Reuters Market Eye - Shares in Indiabulls Real Estate(INRL.NS) 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.
(Reporting by Abhishek Vishnoi)
Trending On Reuters
With the Nifty breaching 8,500, sentiments are again bullish. But markets have been in the 8,200-8,600 range for some time and stocks across the board do not give the required confidence except for the liquidity factor. Many frontline stocks are not participating on the upside and the core sector is in a downtrend, writes Ambareesh Baliga. Column