Landmark Cars Ltd.'s shares surged over 10% to hit record high on Monday after the company got Mercedes-Benz India Pvt.'s approval to open a workshop in Hyderabad.
The Mercedez-Benz approval came just a day after the company got a letter of intent from MG Motor India Pvt. to open a dealership in Ahmedabad.
Shares of Landmark Cars rose as much as 10.07%, the highest since its listing on Dec. 23, 2022, before paring gains to trade 6.62% higher at 10:45 a.m. This compares to a 0.02% decline in the NSE Nifty 50.
The stock has risen 82.88% year-to-date. Total traded volume so far in the day stood at 15 times its 30-day average. The relative strength index was at 68.75.
All four analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 6.6%.
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