BofA-Merrill raises Indiabulls Real Estate to 'buy'; stock gains

Last Updated: Wed, Jan 30, 2013 08:58 hrs

Shares in Indiabulls Real Estate gain 2.8 percent after Bank of America Merrill Lynch upgrades the stock to "buy" from "neutral" and raises its price objective to 100 rupees from 69 rupees.

The investment bank cited better-than-expected sales bookings, as well as optimism about new projects, including a luxury project in central Mumbai as key reasons for the upgrade.

BofA-Merrill expects the trend of better bookings to continue with more projects lined up for launches in Gurgaon, located near New Delhi and in the city of Chennai.

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