Praveg spurts on bagging order to develop tents in Lakshadweep Islands

Praveg surged 9.08% to Rs 928.90 after the firm received work orders by the Department of Tourism, Union Territory of Lakshadweep for development, operation, maintenance and management of tents at Bangaram and Thinnakara Island.

This project envisions the creation of 200 luxury tents on Thinnakara Island and 150 on Bangaram Island, including amenities such as scuba diving, destination weddings, corporate events, private gatherings, a health and wellness centre, childrens play area, and a coffee shop among others.

The initial term of the project spans five years, with the possibility of a two year extension.

Praveg is engaged in business of providing services of Advertising, Hospitality, Management and organization of Events and Exhibitions. Praveg is a pioneer in eco-responsible luxury hospitality.

The companys consolidated net profit declined 29.93% to Rs 8.10 crore despite of 16.52% increase in revenue from operations stood to Rs 33.07 crore in Q3 FY24 over Q3 FY23.

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