Police said a youth barged into the drawing room of 60-year-old Mishra around 8.30 pm and opened fire on him when he was having tea with his friend.
His friend Nityasundar Patnaik also received bullet injury.
The condition of Mishra is stated to be out of danger after surgeons at SCB medical college and hospital here removed a bullet from his body here today.
Another bullet is still in his body and he is kept under observation, doctors said.
Mishra was immediately rushed to a local hospital where doctors referred him to the Cuttack hospital as his condition was deteriorating fast. Preliminary police investigations pointed towards a property dispute to be the motive behind the firing.