  We investigate the effect of alloying at the 3d transition metal site of a
rare-earth-transition metal oxide, by considering NdFe0.5Cr0.5O3 alloy with two
equal and random distribution of 3d ions, Cr and Fe, interacting with an early
4f rare earth ion, Nd. Employing temperature- and field-dependent magnetization
measurements, temperature-dependent x-ray diffraction, neutron powder
diffraction, and Raman spectroscopy, we characterize its structural and
magnetic properties. Our study reveals bipolar magnetic switching (arising from
negative magnetization) and magnetocaloric effect which underline the potential
of the studied alloy in device application. The neutron diffraction study shows
the absence of spin reorientation transition over the entire temperature range
of 1.5-320 K, although both parent compounds exhibit spin orientation
transition. We discuss the microscopic origin of this curious behavior. The
neutron diffraction results also reveal the ordering of Nd spins at an
unusually high temperature of about 40 K, which is corroborated by Raman
measurements.
