• Thu. May 23rd, 2024

Lakshadweep high for this small-cap stock! How a multibagger has surged almost 39% in 2 days


Jan 9, 2024
Lakshadweep high for this small-cap stock! How a multibagger has surged almost 39% in 2 days


Interest in Lakshadweep after PM Narendra Modi’s visit and stunning visuals that he shared on X seem to have benefitted a small-cap stock! On Monday, the shares of the small-cap stock Praveg, identified as a potential multibagger, surged by up to 39%, reaching a new 52-week high of Rs 1,199.00.
As on January 09, 2024, 1:13 PM IST Praveg Ltd share price was up by 18.02% at Rs 1,199.Since its closing figure of Rs 862.90 on January 5, it has surged 38.95% in just two trading sessions till the time of filing this story.
According to an ET report, investors are optimistic about the Ahmedabad-based hospitality company, anticipating it to be a significant beneficiary of the ‘Chalo Lakshadweep‘ campaign amid the ongoing India-Maldives dispute.
Praveg, the operator of luxury resorts in tourist destinations such as Rann of Kutch, recently secured a work order for the development, operation, maintenance, and management of a minimum of 50 tents on Agatti Island in the Union Territory of Lakshadweep.
The resorts in Lakshadweep will additionally provide commercial services such as scuba diving, destination weddings, corporate functions, etc. As per the recent announcement by the company, the work order spans three years and has the potential for extension up to an additional two years.
“The Agatti Island is home to an aquatic life which is diverse and comprises one of the most beautiful coral reefs in India. The place is home to cultural richness like no other. The rich and diverse culture of the island’s population is displayed through high-spirit and vibrant festivals and celebrations held in this place,” Praveg said.
With the inclusion of these assets, Praveg will expand its portfolio to include nine operational properties and an additional twelve under development.
In terms of stock performance, it has already experienced a twofold increase in the last six months, attributed to the hospitality sector being perceived in an upcycle phase. This is driven by demand outpacing supply and a continual surge in room rents.
Meanwhile, Easy Trip Planners saw its shares conclude 4.7% higher as the travel agency took the step to halt flight bookings to the Maldives. Instead, they encouraged Indians to consider exploring Indian islands such as Lakshadweep.
The controversy originated when Maldivian politicians made disparaging remarks about Prime Minister Narendra Modi and ridiculed his visit to Lakshadweep. Following the escalation of the issue on social media, with #BoycottMaldives trending, the Maldives government took action by suspending the three ministers who had made unfavourable comments about PM Modi.
Last week, Modi posted images of his Lakshadweep trip on social media. “For those who wish to embrace the adventurer in them, Lakshadweep has to be on your list. During my stay, I also tried snorkeling – what an exhilarating experience it was!,” the Prime Minister had posted on X.


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