Landmark Cars surges on getting LoI to open new MG Select dealerships in Ahmedabad, Kolkata
Landmark Cars is currently trading at Rs. 617.10, up by 7.55 points or 1.24% from its previous closing of Rs. 609.55 on the BSE.
The scrip opened at Rs. 649.90 and has touched a high and low of Rs. 649.90 and Rs. 613.65 respectively. So far 409 shares were traded on the counter.
The BSE group 'A' 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. 542.90 on 16-Aug-2024.
Last one week high and low of the scrip stood at Rs. 649.90 and Rs. 576.95 respectively. The current market cap of the company is Rs. 2521.76 crore.
The promoters holding in the company stood at 51.57%, while Institutions and Non-Institutions held 24.51% and 23.92% respectively.
Landmark Cars has received a letter of intent (LoI) from JSW MG Motor India (MGI) to open new MG Select dealerships in Ahmedabad and Kolkata. MG Select, a new brand channel of MGI, is dedicated to developing the 'accessible luxury' segment in India. At launch the company will have two models, MG Cyberster and the MG M9 EV with more to follow later. Sales are expected to begin by May 2025. These dealerships will be established by M/s Aeromark Cars, a wholly owned subsidiary company of Landmark Cars.
This demonstrates Landmark's ability to fortify its partnership with MGI and maintain its standing as the partner of choice for OEMs. This strategic collaboration expands the company’s presence in the luxury market and aligns with Landmark’s twin strategy of horizontal expansion by strengthening its relationship with the existing OEMs and vertical expansion by going deep into an identified geography to achieve operating leverage to strengthen its footprint in its existing territories and consolidate its market presence.
With these dealerships, Landmark will not only consolidate its leadership position in Ahmedabad, it will also be able to increase its offerings in Kolkata where now it will deal in MG Select Products apart from its existing product offerings of Mercedes-Benz, Mahindra & Mahindra and Kia.
Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.
