MARKET EYE-BofA-Merrill raises Indiabulls to 'buy'; stock gains

Wed Jan 30, 2013 9:54am IST

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Stocks

   

* Shares in Indiabulls Real Estate gain 2 percent
after Bank of America Merill 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.

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.thomsonreuters.com@reuters.net)
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