Mumbai: The rupee opened on a cautious note and fell 13 paise to 71.84 against the US dollar in early trade on Wednesday amid rising crude oil prices and unabated foreign fund outflows.

At the Interbank Foreign Exchange, the rupee opened at 71.82 then fell to 71.84 against the US dollar, showing a decline of 13 paise over its previous closing. The Indian rupee on Monday had closed at 71.71 against the US dollar.

Mumbai: Indian stock markets rose in early trade on Wednesday tracking gains in Asian equities. At 11.25 am, benchmark Sensex gained 0.4% at 37288.64 points and Nifty was up 0.4% at 11045.20 points.

The S&P BSE Mid-Cap index was up 0.71%. The S&P BSE Small-Cap index was up 1.04%. Both these indices outperformed the Sensex.

JioSaavn has received capital infusion of Rs 140.35 crore from parent firm Reliance Industries, according to documents sourced from business signals platform paper.vc.

In 2018, Reliance Industries had announced the merger of its digital music service JioMusic with audio over-the-top (OTT) platform Saavn. The valuation of the combined entity is pegged at over $1 billion, the company had said.

The Supreme Court will hear on Wednesday a batch of appeals by Amazon Seller Services against the Delhi High Court’s July order that asked the e-commerce company to stop selling products of direct selling companies like Amway, Oriflame, and Modicare without prior permission and authorisation.

A bench led by RF Nariman is likely to hear the appeals by Amazon on Wednesday.

Just 19% of companies in India are bullish on hiring for the next three months even as 52% expect no change in their staff strength, according to the ManpowerGroup Employment Outlook survey released on Tuesday.

The survey that covered 5,131 employers across India showed that 28% are not sure about adding to their payrolls.

Rana Kapoor, co-founder of YES Bank, is said to be in talks with One97 Communications, owner of Paytm, to sell his stake in the private sector lender. Kapoor and his associate entities owned 10.6 per cent in the bank at the end of June 2019. Around 7.34 per cent of the Kapoor family stake has been pledged with Reliance Nippon Asset Management Company (RNAMC).

A group of 50 American states have announced an investigation into Google’s “potential monopolistic behaviour” and the Internet giant’s dominance of the online advertising market.

Announcing the probe, the attorney generals from these states alleged the Internet is not free as a result of some of the practices of Google.

The Department of Telecommunications (DoT) has formed another inter-ministerial panel on 5G. The panel comprises officials from the Prime Minister’s Office (PMO), ministries of home, external affairs, Department of IT, Department of Science and Technology, Intelligence Bureau (IB) and National Security Council.

The panel has been formed at a time when the government is deliberating on participation of Chinese firm Huawei in 5G trials and later in rolling out telecom networks.

On account of weak demand, commercial vehicle manufacturer Ashok Leyland on Monday announced that five of its plants would observe non-working days in September.

According to the filing by the commercial automobile giant, the Ennore plant will shut operations for 16 days. The number of non-working days will be 1-2 at the Hosur plant, five at CPPS and 10 each at Alwar and Bhandara. Pantnagar will see 18 non-working days.

The government may exclude packaged drinking water (1 litre or more) from single-use plastic ban — likely to come into effect from October 2 — while simultaneously facilitating alternatives so that the transition to non-plastic packages does not inconvenience public. Food and consumer affairs minister Ram Vilas Paswan favours a ban on plastics, but admits that no concrete alternative of packaged drinking water is available now.

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