Shares of Landmark Cars Ltd. jumped nearly 10% on Friday to the highest in over two weeks after it received a letter of intent from MG Motor India Pvt. to open a dealership store in Ujjain.
Aeromark Cars Pvt., a wholly owned subsidiary, will open the dealership store, which will provide services like sales and after sales on behalf of MG Motor, according to an exchange filing on Thursday.
This will be Landmark's third such dealership for MG Motor in Madhya Pradesh after establishing such stores in Indore and Bhopal, it said.
On the NSE, Landmark's stock rose as much as 9.77% during the day to Rs 789.95 apiece, the highest since Feb. 12. It was trading 7.38% higher at Rs 772.75 apiece, compared to a 1% advance in the benchmark NSE Nifty 50 at 10:27 p.m.
The share price has risen 39.50% in the last 12 months. The total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 50.44.
Three analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 8.3%.
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