Singapore-India's state-owned refiners returned to profit in the July-September peri- od-the second quarter of fiscal year 2013- 2014-from a loss in the first quarter of the fiscal year after the finance ministry sanc- tioned a cash subsidy payout to the refiners. The Indian government regulates the price of gasoil, kerosene and LPG and compensates refiners for their under-recoveries by way of subsidy payouts. The timing and amount of subsidy payouts -which is in the hands of the finance ministry-are uncertain and leave the companies and investors jittery ahead of their financial results announcements.
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