 "Landmark Cars share price zooms 7% after deal with JSW MG Motor; details")
Landmark Cars share price jumped 6.62 per cent at Rs 649.90 a piece on the BSE in Tuesday’s intraday trade. This came after Landmark Cars received a letter of intent from JSW MG Motor India 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 Private Limited, a wholly owned subsidiary company of Landmark Cars,” the company said in a statement on Monday.
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, the company said.
“I am very excited about the launch of the upcoming MG Select products. This new range has the potential to broaden the 'accessible luxury' market in India, and Landmark is well-positioned to capitalize on this growth. This initiative aligns perfectly with Landmark’s strategy to grow with existing, profitable brands and strengthen our presence in our current geographies,” said Sanjay Thakker, Promoter and Chairman, Landmark Cars.
On the equities front, Landmark Cars share price has underperformed the market, falling 3.7 per cent in the last six months, while slipping 26 per cent in the last one year. In comparison, the BSE Sensex has slipped 5.2 per cent in the last six months, while rising 6.8 per cent in the last one year.
Landmark Cars has a total market capitalisation of Rs 2,521.14 crore. Its shares are listed at a price to earnings multiple of 48.64 and at an earning per share of Rs 12.53
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At 11:12 AM, the stock price of the company gave up all its gains, slipping 0.02 per cent at Rs 609.40 a piece on the BSE. By comparison, the BSE’s Sensex was down 1.05 per cent to 76,260.52 level.
Landmark Cars Limited is the leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen, BYD, Renault, Mahindra & Mahindra, KIA and MG Motors. The company also caters to the commercial vehicle retail business of Ashok Leyland in India.
The company has its presence across the automotive retail value chain, including sales of new vehicles, after-sales service and repairs, sales of pre-owned passenger vehicles and facilitation of the sales of third party financial and insurance products.