Praveg soars on securing 30-year land lease for development of Cave Resort in Jawai

Praveg is currently trading at Rs. 910.95, up by 7.85 points or 0.87% from its previous closing of Rs. 903.10 on the BSE.

The scrip opened at Rs. 892.00 and has touched a high and low of Rs. 914.85 and Rs. 869.00 respectively. So far 52438 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1300.00 on 10-Jan-2024 and a 52 week low of Rs. 450.00 on 19-Jul-2023.

Last one week high and low of the scrip stood at Rs. 931.80 and Rs. 869.00 respectively. The current market cap of the company is Rs. 2184.63 crore.

The promoters holding in the company stood at 48.18%, while Institutions and Non-Institutions held 9.94% and 41.88% respectively.

Praveg has secured 30-year land lease for the development of Cave Resort in Jawai, Rajasthan. This new project will leverage the scenic beauty of Jawai with a one-of-a-kind luxury cave room structure. Praveg has been granted a 12-month rent-free period to facilitate the setup. The resort will feature a total of 20 units, including 12 luxury cave-type rooms and 8 elegant tents. Additional amenities include a swimming pool, a restaurant, and a bar, alongside offering unique safari experiences. This acquisition is a pivotal moment in Praveg’s growth strategy, signaling the commencement of a distinctive resort development featuring luxurious cave rooms.

Praveg’s Jawai Resort is designed to be a vibrant cultural hub, blending Rajasthani art, culture, dance, and cuisine with a global appeal. The resort aims to promote local artisans, craftsmen, and performers, creating a dynamic cultural atmosphere that leaves a lasting impression on visitors. Once operational, guests are encouraged to immerse themselves in the local culture, participating in the cultural extravaganza that Jawai has to offer and taking colorful memories home.

This expansion into Jawai is part of Praveg’s broader strategy to increase its presence in the eco-luxury hospitality market. Currently operating 12 properties, with 14 more ambitious projects under development, this new resort is expected to set new benchmarks in luxury hospitality and contribute significantly to the company's growth.

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.