Stock Report

Praveg announces opening of Tent City at Ayodhya, UP and Beach Resort at Ghoghla Beach, Diu

Posted On : 2023-11-17 21:46:48( TIMEZONE : IST )

Praveg announces opening of Tent City at Ayodhya, UP and Beach Resort at Ghoghla Beach, Diu

Praveg Limited, India's leading eco-responsible luxury resorts company, announced the opening of its two properties namely Praveg's Tent City at Ayodhya, Uttar Pradesh and Beach Resort at Ghoghla Beach, Diu. The properties were operative from the auspicious day of Deepavali.

Speaking on the occasion, Mr. Vishnu Patel, Chairman - Praveg Limited said, "We are delighted to announce the opening of our Two (2) luxurious properties, one in Ayodhya, UP, and one in Diu, which will offer the highest standards of luxury and hospitality. I am confident that both resorts with its unique locations, aesthetic eco-responsible design, and a committed young experienced team will offer distinctive Praveg service to experience Praveg's world-class amenities and facilities in the midst of spiritual splendor."

With this recent commencement, Praveg now boasts a substantial portfolio of 530 operational rooms spread across multiple states. Moreover, buoyed by the surge in tourism, we hold an optimistic outlook regarding a favorable upswing at our properties. Our estimations project an impressive occupancy rate of 40-45%, coupled with an average room rate of INR 7000 to 9000. The growth aligns with our vision, driving sustainable success and solidifying our position within the hospitality industry.

Situated along Bramha Kund at Ayodhya, Uttar Pradesh, Praveg's ultra luxury tent city has a capacity of 30 tents with one restaurant. It is anticipated that opening of Tent City at Ayodhya will witness 10 to 15 percent increase in tourism. There is already a rush among travel agents and devotees to book rooms in advance for consecration ceremony of Lord Rama's idol at Ram Janmabhoomi.

Praveg's Beach Resort located at Ghoghla Beach, Diu features 35 wooden hobbit-inspired cottages with One Restaurant and One Conference Room designed to perfection to offer one-of-its-kind tropical vacation experience. The uniquely designed hobbit-inspired cottages that rise above the ground level with sliding glass wall opening to the beachside bring you the best views of the ocean.

Praveg will now have 9 properties in operation and 9 under development. The company aims to further add more eco-responsible luxury resorts across India.

Shares of Praveg Ltd was last trading in BSE at Rs. 606.15 as compared to the previous close of Rs. 615.00. The total number of shares traded during the day was 23432 in over 799 trades.

The stock hit an intraday high of Rs. 620.60 and intraday low of 599.00. The net turnover during the day was Rs. 14283992.00.

Source : Equity Bulls


Praveg INE722B01019 TentCity Ayodhya BeachResort GhoglaBeach