Bajaj Auto gains on higher adjusted margins, tax refund

Reuters Market Eye - Bajaj Auto , India's second-largest motorcycle maker, gains 3 percent as its June-quarter operating margins, after adjusting for mark-to-market loss, beat estimates at 20.4 percent, analysts say.

The company has also received a tax refund of 8.4 billion rupees on July 4, which is seen increasing cash on books and thereby its other income.

The company reported a flat first-quarter profit that matched expectations as its exports benefited from a weaker rupee, offsetting sluggish sales volumes.

(Reporting by Abhishek Vishnoi)