Shares of Landmark Cars jumped 8% to INR 783 in Friday’s intraday trade on BSE after the firm signed a dealership agreement with Mahindra & Mahindra.
“Landmark Cars has signed a Letter of Intent with Mahindra and Mahindra for opening a dealership in Howrah in the state of West Bengal,” the company said in an exchange filing.
This dealership will be established in one of the wholly owned subsidiaries of Landmark Cars, namely Landmark Mobility Private Limited.
This business will include sales and after-sales of Mahindra’s Personal, Pickup, and Supro range of vehicles in the areas of Howrah, Hooghly, Kolkata, North 24 Parganas and South 24 Parganas.
“This is consistent with the strategy of the company to partner with premium SUV OEs with a focus on EVs. Landmark is present in the state of West Bengal since 2013 with Mercedes-Benz,” the company said.
At 10.13 a.m., the scrip was trading 6% higher at INR 768 on BSE. On a year-to-date basis, the stock has surged over 60%, while it has gained 40% in the last six months.
As per Trendlyne data, the targprice of the stock is INR 801, which shows an upside potential of 4% from the current market prices. The consensus recommendation from 2 analysts for the stock is a ‘Buy’.
Technically, the stock’s day RSI (14) is at 52.3. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at -2.3, which is below its Center Line, this is a bearish indicator.
Landmark Cars is the leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen, BYD, MG and Renault. The company also caters to the commercial vehicle retail business of Ashok Leyland in India.
The company has its presence across the automotive retail value chain, including sales of new vehicles, after-sales service and repairs, sales of pre-owned passenger vehicles and facilitation of the sales of third-party financial and insurance products.
