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Research Report Detail
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Nirmal Bang Retains Sell on United Breweries
Two of the world's largest brewers - AB Inbev and SAB Miller - may merge. SAB Miller has a 23 per cent market share in India and AB Inbev has less than 2 per cent share. A potential deal globally will give their Indian entities access to breweries across various states and a much wider brand portfolio. UB is the most expensive beer stock in the world, with RoCE expected at less than 12 per cent even in FY17. Sell with a target price of Rs 587.