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Reliance Power Stock Surges 50% in 8 Days, Experts Predict Another 33% Gain Ahead

Reliance Power shares, owned by Anil Ambani, have been rising steadily over the last eight days. After the company announced a debt settlement as a guarantor for Vidarbha Industries Power Limited (VIPL), the stock started hitting its upper circuit limits. This upward trend continued after the company set a date for a board meeting to discuss raising funds for the long term. Since September 18, 2024, the stock has surged around 50%.

On Friday, Reliance Power’s board announced that they will meet on October 3, 2024, to discuss plans for raising money. This could be done by issuing shares or bonds, either in India or globally, through methods like a preferential issue or a qualified institutional placement.

Earlier, on September 17, 2024, Reliance Power shared that it had fully settled its debt as a guarantor for VIPL, leading to the release of corporate guarantees worth ₹3,872.04 crore. This move has been seen as a major positive for the company.

Experts believe the stock is in a strong upward trend. Sumeet Bagadia from Choice Broking said that Reliance Power is trading around ₹46.35 and is showing a bullish pattern, with higher highs and higher lows over the last few months. He recommends buying on dips, with a target price between ₹58 and ₹62, which could mean a 33% increase from the current price.

However, Bagadia also advises investors who bought at lower prices to consider booking some profits now. For new investors, he suggests waiting for price dips and setting stop-losses near ₹40 to manage risk.

Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.​​

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