Praveg Ltd Share Price Gains 2.94% as New Dhordo Resort Project Lifts Sentiment

Ahmedabad, November 19: Praveg share price is witnessing positive investor demand today after it announced a new hospitality project. As of 3:00 PM, Praveg share price was up by 2.94%, or 9 points, and was trading at ₹315. Until now, the shares have traded within a range of ₹319 and ₹308. The traded volume for the Praveg shares stood at 54.25 thousand shares, with the company’s market cap at ₹800 crore. The shares have their 52-week high at ₹780 and their 52-week low at ₹297.70.

Praveg Limited (BSE: 53163) is a diversified company focused on the Hospitality and Events/Exhibitions sectors. The company is expanding its footprint as an eco-responsible luxury resorts brand. It operates luxury tent cities and boutique properties at famous tourist, pilgrimage, and wilderness destinations across India (such as Rann of Kutch, Ayodhya, and Jawai). The company was established in 1995, and is headquartered in Ahmedabad, Gujarat.

Shares Jump After Company Announces New Dhordo Resort Project

The rise in the share price comes after the company announced that it has received a Letter of Award for developing a new premium resort at Dhordo, Kutch, Gujarat. The development will include 46 luxury tent rooms, 42 dormitories with 252 beds, total capacity of 126 standard rooms, a 35 year concession period for development, operation, and management, and further expansion from the current 30 operational Bhungas.

Investor Takeaway

Investors are reacting positively to the news as the company has outlined some positive factors with the new project. The company expects the upcoming project to perform strongly. Its expected Average Room Rate (ARR) is of ₹12,000 to ₹15,000 for luxury tents, with bed rates of ₹2,500 to ₹3,500 for dormitories. Furthermore, the company expects an average occupancy of 55% to 60%. The announcement of expansion has boosted investor demand, as the project will add to the company’s revenue and potential profits.

REF: https://www.bseindia.com/xml-data/corpfiling/AttachLive/3bc9b935-11ed-48a8-9317-464cbb116c83.pdf

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations