The share price of Anil Ambani-owned Reliance Power has been on an upward trend since the Anil Dhirubhai Ambani Group (ADAG) company announced a board meeting to consider and approve a fundraising proposal. The board set the meeting for today, 23rd September 2024. Ahead of this, Reliance Power shares opened higher and reached an intraday high of ₹38.15 per share on the NSE. In the process, the stock also hit a 5 percent upper circuit.
This marks the fourth consecutive session of hitting the upper circuit, following similar movements on Wednesday, Thursday, and Friday of last week.
Reliance Power share price
Anticipating further gains in this Anil Ambani-owned stock, Sumeet Bagadia, Executive Director at Choice Broking, stated, “Reliance Power shares could turn highly bullish if they decisively break above ₹40 per share. Shareholders are advised to hold the stock with a stop loss at ₹35 for short-term targets of ₹45 and ₹50.”
Bagadia also recommended that new investors consider buying Reliance Power shares for short-term targets of ₹45 and ₹50, with a strict stop loss at ₹35.
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The ADAG company had informed the Indian stock market exchanges about the fundraising move, saying, “We wish to inform you that a meeting of the Board of Directors of the Company will be held on Monday, September 23, 2024, inter alia, to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by the issue of equity shares/equity-linked securities/ warrants convertible into equity shares, by way of a preferential issue and/or qualified institutional placement and/or rights issue and/or foreign currency convertible bonds or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate.”
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