On March 12, Praveg Limited experienced a notable 4% surge in its stock price at the market open, propelled by the news of Goldman Sachs India Equity Portfolio acquiring a 2.18% stake in the company.
Simultaneously, promoter Patel Ashaben Vishnukumar divested a 2.85% stake in the firm.
As of 9:40 am, Praveg Limited’s stock was valued at Rs 949. The company has demonstrated substantial growth, registering an impressive gain of more than 111% over the past year.
Vishnukumar, a member of the promoter group, offloaded 7 lakh equity shares in Praveg at an average price of Rs 850.51 per share, according to exchange data. Concurrently, Goldman Sachs Funds-Goldman Sachs India Equity Portfolio acquired 5,34,171 equity shares, representing a 2.18 percent stake in the company, at an average price of Rs 850 per share.
Praveg, originally recognized for its expertise in event management, has recently diversified into the realms of hospitality and operations management.
During Q3FY24, Praveg demonstrated growth in net sales, reporting Rs 33.07 crore compared to Rs 28.38 crore in December 2022. However, despite this increase in revenue, the company experienced a nearly 30 percent decline in net profit, amounting to Rs 8.10 crore.
Furthermore, the EBITDA for the same period was reported at Rs 13.27 crore in December 2023, marking a notable decrease of 22.76 percent from Rs 17.18 crore in December 2022.
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