Landmark Cars gains on inking LoI with Mahindra & Mahindra
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Landmark Cars is currently trading at Rs. 772.00, up by 3.80 points or 0.49% from its previous closing of Rs. 768.20 on the BSE.
The scrip opened at Rs. 783.60 and has touched a high and low of Rs. 788.05 and Rs. 767.55 respectively. So far 3202 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 901.95 on 07-Feb-2024 and a 52 week low of Rs. 545.10 on 03-May-2023.
Last one week high and low of the scrip stood at Rs. 793.35 and Rs. 749.95 respectively. The current market cap of the company is Rs. 3190.64 crore.
The promoters holding in the company stood at 51.59%, while Institutions and Non-Institutions held 24.60% and 23.81% respectively.
Landmark Cars has signed a Letter of Intent (LoI) with Mahindra & Mahindra for opening three showrooms and four workshops in Hyderabad. These outlets will be established in one of the wholly owned subsidiaries of Landmark Cars, namely, Landmark Mobility. Landmark Cars, already has three Mahindra & Mahindra outlets in West Bengal. This strategic initiative underscores Landmark's commitment to solidifying its presence in the vibrant Hyderabad market.
Mahindra & Mahindra will be the third dealership for Landmark Cars in Hyderabad, after Mercedes-Benz and Kia. This is in line with the Company’s strategy of horizontal expansion with fast-growing, premium brands and vertical expansion by going deep into an identified geography.
Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.
