BofA-Merrill raises Indiabulls to 'buy', stock gains

Shares in Indiabulls Real Estate gain 2% after Bank of America Merill Lynch upgrades the stock to "buy" from "neutral" and raises its price objective to Rs 100 from Rs 69. 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.