Shares of Praveg that were already upbeat on Thursday received a further boost as the company announced bagging the order.

What Happened: Praveg Limited announced on Tuesday that it has secured a work order from the Department of Tourism, U.T. Administration of Lakshadweep. The company will develop, operate, maintain, and manage luxury tent accommodations on Thinnakara and Bangaram Islands.

The work order pertains to the creation of 200 tents at Thinnakara Island and 150 tents at Bangaram Island. These eco-friendly luxury resorts will offer a range of commercial facilities, including Scuba Diving, Destination Weddings, and Health and Wellness Centres. The project is set for an initial term of five years, with the possibility of a two-year extension based on the authority’s decision.

See Also: L&T Shares Surge 2% After Massive Project Win In The Middle East

The Lakshadweep Islands are known for their easy access via a local airstrip, and the new luxury tented resorts are expected to boost Praveg Limited’s presence in the eco-luxury hospitality sector. This expansion adds to Praveg’s portfolio, which includes a recent project on Agatti Island and anticipates a strong occupancy rate for the upcoming properties.

The announcement comes as the Praveg share price has been on an upswing thanks to the buzz around Lakshadweep. This uptick was closely linked to the heightened interest in Lakshadweep tourism, spurred by Prime Minister Narendra Modi‘s visit to the archipelago and the attention it received from Maldives officials.

Price Action: Praveg's share price was up 8% to trade at ₹919.65 in the late hours of trading on Thursday.

Read Next: This Bank Stock Has Slumped 24% In 6 Months, But Analysts See A 51% Rally Ahead