Top 10 biz headlines: BS annual awards, draft e-commerce policy, and more

From fiscal deficit data to Arun Jaitley's speech at BS annual awards, Business Standard brings you top 10 business stories that made news on Thursday

1. India has a great future; old narrative on poverty won't hold: Jaitley

A strong economy can enable a redistribution of its larger resources in order to reduce poverty, Finance Minister Arun Jaitley said at the Business Standard Awards on Friday. Click here to read on.

2. Draft e-commerce policy set for overhaul, online players submit objections

With most online retailers registering their protest against various provisions of the draft e-commerce policy, the new government that will be taking over after the upcoming Lok Sabha elections is expected to make significant changes to it. Read on...

3. Tejas light combat aircraft bulks up into medium weight category

The Tejas light combat aircraft (LCA), which was developed to replace the MiG-21/MiG-27 light fighters in the Indian Air Force (IAF), will not remain a light fighter much longer. Read more here.

4. India's April-February fiscal deficit at 134% of FY target: Govt data 

The country's fiscal deficit touched 134.2 per cent of the full-year revised budgeted estimate at the end of February 2019, mainly due to tepid growth in revenue collections, official data showed Friday. Read to know more.

5. PNB to sell part stake in housing finance arm for Rs 1,852 crore

State-run Punjab National Bank (PNB) is selling part of its stake in PNB Housing Finance to global private equity firm General Atlantic Group and alternative investment firm Varde Partners for Rs 1,851.60 crore. Click to read on.

6. L&T launches strategic unit L&T-Nxt to focus on AI, Internet of Things

Construction to engineering major Larsen & Toubro (L&T) has announced a five-year strategic initiative — L&T-Nxt — that will focus on artificial intelligence (AI), Internet of Things (IoT), virtual reality (VR), augmented reality (AR), geo‐spatial enterprises, and cyber security. Read on...

7. Sebi wants safety-first, contingency plans in place for MF investors

The Securities and Exchange Board of India (Sebi) has shot a six-point letter to mutual funds (MFs) to ensure that unitholders’ interests are not getting compromised due to rise in ‘complex’ debt investments of MFs to promoter entities. Read more here.

8. JSW Energy calls off electric vehicle plans

The JSW Group has dropped plans to venture into the electric vehicle (EV) business due to the uncertainties associated with the sector, says a report by the BusinessLine 

9. Foreign secretary Vijay Gokhale heads to Moscow to discuss outer space rules 

Foreign Secretary Vijay Gokhale is heading to Moscow this weekend for talks on proposed rules for keeping outer space peaceful in the backdrop of India’s Anti-Satellite Missile Test (ASMT) , according to a report by the Economic Times. 

10. Fyle raises $4.2 million from Tiger Global, others

Bengaluru-based Fyle, which provides expense management software for enterprises, has raised $ 4.2 million in a Series A round led by Tiger Global Management, reports the Livemint.