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.

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 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.

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’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.

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.