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Devyani and Sapphire merger talks progress amid swap ratio issues

after close1 source ↓written by the desknot a recommendation

for KFC
3,000 outlets

Merger discussions between Devyani International and Sapphire Foods have advanced, with both companies operating over 3,000 outlets for KFC and Pizza Hut in India. Yum Brands is facilitating the consolidation to enhance supply-chain efficiencies. However, the swap ratio of 1:3 proposed by Devyani is a significant hurdle for the deal's progression.

Not investment advice. For informational purposes only.

OI Charts is not a SEBI-registered investment adviser or research analyst. This bulletin was written by the OI Charts desk from the public sources listed here. It is commentary on market conditions, not a basis for any investment decision and not a recommendation to buy or sell any security. Prices as of 4 Dec 2025, 16:05 IST.

Sourcesnews.google.com

The market after the news

DEVYANI closed −1.6% on the day of the news, from ₹138.92 to ₹136.75; Nifty +0.6% over the same session.

Bulletin at 16:05 IST on 4 Dec 2025. Every change is measured from ₹138.92, the last close before it, on 4 Dec. Nifty 50 is measured over the same sessions.

  • DEVYANI close ₹
  • Nifty 50, rebased to the close before the news
  • close before the news
  • above it
  • below it
DEVYANI closes around the bulletin against the close before the news, with Nifty 50 rebased to it118.69138.92159.15axis spans 34%before the news · 4 Dec138.92Nifty 50DEVYANIbulletinD0+1+3+528 Nov10 Dec19 DecReference close ₹138.92. 16 sessions from 28 Nov to 19 Dec; the price axis spans 34 percent.
price axis fixed at 4 × the 14-session true range around the close before the news · values printed at each marked session
Closes after the news against the close before it, with Nifty 50 over the same span
SessionClose ₹Change %Nifty %
Before4 Dec₹138.92basebase
On the day5 Dec₹136.75▼ −1.6%▲ +0.6%−2.1 pp difference
+1 session8 Dec₹133.96▼ −3.6%▼ −0.3%−3.3 pp difference
+3 sessions10 Dec₹134.86▼ −2.9%▼ −1.1%−1.9 pp difference
+5 sessions12 Dec₹134.33▼ −3.3%▲ +0.1%−3.4 pp difference
Gap at the open, % · ₹
▼ −0.8%−1.04 on 5 Dec
Day's range, % · ₹
2.8%≈ 3.9 high to low
Volume on the day
0.97×the 20-session average
Futures OI on the day
—
Futures OI open, lots
—
Futures premium, ₹
—
Puts per call, by OI
—
Max pain
—

Source NSE UDiFF bhavcopy · DEVYANI on the desk →

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