“Unlocking Lakshadweep’s Potential: Praveg’s Soaring Shares Amid ‘Chalo Lakshadweep’ Campaign 🏝️📈

Chalo Lakshadweep’ boosted shares of this Gujarat-based firm by 20%. Here’s how – Hindustan Times

The ‘HT’-site reports a significant surge in the shares of Praveg, a small-cap company based in Ahmedabad, attributed to the ‘Chalo Lakshadweep’ campaign. The escalating tensions between India and Maldives led to various celebrities endorsing tourism in Lakshadweep, proving advantageous for Praveg, a luxury resort company developing a tent city on the islands. Share prices for Praveg reached a 52-week high at ₹1037.50 as investors recognized the potential revenue boost from its association with Lakshadweep amid the tourism campaign.

The company’s prominence rose further as it secured a three-year work order from the Union Territory of Lakshadweep to establish and manage 50 luxury tents on the Agatti Islands. This initiative aims to transform the location into a sought-after tourist destination offering activities like scuba diving, destination weddings, and corporate functions. Notably, the work order is extendable for up to two years. The heightened global interest in Lakshadweep, reaching a two-decade high according to MyGov, was attributed to Prime Minister Narendra Modi’s recent visit. The article implies that Praveg’s strategic position in Lakshadweep could result in a significant spike in its revenue and sales.

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