Mon Sep 23 09:10:54 UTC 2024: ## Reliance Power Shares Surge Ahead of Board Meeting
**Mumbai, India -** Reliance Power, the Anil Ambani-owned energy company, saw its share price soar today ahead of a crucial board meeting scheduled for later this afternoon. The company announced a board meeting to consider and approve a fundraising proposal, igniting investor interest and driving shares up by 5% to touch an intraday high of ₹38.15 on the NSE.
This marks the fourth consecutive day of hitting the upper circuit, reflecting the growing optimism surrounding the company’s fundraising plans.
Sumeet Bagadia, Executive Director at Choice Broking, believes that the stock has potential for further upside. He expects the shares to become highly bullish once they cross ₹40 on a sustained basis, suggesting a short-term target of ₹45 to ₹50. Bagadia recommends existing shareholders hold the scrip while maintaining a stop-loss at ₹35.
New investors are also encouraged to buy Reliance Power shares for the same target price range, with a strict stop-loss of ₹35.
The company’s announcement to raise long-term resources through various avenues, including equity shares, warrants, and convertible bonds, has fueled speculation about a potential turnaround for the struggling company.
**Disclaimer:** This news article provides general information and should not be considered investment advice. Investors are strongly encouraged to consult with certified financial experts before making any investment decisions.
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