Kotak initiates United Breweries with 'sell'
Reuters Market Eye - 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 (UBBW.NS) falls 0.2 percent to 943 rupees.
(Reporting by Manoj Dharra)
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China is not a warlike nation, President Xi Jinping said on Thursday, during a rare trip to neighbour India that was dominated by a standoff on a barren Himalayan plateau between soldiers from the world's two most populous nations. Full Article | Slideshow