Shares of small caps with Lakshadweep connection rise 20%
Praveg, who runs luxury resorts in tourist destinations such as the Rann of Kutch, was last month ordered to develop operations, maintenance and management of at least 50 tents on Agatti Island in the Union Territory of Lakshadweep.
The resort at Lakshadweep will also offer commercial activities such as scuba diving, destination weddings, corporate events, etc. The task order is for three years and can be extended for up to two years, the company recently announced.
“Agathi Island is home to a diverse range of aquatic life, comprising one of the most beautiful coral reefs in India. It is a place of unparalleled cultural richness. The rich and diverse culture of the island’s population is of high standard. This is shown through the marine life of . This is where vibrant and lively festivals and celebrations take place,” Praveg said.
With the addition of these properties, Praveg now operates nine properties and has 12 under development.
As far as inventory performance is concerned, it has already doubled in the last six months as the hospitality sector appears to be in an upcycle phase as demand outstrips supply and room rents continue to soar.
Meanwhile, Easy Trip Planners’ stock price also rose 4.7% after travel companies took the lead in suspending flight bookings to the Maldives and urging Indians to explore Indian islands such as Lakshadweep. The controversy began when Maldivian politicians made derogatory remarks against Prime Minister Narendra. Modi ridiculed his visit to Lakshadweep, describing the region as a mere tourist destination for Indians. After trouble erupted on social media with #BoycottMaldives trending with
Last week, Modi shared pictures of his visit to Lakshadweep on social media. “For those who want to embrace adventure, Lakshadweep should be on your list. We also tried snorkeling during our stay. It was such an exciting experience!,” the Prime Minister tweeted.
