Praveg surges on bagging work order for developing tents at Agatti Island, UT of Lakshwadeep

Praveg is currently trading at Rs. 657.65, up by 8.90 points or 1.37% from its previous closing of Rs. 648.75 on the BSE.

The scrip opened at Rs. 643.00 and has touched a high and low of Rs. 663.90 and Rs. 639.00 respectively. So far 42555 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 724.50 on 08-Dec-2023 and a 52 week low of Rs. 223.00 on 23-Dec-2022.

Last one week high and low of the scrip stood at Rs. 684.00 and Rs. 627.10 respectively. The current market cap of the company is Rs. 1505.13 crore.

The promoters holding in the company stood at 55.01%, while Institutions and Non-Institutions held 5.17% and 39.82% respectively.

Praveg has received work order for Development, Operation, Maintenance and Management of at least 50 tents at Agatti Island, UT of Lakshwadeep, with a Cloak Room, Changing Room, along with commercial activities like Scuba Diving, Destination wedding, corporate functions and many more facilities. The work order is for a period of three years that could be extended up to another two years.

With this recent expansion Praveg now boasts a substantial portfolio of 580 operational rooms spread across multiple states. The company’s estimates project and impressive occupancy rate of 55-60% and an average room rate of Rs 9500-12500. By combining luxury with eco-responsibility and highlighting the unique cultural and natural aspects of Agatti Island, Praveg aims to solidify its position in the hospitality industry and attract travelers seeking a distinctive and sustainable getaway.

Lakshadweep Islands which have an airstrip, thus making it far more accessible than the other islands. The Agatti Island is home to an aquatic life which is diverse and comprises one of the most beautiful coral reefs in India. The place is home to cultural richness like no other. The rich and diverse culture of the island’s population is displayed through high-spirit and vibrant festivals and celebrations held in this place. With the addition of this resort, Praveg will now have 9 properties in operation and 10 under development. The company aims to further add more eco-responsible luxury resorts across India.

Praveg (Formerly known as Praveg Communications (India)) is principally engaged in business of providing services in holding and arranging Events, Exhibitions, Advertisement, Hospitality and in pharma sector.