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Praveg zooms on launching Safari Velavadar Resort in Gujarat
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Praveg is currently trading at Rs. 996.30, up by 63.45 points or 6.80% from its previous closing of Rs. 932.85 on the BSE.
The scrip opened at Rs. 945.00 and has touched a high and low of Rs. 1026.10 and Rs. 936.90 respectively. So far 239303 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1300.00 on 10-Jan-2024 and a 52 week low of Rs. 435.05 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 1026.10 and Rs. 899.00 respectively. The current market cap of the company is Rs. 2340.29 crore.
The promoters holding in the company stood at 54.53%, while Institutions and Non-Institutions held 5.91% and 39.56% respectively.
Praveg has launched the Safari Velavadar Resort in Gujarat, marking a new chapter in luxury hospitality. The resort is poised to achieve an impressive occupancy in the forthcoming six months, reflecting the high demand for sustainable luxury accommodations. The average room rate should be in the range of Rs 20,000 to Rs 22,000. Praveg’s expansion represents a strategic milestone for the company, with promising prospects for revenue growth, profitability, and shareholder value creation. Situated in Gujarat's vibrant heart, Velavadar captivates with its stunning ecosystem and scenic beauty. This peaceful locale is famed for the Velavadar Blackbuck National Park, a sanctuary for the elegant Indian blackbuck antelope and a host to diverse birdlife, including the rare lesser florican.
The Safari Velavadar Resort, nestled in this tranquil setting, features 12 luxurious cottages equipped with modern amenities, offering guests a serene retreat surrounded by nature. With facilities including a gourmet restaurant, a man-made pond, and an infinity pool, the resort invites guests to indulge in tranquility and elegance. The addition of these new luxury tented resorts significantly enhances the company's footprint in the eco-luxury hospitality sector, increasing its operational portfolio to 11 properties, with an ambitious 15 more projects underway.
Praveg (Formerly known as Praveg Communications (India)) is principally engaged in business of providing services in holding and arranging Events, Exhibitions, Advertisement, Hospitality and in pharma sector.
