Bharti Airtel Q2 net profit at ₹1,998.1 cr; revenue up 13%

Bharti Airtel had registered a net loss of ₹33.9 crore in the year-ago period, according to a regulatory filing

India’s second-largest telecom firm Bharti Airtel on November 2 reported a net profit of ₹1,998.1 crore for the September 2021 quarter.

The company had registered a net loss of ₹33.9 crore in the year-ago period, according to a regulatory filing.

Airtel’s consolidated revenues for the second quarter of FY21 was ₹28,326.4 crore, up 18.8% year-on-year (on a comparable basis) and 13% year-on-year on a reported basis, a statement said.

The company’s customer base stands at about 480 million across 16 countries.

Oil Prices Decline After API Data

Oil prices were sharply lower on Wednesday as the U.S. increased pressure on OPEC+ to boost supplies and industry data pointed to a big build in crude oil and distillate stocks in the United States.

Also, risk appetite took a hit after new locally transmitted COVID-19 cases in China spiked to a near three-month high and Premier Li Keqiang warned of economic downward pressure.

Brent crude futures for January delivery fell 1.4 percent to $83.55 a barrel, while West Texas Intermediate Crude oil futures for December settlement were down 1.7 percent at $82.50.

The American Petroleum Institute reported late Tuesday an increase of 3.6 million barrels of crude oil in U.S. inventories for the week ending October 29, up from expectations of 1.6 million-barrel increase.

The API data also showed gasoline stockpiles declined by 552,000 barrels last week, while distillate inventories gained by 573,000 barrels.

The Energy Information Administration is set to release its official inventory data later today, while OPEC+ is expected to meet on Thursday to review its output policy.

The alliance is expected to stick to the gradual, monthly production increases of 400,000 barrels per day.

Redwood Trust, Inc. Q3 Earnings Retreat,but beats estimates

Redwood Trust, Inc. (RWT) announced a profit for third quarter that dropped from the same period last year.

The company’s bottom line totaled $88 million, or $0.65 per share. This compares with $142 million, or $1.02 per share, in last year’s third quarter.

Analysts had expected the company to earn $0.39 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

Redwood Trust, Inc. earnings at a glance:

-Earnings (Q3): $88 Mln. vs. $142 Mln. last year.
-EPS (Q3): $0.65 vs. $1.02 last year.
-Analysts Estimate: $0.39

Excise duty on petrol cut by ₹5, diesel by ₹10

States have also been urged to “commensurately reduce VAT” on petrol and diesel to give relief to consumers.

The Central government has announced an excise duty cut on petrol and diesel of ₹5 and ₹10 per litre, respectively, effective from November 4.

The Union Finance Ministry on November 3 said the reduction “will boost consumption and keep inflation low, thus helping the poor and middle classes”, while adding that the States have also been urged to ‘commensurately reduce VAT’ on petrol and diesel to give relief to consumers.

"In recent months, crude oil prices have witnessed a global upsurge. Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure. The world has also seen shortages and increased prices of all forms of energy," the Ministry explained.

Arguing that the excise duty on diesel has been lowered by twice the amount as petrol, the Ministry said the move will particularly help farmers in the upcoming Rabi season. “The Indian farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase…,” it noted.

Petrol and diesel prices have been scaling record highs every other day and the government has so far claimed that the duties levied on them are helping fund the COVID-19 vaccination drive and other welfare measures.

BMW Q3 Profit Climbs, Volume Down; Backs FY21 Profit Growth View – Quick Facts

German luxury carmaker BMW AG (BMW.L,BAMXF.PK,BAMXY.PK) reported Wednesday that its third-quarter net profit climbed 42.4 percent to 2.58 billion euros from last year’s 1.82 billion euros.

Earnings per share grew to 3.89 euros from 2.71 euros a year ago.

Group profit before tax amounted to 3.42 billion euros, up 38.7 percent from 2.46 billion euros. Group profit before financial result or EBIT rose 50 percent from last year to 2.88 billion euros.

Revenues were up 4.5 percent to 27.47 billion euros from last year’s 26.28 billion euros. The company noted that lower sales volume was more than offset by the continuation of positive pricing effects for new and pre-owned vehicles as well as a favourable product mix.

Revenues grew 3.5 percent adjusted for currency factors.

The company delivered a total of 593,177 BMW, MINI and Rolls-Royce brand vehicles, down 12.2 percent from last year’s 675,592 units due to the supply situation.

Looking ahead, BMW continues to forecast a Group profit before tax that is significantly higher than in the previous year.

CDC Recommends 4th Booster Covid Vaccine Dose For Immunocompromised People

The Center for Disease Control and Prevention in the U.S recently updated its Covid-19 guidelines and said that immunocompromised people in the country may require a fourth dose of the COVID-19 vaccine.

As per the revised guidelines, any person who is above 18 years and has already got two mRNA COVID-19 vaccine shots and also received an additional mRNA vaccine dose can receive the single COVID-19 booster dose, at least six months after the third mRNA vaccine dose. The vaccine can be any one of the following- Pfizer/BioNTech, Moderna or Johnson & Johnson.

The CDC said that those people who have received both vaccine shots and are slightly or highly immunocompromised, with a gap of more than 28 days since the second dose, must take an additional mRNA dose. Next, after a period of six months, the immunocompromised people must secure a single COVID-19 booster dose.

The CDC said, “In such situations, people who are moderately and severely immunocompromised may receive a total of four COVID-19 vaccine doses.”

People suffering from immunocompromising conditions or those who take immunosuppressive medications or therapies are more prone to severe Covid-19. The CDC observed that it had seen reduced effect of the vaccine in immunocompromised participants than those who are not.

FDA acting commissioner Dr. Janet Woodcock said, “The availability of these authorized boosters is important for continued protection against COVID-19 disease.”