Landmark Cars share price rallies 8% on dealership agreement with M&M
Landmark Cars share price rallied nearly 8% in early trade on Friday after the company signed a dealership agreement with Mahindra and Mahindra (M&M). Landmark Cars shares jumped as much as 7.94% to ₹782.75 apiece on the BSE. In an exchange filing on Thursday, Landmark Cars said it signed a Letter of Intent with M&M for opening a dealership in Howrah in the state of West Bengal.
This dealership will be established in one of the wholly owned subsidiaries of the company Landmark Mobility Private Limited. “This business will, inter alia, 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," Landmark Cars said. Also Read: Adani Ports gets a buy from CLSA as it expects strong Q2FY24 performance This is consistent with the strategy of the company to partner with premium SUV OEs with focus on EVs, it added.
Landmark has been present in the state of West Bengal since 2013 with Mercedes-Benz. In a separate release, Landmark Cars said that it incorporated a wholly owned subsidiary Landmark Mobility Private Limited (LMPL) on September 4. LMPL is yet to commence the business operations and intends to carry on the business of sales, after sales and allied business.
Landmark Cars share price has jumped 66% this year so far. The stock is up over 9% in one week and more than 14% in the last three months. At 10:05 am, Landmark Cars shares were trading 5.68% higher at ₹766.35 apiece on the BSE.
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