COMPANIES

• Murugappa group sells audio unit
• Philips introduces new audio systems, colour TV
• Air India to market Indrail passes
• HMT hikes capital
• Sivanandha Steels to sell land
• Ford, General Motors recall cars for correction
• Cherokee may be discontinued

GENERAL

• Moody's give Aa3 rating for India on local currency
• Restraint on IFB Finance
• Bank borrowings drop

CAPITAL MARKET

• Badla rates remain steady
• Chinese steel maker plans float

PEOPLE

• Gates' credibility questioned
• AOL hires Sun executive