Mon Sep 23 07:31:06 UTC 2024: ## Reliance Power Shares Soar on Fundraising Plans, Hitting Upper Circuit for Fourth Consecutive Day

**Mumbai, India -** Shares of Reliance Power, owned by Anil Ambani, have been on a dramatic upward trajectory since the company announced a board meeting to discuss a fundraising proposal. Ahead of the meeting, scheduled for today, September 23rd, 2024, the share price surged, hitting an intraday high of Rs 38.15 on the National Stock Exchange (NSE). This marks the fourth consecutive day the stock has hit the upper circuit, following similar gains last week.

Reliance Power has informed stock exchanges of its plan to raise long-term resources, both domestically and globally. The board meeting will focus on approving the issuance of equity shares, equity-linked securities, and other financial instruments to secure the necessary capital.

Investors are closely monitoring the outcome of the meeting, as the successful fundraising could significantly strengthen Reliance Power’s financial position and support its expansion plans within the power sector.

**Technical Outlook**

Anshul Jain, Head of Research at Lakshmishree Investment & Securities, commented that the stock’s recent breakout from a 180-day volatility contraction pattern suggests potential upside targets of Rs 54. While this is positive, Jain emphasizes caution due to concerns over the quality of management. Investors are advised to take small long positions with a target of Rs 54 but avoid heavy exposure until further clarity on governance is established.

**Stock Performance**

Reliance Power shares have demonstrated impressive performance across multiple timeframes. The stock has yielded a 10.64% return over the past month, a substantial 38.22% increase in the last six months, and a remarkable 59.29% surge year-to-date. This sustained growth has attracted investors, resulting in over 101.32% return over the last twelve months.

**Manba Finance IPO**

Meanwhile, Manba Finance, a non-banking finance company, has launched its IPO with 1.26 crore fresh shares offered at a price range of Rs 114 to Rs 120 per share. The company’s shares are already trading at a 50% premium in the grey market. Retail investors can invest a minimum of Rs 15,000, with the allotment scheduled for September 26th.

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