Stock Report

Landmark Cars to strengthen its presence in Eastern part of India with Mercedes-Benz Dealership

Posted On : 2024-10-04 23:03:12( TIMEZONE : IST )

Landmark Cars Limited (BSE: 543714 & NSE: LANDMARK), one of the leading premium automotive retail businesses in India and the largest partner of Mercedes-Benz in India, has received a Letter of Intent from Mercedes-Benz India for a dealership in Patna. This dealership will cater to the high potential geographies of Bihar and Jharkhand and will be established in the standalone i.e. Landmark Cars Limited. The business will include Sales and After Sales of Mercedes-Benz cars.

This aligns with the company's strategy of horizontal expansion through a rapidly growing luxury car brand in India, which also contributes positively to the company's profitability.

Commenting on this development Mr. Sanjay Thakker, Promoter, Chairman and Executive Director, Landmark Cars Limited said, "I am elated to announce that Landmark is now set to expand its operations in 2 new states, increasing our presence to a total of 13 states across India. In recent times, Tier II cities have shown remarkable growth potential in the luxury car market, and this new dealership will further boost sales for Landmark Cars.

This expansion is consistent with our philosophy of entering geographies with growth for premium/luxury brands. We continue to remain the preferred partner of Mercedes-Benz in India and are happy to further grow our footprint to 23 Mercedes-Benz outlets within seven states of India. This development is strategic and bodes well with Landmark's expansion strategy of expanding with existing and profitable brands."

Shares of Landmark Cars Limited was last trading in BSE at Rs. 638.75 as compared to the previous close of Rs. 653.55. The total number of shares traded during the day was 3296 in over 317 trades.

The stock hit an intraday high of Rs. 656.95 and intraday low of 636.95. The net turnover during the day was Rs. 2124804.00.