United Breweries (UB) commands more than half of the Indian beer market on the back of well-known brands like Kingfisher. The stock has attracted investor interest on the belief that UB will benefit as a result of strong demand growth for alcohol, especially beer. The company 's sales in the last eight years have grown 10 times to
`2,275 crore in 2009-10. While UB 's long-term story remains compelling, its share price has almost doubled in the last three months. Based on the annualised net profit of `76 crore (up 114 per cent year-on-year) for the June quarter, the PE works out to about 35 times, which does not leave any upside in the near to medium term.
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