Top headlines: S&P retains India's rating at 'BBB-'; keeps outlook stable

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S&P retains India's sovereign rating at 'BBB-'; keeps outlook stable

S&P on Wednesday retained India's sovereign rating at 'BBB-' with a stable outlook, saying that while risks to growth are rising, the economy and fiscal position will stabilise and begin to recover from 2021 onwards. "While risks to India's long-term growth rate are rising, ongoing economic reforms, if executed well, should keep the country's growth rate ahead of peers," S&P said in a statement. Read more

India's Covid-19 recovery numbers exceed active cases for first time
The number of recovered Covid-19 patients exceeded the total active cases in India for the first time on Wednesday, according to the Union Ministry of Health data. India reported close to 10,000 new instances of the infection in the last 24 hours till Wednesday 8 am, pushing the country's cumulative caseload to over 270,000. The country recorded 279 new fatalities due to Covid-19 in the last 24 hours, taking the death toll to 7,745. Read more

3 Indian institutes in world's top 200 universities but their rating dips

Three premier institutes led by Indian Institute of Technology (IIT) Bombay, followed closely by Indian Institute of Science (IISc) Bangalore, and IIT Delhi have featured in the top 200 QS (Quacquarelli Symonds) World University Rankings. However, all three—along with 11 others—have dropped in their rankings over the past 12 months. Read more here

HPCL delays $3 bn Vizag refinery expansion over labour, monsoon: Report

Hindustan Petroleum Corp Ltd has pushed back the completion of a billion-dollar expansion at its southeastern Vizag refinery to at least October-November due to a labour shortage and the onset of monsoon, a company source said. The state-run refiner had initially planned to complete the Rs 209.28 billion ($2.77 billion) expansion, which will nearly double the capacity of its coastal plant to 300,000 barrels per day (bpd), in July. Read more here

India inflation likely to have moderated to a six-month low in May: Poll

India consumer price inflation is likely to have moderated to a six-month low in May on a softer rise in food prices as supply disruptions eased after businesses reopened from the coronavirus lockdown in many parts of the country, a Reuters poll found. The June 4-9 poll of 35 economists showed that the consumer price index (CPI) was forecast to rise to 5.50% in May compared with a year ago. Read more here

WHO clarifies remark on asymptomatic spread, calls it 'misunderstanding'

A top World Health Organization expert has tried to clear up "misunderstandings" about comments she made that were widely understood to suggest that people without Covid-19 symptoms rarely transmit the coronnoavirus. Maria Van Kerkhove, the U.N. health agency's technical lead on the virus pandemic, insisted Tuesday that she was referring only to a few studies, not a complete picture, in the comments she made Monday. Read more here

In four hikes, petrol price increased Rs 2.14 per litre, diesel by Rs 2.23

Petrol price on Wednesday was hiked by 40 paise per litre and diesel by 45 paise, the fourth straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision. Petrol price in Delhi was hiked to Rs 73.40 per litre from Rs 73, while diesel rates were increased to Rs 71.62 a litre from Rs 71.17, according to a price notification of state oil marketing companies. Read more here