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)
- Tweet this
- Share this
- Digg this
- India passes halfway mark in election with BJP gaining strength
- UPDATE 2-Chipotle raising prices as steak, avocados, cheese costs rise
- Scientists find Earth-sized world in orbit friendly to life
- UPDATE 8-Divers struggle in search for South Korean ferry survivors
- 'X-Men' director Bryan Singer accused of drugging, raping teen
Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier. Full Article | Full Coverage
Ex-Goldman director Rajat Gupta to surrender June 17 in insider case. Full Article