A total of 2,480,929-unit shares of 277 companies were traded for Rs 796 billion.

Meanwhile, NMB Microfinance Bittiya Sanstha Ltd was the top gainer today with its price surging by 10. 00 percent.

Likewise, RBB Mutual Fund 2 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 2. 93 trillion.  

Nepal has an extensive list of requests that it hopes to receive assistance from China during Prime Minister Pushpa Kamal Dahal’s upcoming trip to China. One of them is getting Chinese assistance for a detailed project report (DPR) of Tokha-Chhahare Tunnel. 

Officials from Nepal’s Ministry of Physical Infrastructure and Transport (MoPIT) stated that Nepal plans to ask China to bear the expenses for conducting the Detailed Project Report (DPR) of the tunnel. According to Arjun Jung Thapa, joint secretary at MoPIT, the ministry has already communicated with the Foreign Ministry to include the Tokha- Chhahare Tunnel in the agendas of the Prime Minister’s visit. 

On 13 October 2019, Nepal and China entered into a memorandum of understanding (MoU), outlining China’s assistance in constructing two segments of the road connecting Kathmandu and Rasuwagadhi. The first stretch of the road will span 32 kilometers, starting from Tokha in Kathmandu and extending to Chhahare in Nuwakot, including a 4.17-kilometer tunnel. The second section, spanning 19 kilometers, will connect Mailung with Syaphrubesi in Rasuwa district.

The road project serves as a vital link for connectivity between Nepal and China, and upon its completion, it will lead to a reduction in both the distance and the travel time between Kathmandu and Rasuwagadhi.

According to the Department of Road, the Tokha-Chhahare tunnel project has received significant priority from the government in the current fiscal year. Out of the total budget of Rs 1.94bn allocated for the tunnel road development program in the 2023/24 federal budget, Rs 1.25bn has been earmarked for the Tokha-Chhahare tunnel road. However, the detailed project report (DPR) and the environmental impact assessment (EIA) report for the Tokha-Chhahare road are yet to be prepared. Currently, a technical team from the China Communication Construction Company is conducting a study of the tunnel. 

The upgradation of roads linking the northern neighbor has also been proposed by the MoPIT. According to Thapa, the ministry has sent a proposal for upgrading three highways—Karnali Corridor, Koshi Corridor, and Araniko Highway to be included in the Prime Minister’s agenda. 

Thapa said that the ministry has forwarded the list of road projects linking with the Chinese border and the Tokha-Chhahare Tunnel to the Foreign Ministry. “It is up to the Foreign Ministry to finalize them,” he said. 

Among them is the upgradation of the 290-kilometer Hilsa-Khulalu segment of the Karnali Corridor. According to the department, the track opening is left in the 3-kilometer stretch of this segment. 

The ministry has also included the upgradation of the Dhulikhel-Tatopani segment of the Araniko Highway. The ministry has proposed to upgrade the 84-kilometer segment into a two-lane road with Chinese assistance. The 144-kilometer Araniko Highway was built with Chinese assistance in 1967. 

The blacktopping of a 162-kilometer road in the Koshi Corridor is amongst the road projects where Nepal is seeking Chinese assistance. Currently, the Nepal Army is doing track opening of this road.

The construction of the Khutiya-Dipayal-Chainpur-Taklakot road is a new road project for which the government is looking for Chinese help.

The price of gold has dropped by Rs 300 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 112, 700 per tola today. It was traded at Rs 113, 000 per tola on Monday.

Meanwhile, tejabi gold is being traded at Rs 112, 150 per tola. It was traded at Rs 112, 450 per tola.

Similarly, the silver is being traded at Rs 1,445 per tola today.

Pema Lama, a resident of Mugum Karmarong-8 in Mugu, recently had to walk for hours to reach a nearby market as a local depot in his village had its stock of rice exhausted. That was not the end of trouble for Lama, as he had to pay twice the government-fixed price for the rice due to a shortage.

Similar to Pema, individuals in remote districts like Karnali are grappling with a severe shortage of rice. Concerns are growing that rice supplies will be insufficient during the approaching festive season.

Nonetheless, government authorities say they are already taking measures to avert rice shortages during the festivities. Officials from the Food Management and Trading Company (FMTC), a government undertaking, informed that they have already initiated the rice procurement process and are in the process of selecting contractors to transport rice to depots in rural districts.

FMTC said it has initiated the transportation of rice to remote Karnali districts, including Humla, Mugu, Dolpa, Jajarkot, Kalikot, Dailekh, Jumla, and Rukum West, along with Bajura in Sudurpashchim. Notably, it has dispatched 4,000 quintals of rice to Humla. Since the district is yet to be connected with the national road network, the company transported rice to Humla via Tibet, China.

The government has been distributing subsidized rice to rural regions through the company. Madhav Mishra, the head of the company's Karnali provincial office, reassured, "There won’t be a shortage of rice during the festive season. We have already begun transporting rice to these districts.”

Mishra stated that 15,000 quintals of rice are being supplied to various districts. “People in remote areas won’t experience a shortage of rice during this year's festival season. To ensure this, we have already commenced shipping operations. Due to the high demand from remote areas, our rice reserves have been exhausted,” he said, adding. “That is why we have initiated a fresh procurement process.”

Apart from Humla, an additional 15,000 quintals of rice are being transported from Surkhet to different districts, he added. FMTC said depots in rural areas have run out of stock due to factors like price hike in the international market, India's prohibition on rice imports, and delays in the tender process for procurement and transportation.

“We are now in a position to supply rice to all remote depots and sales centers before Dashain,” Mishra said, informing that the process of awarding a contract for the supply of 8,000 quintals of rice to remote areas is in its final stage. Additionally, a new tender for transporting 12,000 quintals of rice has recently been invited, he added. The provincial office of FMTC in Surkhet is responsible for distributing subsidized rice through nine branch offices, seven depots, and 17 sales centers.

Moreover, the Karnali provincial office has kept 10,000 quintals of rice in stock for emergencies. “There are risks of floods and landslides during the rainy season, necessitating swift relief efforts. We will need to provide relief to the people should any untoward incident occur,” Mishra said. According to Mishra, this stock maintained in different depots cannot be sold. “Depots can sell rice only if they receive the new shipment,” he added.