Trading of Upper Tamakoshi opens at upper range with huge demand but no price increment; NEPSE looking into the issue

The trading of Upper Tamakoshi Hydropower Company's shares has started from today with the stock symbol UPPER. The open range for the company has been set between Rs 74.89 to Rs 224.67.

After the market opened, UPPER has been trading at the upper range. On the first day of trading for UPPER a total of 51,875 shares were traded through 1,193 transactions at Rs 224.

Similarly, if we see the market-depth for UPPER there is huge demand and no sellers. Given this level of demand, the seller could have placed their sell orders by raising 2% from the current trading price i.e Rs 228.48 and till the end of the day, the price could have increased by 10% closing at Rs 246.4.

Even till the end of the trading hour, there was a huge buying depth. A total of 438 buyers were placing the order of 3.69 lakh units at the upper range.

Upon conversation with the spokesperson of NESPE, we were informed that the system is prohibiting it. He added that it's not a because in past too the circuit is applied only if the price goes 10% above or below the upper and lower range respectively. So he said that NEPSE is looking into the issue.

Can Upper Tamakoshi change the fate of Hydropower companies?