Shares of Reliance Power has rallied a whopping 55 per cent in the past nine sessions. From Rs 31.40 to Rs 48.66, the Anil Ambani led company's stock has been hitting back-to-back upper circuits.

So, Bagadia expects around 33% more upside from Reliance Power shares' current market price of ₹ 46.35 apiece.

Reliance Power (RPower), led by Anil Ambani, has seen its shares surge by around 55% over the past nine trading sessions. From a closing price of Rs 31.40 on September 17, the stock has been hitting upper circuits consecutively, reaching Rs 48.66 by the latest session.

Anil Ambani-run Reliance Group said on Wednesday it would jointly develop solar and hydro power projects in Bhutan along with the government's investment arm. The Indian conglomerate, run by the younger brother of Asia's richest man Mukesh Ambani,

Shares of Reliance Power fell by 4.6% ahead of its Board meeting on October 3, breaking an 8-day winning streak. The decline follows the company's recent approval to issue up to 46.2 crore equity shares and/or warrants worth Rs 1,

YTD, Reliance Power surged by 93.53%, while in a year, the stock advanced by 142.04%. Meanwhile, YTD and NTPC gained by 42% and Power Grid surged by 48.9%. In a year, NTPC gained by 85.74% and 76.66%.

India's Reliance Power , part of Anil Ambani's Reliance Group, said on Monday that it plans to raise up to 15.25 billion rupees ($183 million) through a preferential allotment.