REFILE-MARKET EYE- Kotak initiates India's United Breweries with 'sell'

Thu Jan 3, 2013 1:19pm IST

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A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

(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.

 (manoj.dharra@thomsonreuters.com /
manoj.dharra.reuters.com@reuters.net)
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