Despite the huge fall in the stock market on Friday, shares of Praveg Limited witnessed a tremendous rise. The jump came after the company signed a strategic inventory agreement with Mahindra Holidays & Resorts India Ltd.
Three year agreement with Mahindra Holidays
This partnership will take place at major sites like Daman, Diu and Ayodhya.
- Under the agreement, Mahindra Holidays will reserve 70 rooms across select Praveg properties.
- These will include 35 fixed and 35 floating rooms.
company statement
Describing this partnership as important, Praveg Limited said:
“This agreement will strengthen our market presence with established brands like Mahindra Holidays and enhance the operating portfolio. This will create new revenue opportunities through consistent room bookings and enhance the reputation of the brand.”
The company also said:
“We are committed to redefining hospitality standards and providing guests with luxury and comfort through this partnership.”
Share performance of Praveg Limited
- Shares of Praveg Ltd rose 2% to ₹745 during trading on Friday.
- At the end of trading, the stock closed at ₹739.75, up 1.31%.
- December 2023: The stock’s lowest level was ₹639, which is its 52-week low.
- January 2024: The stock hit a high of ₹1,300, which is its 52-week high.
- So far in the year 2024, the stock has registered a decline of 6%, due to which it has proved to be an underperformer.
- Over the past five years, the stock has gained more than 17,000%.
stock market situation
There was a huge fall in the market on Friday:
- Sensex:
- It closed at 78,041.59 with a decline of 1,176.46 points or 1.49%.
- During trading, the Sensex slipped 1,343.46 points to 77,874.59.
- Nifty:
- Closed at 23,587.50 with a decline of 364.20 points or 1.52%.
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