This S&P BSE Smallcap Stock rose 1.7% within the first hour of markets opening after receiving an order from the Department of Tourism, U.T. Administration of Dadra & Nagar Haveli and Daman & Diu.

The company has a market cap of Rs. 1,211 crore and is 11% away from its 52 week high, trading at Rs. 548.20 versus Rs. 543.35 at previous close. The stock is seeing volumes that are over 0.1x the monthly average.

Praveg Ltd (“Praveg”) operates as an exhibition and event management company in India and Internationally. It is a multibagger, returning 104%, 154% and 885% YTD, in 1 year and 3 year periods respectively. Meaning, if you invested Rs. 1 lakh into Praveg at the start of this year, it would now be worth double at Rs. 2 lakh!

In a filing dated 11th October 2023, Praveg stated that the Company has received a Work Order from the Department of Tourism, U.T. Administration of Dadra & Nagar Haveli and Daman & Diu for Development and Operation of Damanganga Garden Kachigam, Daman. The contract is for 7 Years which may be further extendable up to 3 years as per the decision of the authority and shall exclude the period of development of project facilities i.e. for 6 months.

The Damanganga Garden Kachigam project, which spans 89,500 square meters, will include 30 luxury eco-friendly resorts with a clubhouse, two banquet halls, spa, swimming pool, restaurant, exotic garden, fitness center, and other amenities. Praveg is in charge of two resorts in Daman, which can accommodate 68 guests altogether. The total number of rooms will rise to 98 with the addition of the Damanganga project. 

The company’s resorts in Daman are all operating at full capacity. Praveg has seen over 3000 visitors to date, and the business anticipates strong demand for its rooms from travelers as the holiday season gets underway.

Praveg will now have 6 properties operating and 11 in development after the addition of this resort. The company wants to expand its network of luxurious resorts in India that are eco-friendly.

Speaking on the occasion, Mr. Vishnu Patel, Chairman – Praveg Limited said,

“We are delighted to receive the work order for developing and managing Praveg’s Damanganga Kachigam resort at Daman. We are thankful to Diu Tourism department for reposing their faith on us. Earlier we won Lighthouse beach resort and Jampore resort that are currently operational and running at its optimum capacity. Once Damanganga Garden Kachigam project is operational, our guests will experience Praveg’s world class eco responsible hospitality.”

Written by Sandeep R

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