India's VIP Industries hits 2-1/2-yr low as Ambit downgrades to 'sell', prefers Safari
** Shares of luggage bags maker VIP Industries VIPIND fall as much as 3% to 450.05 rupees, lowest level since Aug. 26, 2021
** Stock on track for an eighth consecutive session of loss, if trend holds
** Brokerage Ambit downgrades VIPI to "sell" from "buy", reduces PT to 440 rupees from 675 rupees
** VIPI lost market share from 54% in CY12 to 37% in CY23 due to increased competition, supply chain management issues - Ambit
** Adds, VIPI's decision to drastically reduce dependence on China in manufacturing backfired, leading to unavailability of premium luggage
** VIPI's working capital levels have risen from ~20% in FY18 to 26%/30% in FY23/1HFY24 due to higher inventory levels - Ambit
** Prefers Safari Industries (India) SAFARI with "buy" rating due to continued market share gains, better channel execution