Anil Dhirubhai Ambani Group company Reliance Capital, a major financial services provider, has finally secured an approval from the National Housing Bank (NHB) for setting up a housing finance company.

It may be noted that, Reliance Capital is already into the mortgage business through its wholly-owned consumer finance arm Reliance Consumer Finance.

As per views of Karvy Stock Broking Limited, traders can purchase Reliance Petroleum (RPL) stock around Rs 92 in order to achieve a target of Rs 98 in 1-2 days.

The stop loss for the suggested counter is Rs 88. The stock pricing becomes more attractive, and reach above the said level, if the stock markets remain positive.

On Tuesday (Jan 06), the company’s shares closed at Rs 91.05, down 1.62%, on BSE. The total volume of the shares traded was 9681390. The stock has also seen 52-week high of Rs 259.80 and low of Rs 68.55 on BSE.

As a part of the nationwide roll out of its GSM services, Anil Ambani-led Reliance Communications has finally launched its GSM Services in Mumbai.

With the latest move, Reliance Communications has became the first private CDMA service provider in India to provide GSM services.

It may be noted that few days earlier, the company had announced the launch of its GSM services across 11,000 towns in the country.

Industrialist Anil Ambani emerged as the biggest loser of the year and tops the list of 'Billionaire Blowups of 2008', compiled by prestigious US magazine, Forbes.

Earlier, he was ranked as the sixth richest person in the world with a net worth of 42 billion dollars by the same magazine. He was also credited to add the maximum wealth within less than a year.

Global rating agency Standard & Poor's forecasts negative outlook for the Reliance Industries Ltd (RIL). Increased debt and pressure on profitability may affect the growth of the company. The rating firm had earlier projected stable outlook for Reliance.

S&P's credit analyst, Mr. Mehul Sukkawala added, "Profitability however is expected to be adversely affected by lower fuel demand, especially in the developed markets."

The Anil Ambani-led Reliance Communications has launched nationwide GSM services from December 31. The company is already operating almost all telecom circles with its CDMA services. The company would cover 11,000 towns and 3.40 lakh villages across the country by investing Rs. 10,000-crore in the field of mobile telephony. Reliance Communications has received spectrum to roll out GSM services in January this year and has set a record to launch services within a record low period.