Shares of Landmark Cars jumped up close to 9% on Monday morning to hit a new 52-week high of ₹864.30.
What Happened: Landmark Cars on Saturday announced its foray into South India by opening a Mercedes-Benz workshop in Hyderabad. In its regulatory filing, the company said that Mercedes-Benz India has approved the expansion. The company said that this strategic move is aimed at targeting high-growth areas with premium and luxury brands.
The company’s chairman Sanjay Thakker, made the announcement, saying, "It is very exciting that Landmark is going to break ground in its tenth Indian state with this workshop.”
He also expressed his excitement about the strengthened partnership with Mercedes-Benz. The new addition increases their total to 21 Mercedes-Benz outlets operating in five states across India.
With a market cap of around ₹3,500 crore, the small-cap company deals with high-profile brands such as Mercedes-Benz, Honda, Jeep, Volkswagen, BYD, Renault, Mahindra & Mahindra, and MG Motors. The HDFC Fund-backed company has had a comfortable ride at the bourses this year. On a year-to-date basis, the stock is up over 70%. HDFC Small Cap Fund owns a 1.37% stake in the company.
Price Action: Landmark Cars shares were up 6.27% to trade at ₹844.20 on Monday morning.
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