Share price of this small-cap stock fell by nearly 3.9% on BSE to Rs. 885.1 in the morning trading session of March 12th, compared to its previous closing price of Rs. 921.65, after part of the promoter group sold its stake in the company.
With a market capitalisation of Rs. 2,057.2 crores, at 12:10 p.m. the share price of Praveg Limited was trading in the red at Rs. 898, down by 2.57 percent.
The fluctuations in the share price were observed after Patel Ashaben Vishnukumar sold 7 lakh equity shares, representing a 2.85 percent stake, in Praveg Limited on March 11 at an average price of Rs. 850.51, for a total of nearly Rs. 59.53 crore.
As of 29 February 2024, Patel Ashaben Vishnukumar, part of the promoter group, had around 43.05 lakh shares, or 17.55 percent stake, in the company.
However, on the same day, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio purchased about 5.34 lakh equity shares in Praveg Limited at an average price of Rs. 850, totalling nearly Rs. 45.4 crore.
In terms of financials, the company’s revenue from operations grew by nearly 135.7 percent QoQ from Rs. 14.03 crore in Q2 FY23-24 to Rs. 33.07 crore in Q3 FY23-24, accompanied by an increase in net profit of 285.7 percent from Rs. 2.1 crore in Q2 FY23-24 to Rs. 8.1 crore in Q3 FY23-24.
As of February 2024, FIIs hold 3.78 percent of the shares, whereas DIIs hold 3.39 percent of the shares in the company, aggregating to 7.17 percent of the institutional holdings.
Praveg Limited, a leading Exhibition Management Company, is engaged in providing services including exhibition management, event management, tourism & hospitality and publication.
Written by Shivani Singh
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