Shares of automotive retailer Landmark Cars hit a 52-week high of Rs 782 during the intraday session on 8 September after the company signed a dealership agreement with Mahindra and Mahindra (M&M).

The company said in its filing that it has signed a letter of intent with Mahindra and Mahindra for opening a dealership in Howrah, West Bengal.

The company’s wholly-owned subsidiary, Landmark Mobility, will establish this dealership.

The company is the promoter of Landmark Mobility, and the initial investment in this company would be a related party transaction and will be considered at arm’s length.

Landmark Mobility has yet to start its business operations and intends to carry on the business of sales, after-sales, and allied business.

The business will include sales and after-sales services of Mahindra’s personal Pickup and Supro range of vehicles in areas of Howrah, Hooghly, Kolkata, South 24 Parganas and North 24 Parganas.

Landmark Cars has premium automotive dealerships for brands like Mercedes-Benz, BYD, MG, Volkswagen, Honda, Jeep, and Renault, and also caters to the commercial vehicle retail business of Ashok Leyland in India.

At 11:00 am, the shares of Landmark Cars were trading at Rs 770.85 or 6.43% above its previous close of Rs 724.25 on NSE.