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Hydro Village and Hydroelectricity Investment and Development Company have signed an agreement for cooperation in the construction of hydropower project.

Hydroelectricity Investment and Development Company is to cooperate in the share of 57.3-megawatt Myagdikhola Hydropower Project to be constructed by Hydro Village.

Hydro Village Chairman Rameshwar Thapa and Hydroelectricity Investment and Development Company Chief Executive Officer (CEO) Arjun Kumar Gautam signed the agreement amidst a program in the Capital on Friday.

The HIDCL has a strategic partnership in 20 percent shares of the project

With this, the HIDCL will have 20 percent and Malaysian investors and Hydro Village will each have 40 percent shares of the project.

Gautam said that the commercial production will be started by constructing the project in the next 978 days.

Thanking the Hydroelectricity Investment and Development Company for the strategic partnership, Hydro Village Chairman Thapa expressed his commitment to complete the project in the stipulated time.

The project is located in Jeltingubagad Dhaulagiri Rural Municipality of Myagdi district.

The substation is at Dandakhet, 17 kilometers away from the powerhouse of the project.

Managing Director of the project Sushil Pokharel said that the electricity will be supplied to the substation from 132 KV double circuit.

He said that the electricity generated from the hydropower will be connected to the transmission line from Kaligandaki corridor through Raghughat.

The estimated cost of the project is Rs 10. 74 billion.

Pokharel said that the project would contribute to peace, security, health and expansion of road network in the village.

Rank Entertainment Holdings Pvt. Ltd signed a casino lease agreement with City Hotel, a company under Golyan Group, to operate a casino at the Hyatt Place Hotel located at Soalteemode, Kathmandu.

Rank Entertainment Holdings Pvt. Ltd. is Sri Lanka's largest entertainment conglomerate with worldwide portfolio of over 15 casinos.

Hyatt Place Hotel is one of the finest and most modern hotels in Kathmandu located in peaceful Tahachal, 3km from the Swayambhunath Stupa which is a UNESCO World Heritage Site.

Akshay Golyan, Managing Director of Golyan Group and Ravi Wijeratne, Chairman of Rank Holdings Entertainment Pvt. Ltd signed that agreement amidst a program.

Pawan Golyan - Chairman of Golyan Group, Shakti Golyan, Chairman of City Hotel Limited, Asanga Warusavitharna, CEO of Rank Entertainment Holdings Pvt. Ltd were also present in the agreement signing program.

The Golyan Group is committed towards strengthening Nepal’s economic and social base through industry excellence. 

With this agreement, the group continues to open new areas of bringing in foreign income and investment benefitting the economy and tourism industry.

The Nepal Stock Exchange (NEPSE) gained 44. 16 points to close at 2,313.00 points on Tuesday.

Similarly, the sensitive index plunged by 7.67 points to close at 447. 14 points.

Meanwhile, a total of 3,330,150 unit shares of 226 companies were traded for Rs 1.35 billion.

In today’s market, all sub-indices saw green. Life Insurance topped the chart with 236. 81 points.

Meanwhile, Barun Hydropower Co Limited, Ngadi Group Power Ltd and Jalpa Samudayik Laghubitta Bittiya Sanstha Limited were the top gainers today, with its price surging by 10. 00 percent. NIBL Samriddhi Fund was the top loser as its price fell by 4. 82 percent.

At the end of the day, total market capitalisation stood at Rs 3. 29 trillion.

The price of gold has dropped by Rs 700 per tola in the domestic market on Tuesday.

With the price drop, the yellow bullion is being traded at Rs 98, 000 per tola today.

According to the Federation of Nepal Gold and Silver Dealers' Association, the yellow metal was traded at Rs 98, 700 per tola on Monday.

Meanwhile, tejabi gold is being traded at Rs 97, 500 per tola today.

Similarly, the silver is being traded at Rs 1, 275 per tola.