In its latest research report, Nirmal Bang, an equity research firm said that Indiabulls Real Estate (IBREST) can give good returns in the short term.

The report further stated that, if the counter is successful to breach 211, then it will create a huge breakout.

Nirmal Bang Research has advised its investors to hold the stock to achieve a target price above Rs 245.

Besides, the report has also suggested a support level of Rs 197 for the scrip.

Today (June 24), the shares of the company opened at Rs 212.25 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 0.41 and 510.37 respectively. The share price has seen a 52-week high of Rs 386 and a low of Rs 81.80 on BSE.

India's third biggest listed property developer, Indiabulls Real Estate, on June 22, said that it has decided to utilize over $500 million raised from a recent share sale to launch projects, at a time its competitors are struggling to lift capital and payback arrears.

Mr. Gagan Banga, chief executive of the group's flagship, Indiabulls Financial Services said that the realty developer is eyeing to roll out 6-7 residential projects in the fiscal ending in March 2010 owing to an expected recovery in demand.

"We would like to pursue some large and interesting projects, which we hope to get at a decent value given the fact that we are sitting on cash and the rest of the market is not," Banga said.

For the year ended March 31, 2009, Indiabulls Real Estate Ltd posted a net profit after extraordinary items of Rs 165.616 million as against Rs 4677.091 million for the year ended March 31, 2008. Total Income decreased from Rs 6488.779 million for the period under review to Rs 1397.630 million for the year ended March 31, 2009.

Indiabulls Real Estate Ltd registered consolidated net profit after minority interest of Rs 294.750 million for the year ended March 31, as against Rs 4002.341 million for the year ended March 31, 2008. Total Income has decreased from Rs 7646.506 million for the year ended March 31, 2008 to Rs 4399.218 million for the year ended March 31, 2009.