* AUTOMOBILES: Society of Indian Automobile Manufacturers head says the 25-basis-point cut in repo rate by RBI is unlikely to raise demand for automobiles. General Motors India expects to swing back to profit within the next two to four years. Renault has started work on a multi-utility vehicle that may be launched in India in the first quarter of 2015.
* CONGLOMERATE: Tata Group's new Chairman Cyrus Mistry has initiated changes in senior management, and appointed Mukund Rajan as the group's brand custodian and spokesperson.
* DEFENCE: Finance Minister P. Chidambaram has hinted at a cut in defence expenditure, saying borrowing to fund a higher defence spending was not an
option.
* ECONOMY: International Monetary Fund has said RBI should hold key policy rates till the country's inflation rate showed a clear downward trend. IMF has projected Indian economy will slow down to a 10-year-low of 5.4% in 2012-13 (Apr-Mar), before rising to 6.0% in the next year.
* EXCHANGES: The finance ministry is looking at taxing transactions in commodity exchanges to provide better regulation and monitoring.
* FURNISHING: Private equity fund Fidelity India Capital will purchase around 15% stake in furnisher and decorator Kurlon for 1.50-2.00 bln rupees.
* INFORMATION TECHNOLOGY: INFOSYS and WIPRO have appointed consultant Ernst & Young to create foolproof procedures to avert law suits.
* MUTUAL FUNDS: SEBI has extended the time period for initial offerings of mutual fund schemes eligible under the Rajiv Gandhi Equity Savings Scheme to
30 days.
* PHARMA: Health ministry has tightened clinical trial norms and made it mandatory for companies to compensate patients who suffer injury or death during the trials even if it has not been caused by the drugs being tested.
* POWER: The power ministry has set up a mega advisory panel comprising industry heavyweights to thrash out issues hurting reforms in the sector.
* RATING AGENCIES: The Securities and Exchange Board of India has said a credit rating agency cannot offer any fee-based services other than credit ratings and research.
* REGULATORY: RBI has allowed standalone primary dealers to become members of exchanges approved by SEBI to undertake propriety transactions in corporate bonds.
* STEEL: Fitch Ratings expects the sharp rise in iron ore prices since December to hurt margins of non-integrated steel producers in Jan-Mar.
* TAX: Government's net direct tax collections during Apr-Jan, the first 10 months of 2012-13, rose 12.5% on year to 3.903 trln rupees. Department of Industrial Policy and Promotion has suggested to the finance ministry that rate of corporation tax should be cut to 25% from 30%.
* TELECOM: The income tax department has alleged that Vodafone under-priced shares issued to a Mauritius-based group company by nearly 13 bln rupees.
