Landmark Cars share lists at discount. Good opportunity to buy?
2 min read . Updated: 23 Dec 2022, 12:47 PM IST
Premium- Landmark Cars shareholders can hold the stock for six month target of ₹660 per share
Landmark Cars share listed today on BSE and NSE at a discount of near 7 per cent. Landmark Cars share price opened at ₹471.30 apiece on BSE, around ₹31 below its upper price band of ₹506 per equity share. The scrip has further went down after weak listing and hit intraday low of ₹446.45 apiece on BSE, dipping to the tune of 10 per cent against its issue price. Landmark Cars share price is currently quoting ₹461.30 on BSE.
According to stock market experts, Landmark Cars shares may give strong upside move once the fear of Covid019 fades out. They said that those who have this stock can keep stop loss at ₹397 and further accumulate if the stock comes around ₹425 apiece levels. In fact, they advised fresh investors to buy the stock at this level with same ₹397 stop loss. They said that in next six months, this auto stock may go up to ₹660 apiece levels.
Speaking on Landmark Cars share price outlook, Pravesh Gour, Senior Technical Analyst at Swastika Investmart said, "Landmark Cars share has debuted as a negative listing at a discount of Rs. 471 (-6.91%) to its issue price. But the issue had received a good response from investors on both the institutional and retail sides. The company is also growing its presence in the after-sales segment. Its comprehensive business model captures the entire customer value chain and focuses on the expansion of its overall business with experienced promoters and business leadership. "
Pravesh Gour went on to add that despite fierce competition, the company must reduce its debt. The issue has been fully priced, with a P/E ratio of around 28. Under the current market conditions, it would not be fair to expect much from its listing. However, he advised allottees to hold the stock as it may bounce back strongly once there is trend reversal on Dalal Street.
Advising fresh investors to take advantage of this discounted debut of Landmark Cars shares, Ravi Singhal, CEO at GCL Securities said, "Landmark Cars have a retail car sales model where they sell high end cars made by Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. Sales of these cars are directly connected with the economy. As we are under stress of fresh wave of Covid, the stock is available at discounted price. Once, there is trend reversal on Dalal Street, this scrip may give strong upside move. So, those who have this stock in their portfolio are advised to maintain stop loss at ₹397 and hold for six month target of ₹660."
Ravi Singhal of GCL Securities said that those who missed to get Landmark Cars shares during allotment process may buy the stock at around ₹425 apiece levels maintaining stop loss at ₹397 keeping six month target of ₹660 per share in mind.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
