Amid Ram Mandir Pran Pratishthan, Lakshadweep and Vibrant Gujarat Summit being in the news, Praveg’s shares have garnered considerable investor attention as the leading eco-responsible luxury resorts company has secured a work order for the development, operation, maintenance, and management in these areas.
Amidst this scenario, Praveg’s shares have garnered considerable investor attention as the leading eco-responsible luxury resorts company has secured a work order for the development, operation, maintenance, and management of a minimum of 50 tents at Agatti Island, UT of Lakshadweep, according to the company’s exchange filing made on December 20, 2023.
Although the shares reacted positively after this announcement, the recent wave of fresh buying is primarily attributed to the anticipated spike in tourism in Lakshadweep. Investors foresee long-term benefits for the company, aligning with the expected surge in tourism in the region.
Praveg is the pioneer in the non-permanent luxury accommodation segment in India, and it is also a strong player in event management. It has recently forayed into wedding management.
The company secured its first contract from Gujarat Tourism in 2013 to develop a tent city in the Rann of Kutch for the Rann Utsav festival. In 2018, it bagged a tender to develop a similar tent city near the Statue of Unity and Ayodhya.
Over the years, the company bagged multiple orders. In addition to the recent Lakshadweep work order, December witnessed the company securing multiple contracts. It received new work orders from the Department of Tourism, U.T. Administration of Dadra & Nagar Haveli, and Daman & Diu. These orders are for the operation, maintenance, and management of Jalandhar House, Diu, and Damanganga Circuit House, Silvassa, on a licence basis.
With the addition of these properties, Praveg will now have nine properties in operation and 12 under development. The company aims to further add more eco-responsible luxury resorts across India.
Wealth Creator
The stock has given bumper returns of 54,000 per cent in the last five years. In January 2019, the stock price was a mere Rs 2.40. That means an investor who would have invested Rs 10,000 in this share has now made a profit of over Rs 54 lakh. In the last one year, this multi-bagger stock has given returns of nearly 330 per cent, and this year so far it has registered an increase of about 75 per cent.
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