January 3, 2013 / 7:58 AM / 5 years ago

Kotak initiates United Breweries with 'sell'

A man on a motorbike rides past the factory of United Breweries Ltd (UB) that manufactures Kingfisher beer in Thiruvalluar district of Tamil Nadu April 3, 2012.Babu/Files

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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