Multibagger Stock engaged in the business of hospitality, publications, and many more jumped 9 percent in the day’s trade following receiving 2 new work orders and the preferential issue of shares.
At 1:04 p.m. the shares of Praveg Limited were trading at Rs. 760, UP 7.29 percent from its previous day’s close price of Rs. 708.35 and its market capitalization is Rs. 1,732 Crores. It has delivered multi-bagger returns of 172 percent.
Praveg Limited has received 2 new work orders from the Department of Tourism, U.T. Administration of Dadra & Nagar Haveli and Daman & Diu for the Operation, Maintenance, and Management of Jalandhar House, Diu and Damanganga Circuit House, Silvassa.
The work order for both properties is for Seven years that could be extended up to another Three years.
In addition to this, the company’s board of directors has approved the issuance of up to 14.90 lakh equity shares of the company with a face value of Rs. 10 each on a preferential basis.
Recently it received work orders from the Department of Tourism, U.T. Administration of Lakshwadeep for the Development, Operation, Maintenance, and Management of at least 50 tents with restaurants, cloakrooms, changing rooms, and other facilities at Agatti Island, UT of Lakshwadeep.
Speaking on the occasion, Mr. Vishnu Patel, Chairman – of Praveg Limited said, We are delighted to receive the work order for Operation, Maintenance, and Management at Jalandhar House, Diu and Damanganga Circuit House, Silvassa. Jalandhar House and Damanganga projects are spanning across a sprawling 15,000 and 12,000 square meters respectively.
These expansive properties represent an exciting addition to Praveg’s portfolio, aimed at delivering an elevated and premium guest experience, further enriching our commitment to exceptional hospitality. With the addition of these properties, Praveg will now have 9 properties in operation and 12 under development and it aims to further add more eco-responsible luxury resorts across India.
The company’s revenue from operations grew 86.7 percent from Rs. 45.25 Crores in FY22 to Rs. 84.48 Crores in FY23, accompanied by increasing profits of Rs. 12.24 Crores to Rs. 28.43 Crores.
Praveg Limited is primarily engaged in the business of hospitality, publications, and real estate marketing and has core competence in Exhibition and Event Management.
Written by: Bharath K.S
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
