Devyani-Sapphire Merger

nal shares surged 8% to ₹148 on merger news with Sapphire Foods, whose stock dipped 6% to ₹252. The all-stock deal swaps 177 Devyani shares for every 100 Sapphire shares, creating a ₹7,800-cr QSR giant with 3,000+ Yum! outlets. JM Financial projects 45% m-cap upside to ₹38,700 cr via ₹100-150 cr EBITDA synergies. Effective April 1, pending approvals; no layoffs planned. India's QSR boom (20% CAGR) fuels optimism amid peers like Jubilant FoodWorks.