Kathmandu. Shares of Synergy Power Development, which has been trading at an average price of around Rs 400 for a long time, broke a record on Sunday. The share price also rose to a record high after around 7 lakh units were traded in a single day.
The share price of Synergy Power has increased by Rs 13 to over 6,95,000 units on Sunday. However, its shares have never been traded in such a large number before. On this day, the price of other hydro companies decreased. A large number of shares were traded in a single day and the price has also increased.
According to sources, Everest Ventures, the company’s largest institutional investor, has surged after other institutional investors and traders bought the shares of the company. On Sunday, brokers No. 64, 85, 38, 33 and others were bought and sold in large numbers from brokers No. 67, 34, 58, 57 and others. “Life insurance companies and mutual funds are among the large number of buyers,” the source said.
Some time ago, after the controversy in the general meeting of the company, investors did not show much interest in this company, but now when the company’s large shares have gone from one organization to many players, there are signs of creating a new environment. Like Synergy, the price of companies with shares, income and net worth has crossed Rs 600 and it may have increased the attraction of institutional and individual investors.
At a time when the construction of two hydropower projects with 50 percent investment by Synergy is in the final stage and the Securities Board of Nepal (SEBON) is about to approve the IPO. The mid-sized company, which has paid-up capital of Rs 1.20 billion, distributed 10 percent bonus share from the profit of the previous fiscal year.
The income of the company will also increase this year as the contingency on the electricity produced by the company will be removed and the NEA will buy it on take-or-pay model. It is said that the company may also take the route of right shares in the coming days to invest in other projects.
