Passenger vehicle retail sales dip 4% in Jan after two months of growth

Retail sales of fell 4.5 per cent year-on-year to 281,666 units in January 2021 from 294,817 units, in January 2020, after two consecutive months of growth. Key reasons attributed behind the drop include high base effect and shortage of semiconductors.

According to the Federation of Automobile Dealers Associations (FADA) sales stood at 294,817 units in January 2020.

declined 8.78 per cent to 1,163,322 units last month, from 1,275,308 units in January 2020. slipped 24.99 per cent to 55,835 units, from 74,439 units a year ago.

Three-wheeler sales fell 51.31 per cent to 31,059 units last month, from 63,785 units in the year-ago period.

FADA President Vinkesh Gulati said that after witnessing a one off growth in December, January Auto Registrations fell once again by about 10 per cent YoY.

“Auto Industry clearly misjudged the demand which returned post lockdown. Industry’s under estimation of post-covid rebound along with chipmakers prioritizing higher-volume and more lucrative consumer electronics market has created a vacuum for semiconductors. This has resulted in shortage in supply for all categories of vehicles especially

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Samsung India FY20 profit increases 88% to 2,902 cr; revenue up 7.6%

Electronics’ standalone net profit increased 88.4 per cent to Rs 2,902.30 crore in 2019-20, as per data provided by business intelligence firm Tofler.

had posted a net profit of Rs 1,540.10 crore in the financial year 2018-19.

Total revenue was up 7.6 per cent to Rs 78,651.20 crore in FY20 as against Rs 73,085.90 crore in the previous fiscal year.

The company’s revenue from operations in FY 2019-20 stood at Rs 75,461.50 crore, up 6.8 per cent from Rs 70,627.70 crore earlier.

gets around 70 per cent of its revenues from the mobile phone segment.

During the financial year 2019-20, its total expenses went up by 5.9 per cent to Rs 74,413.80 crore as against Rs 70,228.30 crore.

E-mails sent to Samsung India did not elicit any immediate response.

Employee Benefit Expenses rose 6.51 per cent to Rs 2,699.60 crore as against Rs 2,534.40 crore earlier.

Samsung India competes with players like Xiaomi and OnePlus in the mobile handset segment and LG, Sony and Panasonic in the TV and appliances segment.

(Only the

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Colombia To Offer Temporary Protected Status To 1m Venezuelan Migrants

Colombia will temporarily normalize the status of almost one million undocumented Venezuelan migrants, President Ivan Duque said on Monday during a visit by the UN Refugee Agency.

Some 56 percent — around 950,000 — of the 1.7 million Venezuelans to have arrived in Colombia fleeing economic and political crises in their homeland are undocumented and will benefit from the measure.

“We’ve published the decision of our country to create a temporary protected status in Colombia that allows us to normalize these migrants in our country,” Duque said, alongside UN High Commissioner for Refugees Filippo Grandi.

A Colombian mounted police officer stands guard along the ‘trochas’ -illegal trails on the border between Cucuta in Colombia and San Antonio del Tachira in Venezuela, in April 2019. Colombia is now to offer temporary protected status to around one million Venezuelan refugees.

The migrants will benefit from a 10-year protection, giving them time to apply for a residence visa if they wish to stay in the country.

According to the UN, 34 percent of the 5.4 million Venezuelans who have fled the country since 2015 are in Colombia, which has no diplomatic relations with its neighbor.

The process will begin

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