(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.