Reduce V-Guard Industries., target price Rs 420: HDFC Securities

HDFC Securities advises reducing holdings in V-Guard Industries with a target price of Rs 420, although it currently trades at Rs 438.7. V-Guard reported a slight decline in total income for Q2, but improvements in certain segments were noted. The Sunflame brand underperformed, and rising costs limited profit margin growth. Promoters and institutional investors hold substantial stakes.