Landmark Cars Partners with Mahindra and Mahindra, Share Price Surges

Landmark Cars Partners with Mahindra and Mahindra, Share Price Surges

VoM News Desk | September 8, 2023 | 11:23 AM IST | Breaking News | Follow on Google News

Landmark Cars Partners with Mahindra and Mahindra, Share Price Surges. Image/Mint

Landmark Cars Soars with New Dealership Agreement

Landmark Cars, a prominent player in the automotive industry, witnessed an impressive surge in its share price, rising nearly 8% during early trading on Friday. The boost in share value came on the heels of a significant development – the company’s partnership with Mahindra and Mahindra (M&M). Landmark Cars shares surged by as much as 7.94%, reaching ₹782.75 apiece on the Bombay Stock Exchange (BSE).

Landmark’s Strategic Move: A Dealership Agreement with M&M

In an official exchange filing on Thursday, Landmark Cars disclosed that it had inked a Letter of Intent (LOI) with Mahindra and Mahindra. The primary objective of this LOI is to establish a dealership in Howrah, a city situated in the state of West Bengal.

Expanding Horizons: Landmark Mobility Private Limited

This new dealership venture will be hosted under one of Landmark Cars’ wholly-owned subsidiaries, Landmark Mobility Private Limited. The scope of operations for this business encompasses both sales and after-sales services for Mahindra’s diverse range of vehicles, spanning Personal, Pickup, and Supro models. The geographical areas of coverage for this venture include Howrah, Hooghly, Kolkata, North 24 Parganas, and South 24 Parganas.

Aligning with Strategic Focus: Premium SUVs and EVs

Landmark Cars emphasized that this initiative is in perfect alignment with the company’s overarching strategy. It seeks to establish fruitful collaborations with premium Sports Utility Vehicle (SUV) Original Equipment Manufacturers (OEs), with a particular emphasis on Electric Vehicles (EVs). Landmark Cars has maintained a significant presence in West Bengal since 2013, notably with Mercedes-Benz.

Diversification and Expansion: Landmark Mobility Private Limited (LMPL)

Simultaneously, Landmark Cars made another noteworthy announcement, highlighting the incorporation of a wholly-owned subsidiary, Landmark Mobility Private Limited (LMPL), on September 4. While LMPL is yet to commence its business operations officially, it is poised to engage in various facets of sales, after-sales, and related businesses.

Financial Triumph: Impressive Share Performance

Landmark Cars’ share price has showcased remarkable growth throughout the year, with a remarkable surge of 66% thus far in 2023. In the span of a week, the stock has exhibited an impressive gain of over 9%, while the last three months have witnessed a remarkable rise of more than 14%. As of 10:05 AM, Landmark Cars shares continued their upward trajectory, trading at ₹766.35 apiece on the BSE, marking a 5.68% increase.

VoM News Desk

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