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 shares hit a 5 percent lower circuit amid market sell-off. The company on October 3 announced a Rs 4,200 crore Foreign Currency Convertible Bonds (FCCBs) issuance.

Reliance Power shares have soared 73 per cent in the past one month. The stock is up 124 per cent year-to-date and 186 per cent in the past one year.

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 recently made a strategic move by allotting a massive amount of 46.20 crore equity shares, which are valued at a sky-high Rs 1,524.60 crore.

Reliance Power said the FCCBs would be convertible into 82.30 crore equity shares of Rs 10 apiece at the conversion price of Rs 51, including a premium of Rs 41 per equity share.

Reliance Power recently announced that it has cleared all its debt with banks and financial institutions, achieving zero debt as of June 30. Its net worth stands at Rs 11,155 crore on a consolidated basis.