Shares of Indiabulls Real Estate rose nearly 9 percent intraday as investors cheered a ratings initiation on the stock.
While the stock rallied post its removal from the F&O ban, CLSA too initiated coverage on the stock with a buy rating and a target price of Rs 282.
CLSA said that the portfolio shift towards office income should double the lease income over the next five years.
The company, the brokerage added, will complete 20 msf of ongoing residential development projects over 3-4 years.
The recent steps for reorganization should lead to value discovery, it added.
The stock has multiple triggers to gain 50 percent over the next two years.
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