Business highlights

Following are the top business stories at 2000 hours: DEL54 BIZ-LD STOCKS Markets stumble for fifth day as Fed hike triggers recession fears; Sensex, Nifty close at over 1-yr lows Mumbai: Equity benchmarks reeled for the fifth straight day to finish at over one-year lows on Thursday, in tandem with weak global equities, after the US Federal Reserve hiked rates by 75 basis points to tame surging inflation.

DEL73 BIZ-LD RUPEE Rupee recovers from record low, spurts 12 paise to 78.10 per US dollar Mumbai: The rupee recovered from its record low to close 12 paise higher at 78.10 against the American currency on Thursday, tracking the overnight weakness of the dollar and falling crude oil prices.

DEL69 BIZ-RBI-MASTERCARD RBI lifts restrictions on Mastercard Mumbai: The RBI on Thursday lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms.

DCM32 BIZ-UNEMPLOYMENT-SURVEY Unemployment rate dips to 8.2 pc in Jan-Mar 2022: NSO survey New Delhi: The unemployment rate for persons aged 15 years and above in urban areas dipped to 8.2 per cent in January-March 2022 from 9.3 per cent in the year-ago quarter, showed a periodic labour force survey by the National Statistical Office (NSO).

DCM36 BIZ-RBI-ECONOMY India better placed than many other economies to avoid stagflation, says RBI article Mumbai: India is better placed than many other countries to avoid the risks of a potential stagflation amid an increasingly hostile external environment, as per an RBI article on the state of the economy.

DCM38 BIZ-LD ATF-PRICE-HIKE ATF price hiked by 16%; nearly doubles in six months New Delhi: Jet fuel prices on Thursday were hiked by the steepest ever 16 per cent to catapult rates to an all-time high in step with hardening international oil rates.

DEL65 BIZ-LD GST-MEET GST Council to meet on June 28-29 in Srinagar New Delhi: The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on June 28 and 29 in Srinagar.

DEL36 BIZ-GADKARI-PARKING Law to reward person sending pics of wrongly parked vehicle in offing: Gadkari New Delhi: Soon, a person sending photograph of a wrongly parked vehicle may get a reward of Rs 500 in case the fine works out to be Rs 1,000, Union Road Transport and Highways Minister Nitin Gadkari said on Thursday.

DCM22 BIZ-POWER-AMENDMENT BILL Bill to provide choice of multiple service providers to power consumers likely in Parliament's monsoon session New Delhi: The Electricity (Amendment) Bill 2021, aimed at enabling consumers to chose between multiple service providers just like in case of telecom services, is likely to be introduced and pushed for passage in the monsoon session of the Parliament scheduled to begin in July.

DCM13 BIZ-MINISTER-COAL-STOCK Govt aims to build 40 MT coal stock at power plants to ensure supplies during monsoon New Delhi: The government is gearing up to increase the stock of coal at power plants to 40 million tonne (MT) during the monsoon season, Union power minister R K Singh said.

DCM27 BIZ-RBI-GOLD BONDS First tranche of 2022-23 gold bonds to open for subscription on Jun 20 Mumbai: The first tranche of Sovereign Gold Bond (SGB) for 2022-23 will open for subscription for five days from June 20, the Reserve Bank of India said on Thursday.

DEL40 BIZ-GOLD-PRICE Gold marginally higher by Rs 21; silver gains Rs 37 New Delhi: Gold prices in the national capital rose by Rs 21 to Rs 50,602 per 10 grams on Thursday in line with recovery in global prices, according to HDFC Securities.