Landmark Cars jumps 19%; hits record high on adding M&M to its dealership

In an exchange filing, Landmark Cars said the company has signed a Letter of Intent with Mahindra and Mahindra for opening a dealership in Howrah, West Bengal

Shares of Landmark Cars rallied 19 per cent to hit a record high of Rs 862.35 on the BSE in Friday’s intra-day trade after the company added Mahindra & Mahindra (M&M) to its retail dealership offering.  

The stock saw over eight-fold jump in trading volumes and surpassed its previous high of Rs 805.15 touched on July 10, 2023.

Landmark Cars is a 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.

In an exchange filing, Landmark Cars said the company has signed a Letter of Intent with Mahindra and Mahindra for opening dealership in Howrah in the state of West Bengal.

This dealership will be established in one of the wholly owned subsidiary of Landmark Cars, namely 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, the company said.

Landmark Cars also 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.

At 02:15 PM; the stock was trading 14 per cent higher at Rs 823.30, as compared to a 0.6 per cent rise in the S&P BSE Sensex. A combined 1.7 million equity shares, representing 4 per cent of total equity of Landmark Cars, changed hands on the NSE and BSE.