REFILE-MARKET EYE- Kotak initiates India's United Breweries with 'sell'
(Corrects to remove extraneous word in headline) * Kotak Institutional Equities initiates coverage of United Breweries Ltd with a 'sell' rating and a target price of 700 rupees, calling valuations "too high for our comfort." * The 'sell' rating comes despite what Kotak says is a positive outlook for India's beer market, saying beer volumes will grow "strongly" over the next several years despite an adverse tax structure in the sector. * United Breweries falls 0.2 percent to 943 rupees. (firstname.lastname@example.org / email@example.com)
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