<img src="https://www.moneycontrol.com/news_image_files/2020/200x200/r/reduced_200.jpg" alt="Reduce Emami; target of Rs 232: HDFC Securities" title="Reduce Emami; target of Rs 232: HDFC Securities" border="0" width="75" height="75" align=" left" hspace="5"/> HDFC Securities recommended reduce rating on Emami with a target price of Rs 232 in its research report dated August 08, 2020.