Technical Analyst Salil Sharma has maintained 'buy' rating on Indiabulls Real Estate Limited stock to achieve an intra-day target of Rs 117.

Mr. Singhvi said that the investors can buy the stock with a stop loss of Rs 108.

The stock of the company, on March 15, closed at Rs 109.75 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 218.50 and a low of Rs 104.50 on BSE.

Indiabulls Real Estate has recorded phenomenal increase of 27 times in its consolidated net profit for the three month period ended December 2010.

The company has registered a net profit of Rs 766.10 million during the period under review as against Rs 27.64 million posted during the same period of 2009.

The total income of the company surged 4.88 times to Rs 4,178.29 million for the said quarter from Rs 854.81 million during the same quarter last year.

On standalone basis, Indiabulls Real Estate registered a growth of 4 times in net profit to Rs 195.27 million for Oct-Dec quarter ended December 2010 as against Rs 48.74 million for the quarter ended Dec. 31, 2009.

Total income on standalone basis surged 2.35 times to Rs 549.62 million for the three month period ended December 2010.