The bull run in Reliance Power shares continued on Tuesday as the counter jumped 5 per cent to hit the upper circuit for the 4th day in a row. Reliance Power is owned by Anil Ambani. Reliance Power shares opened at a new 52-week and day's circuit at Rs 40.

Reliance Power share price gained 5% in morning trades to hit upper circuit. Having risen 110% in a year has given Multibagger returns to investors. Approves preferential allotment of shares worth ₹15

Reliance Power share price was locked in the 5 per cent upper circuit at Rs 40.06 per share on the BSE. The stock also reached its 52-week high on Tuesday

Reliance Power shares surged 5% after the company announced a preferential issue of equity shares worth Rs 1,524.60 crore, aimed at strengthening its financial position and expanding into renewable energy.

Reliance Power’s board of directors approved the issue of preferential shares to raise ₹1,524.60 crore, the company said in an exchange filing on Monday.

Reliance Power shares have shown strong performance across multiple time frames, delivering a 10.64% return in the past month and a 38.22% increase over six months. Year-to-date, the stock has surged 59.

Reliance Power shares were locked at the upper circuit ahead of its board meeting to consider raising long-term funds, marking its eighth consecutive session of gains.

The stock hit its 5 per cent upper circuit limit at Rs 40.06. With this, the stock is up 35.48 per cent in nine sessions and 67 per cent in 2024 so far.

The rally in the company's shares follows the announcement of a board meeting scheduled for September 23, 2024, to discuss a significant fundraising proposal.