Landmark Cars close at INR 809.25 at the exchange today which is 11.74% from the previous close. It made an insane high of 863.30 today which was the day’s high.
The fundamental reason behind this is a signed dealership agreement between Landmark Cars and Mahindra & Mahindra.
The company said in its release that they have signed a letter of intent with Mahindra & Mahindra for opening a dealership in Howrah, West Bengal.
The dealership will be established in the wholly owned subsidiary of the company Landmark Mobility.
According to a report, this will include sales and after sales of Mahindra’s Personal, Pickup and Supro range of vehicles in the areas of Howrah, Hooghly, Kolkata.
Landmark Mobility is a private company which is completely owned by Landmark Cars according to the press release.
Landmark Cars was listed last year in December 2022. They had raised Rs 552 crore via IPO. The stock has risen 43 percent from the issue price of Rs 506.
One should know that the company is in a premium automotive retail business. It has dealerships of Mercedes-Benz, Honda, Jeep, Volkswagen, BYD, MG and Renault.
On the 1 month chart of the Landmark Cars, it made a long wick of Bullish candlestick.
It means that the sellers were dominant on the high side of the prices, But the stock sustained the selling and managed to close in green.
Where the stock will go on Monday, I cannot tell. You do your analysis before investing and trading.
Read: ARE IT COMPANIES SLOWING ON GROWTH?
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