Business highlights

Following are the top business stories at 1920 hours: DEL67 BIZ-LD INFLATION WPI inflation spikes to record 15.88% in May as heatwave stokes food prices New Delhi: Wholesale price-based inflation surged to a record high of 15.88 per cent in May as crude prices rose and heatwave brought about a spike in prices of vegetables and fruits, strengthening the possibility of a further interest rate hike by the Reserve Bank.

DCM45 BIZ-LD ECONOMY-CEA India would become USD 5-trillion economy by 2026-27: CEA New Delhi: Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday said India would become a USD 5 trillion economy by 2026-27 and USD 10 trillion by 2033-34.

DEL79 BIZ-LD STOCKS Markets extend losing streak to 3rd day, close at over 10-month lows Mumbai: Benchmark indices stayed on the backfoot on Tuesday after the previous session's rout as risk-off sentiment prevailed amid weak global cues and persistent foreign fund outflows.

DCM27 BIZ-LD FITCH Fitch expects RBI to raise interest rates to 5.9 pc by December-end New Delhi: Fitch Ratings on Tuesday said the Reserve Bank is likely to raise interest rates further to 5.9 per cent by December 2022, on deteriorating inflation outlook.

DCM19 BIZ-LD SEQUOIA INDIA-FUND Sequoia raises USD 2.85 bn to fund startups in India, Southeast Asia New Delhi: Sequoia India and Sequoia Southeast Asia have raised USD 2.85 billion across a set of funds -- the venture capital (VC) firm's largest fund for the region and more than double its previous fund -- to invest in startups.

DCM43 BIZ-CCI-AIR ASIA CCI approves proposed acquisition of AirAsia India by Air India New Delhi: Competition Commission of India on Tuesday said it has approved the proposed acquisition of the entire shareholding of AirAsia India Ltd by Air India Ltd.

DEL92 BIZ-SBI-RATES SBI hikes deposit, lending rates New Delhi: The country's largest lender SBI has raised its deposit and lending rates following the Reserve Bank's repo rate hike last week.

DEL95 BIZ-LD RUPEE Rupee ends flat at 78.04 against US dollar Mumbai: The rupee surrendered early gains to close unchanged at its lifetime low of 78.04 against the US dollar on Tuesday amid a weak greenback overseas.

DCM22 BIZ-IRDAI-CROP INSURANCE Irdai reduces solvency margin requirement for crop biz; to unlock Rs 1,400 crore funds New Delhi: Regulator Irdai on Tuesday reduced the solvency margin requirement for general insurers providing crop insurance, a decision expected to unlock Rs 1,400 crore of funds for them to undertake more business.

DCM7 BIZ-LD ADANI-TOTALENERGIES Adani ropes in TotalEnergies of France for its USD 50 bn green hydrogen venture New Delhi: Billionaire Gautam Adani's logistics-to-energy conglomerate has roped in French supermajor TotalEnergies as a partner for its green hydrogen production venture that will see an investment of USD 50 billion over the next 10 years in producing the carbon-free fuel.

DCM49 BIZ-RBI-CENTRAL BOARD Govt appoints Mahindra, Patel, Srinivasan and Dholakia on RBI central board New Delhi: The government has appointed industrialists Anand Mahindra, Pankaj R Patel and Venu Srinivasan, and former IIM (Ahmedabad) professor Ravindra H Dholakia as non-official directors on the central board of the Reserve Bank.

DEL80 BIZ-GOLD-PRICE Gold tumbles by Rs 547; silver plunges Rs 864 New Delhi: Gold prices in the national capital on Tuesday tumbled by Rs 547 to Rs 50,471 per 10 grams amid rupee appreciation, according to HDFC Securities.