Devyani and Sapphire shares rise as Yum Brands considers merging their KFC/Pizza Hut franchises in India with a 1:3 share swap.

• Devyani up 3% to 172.1 rupees, Sapphire jumps 9.9% to 352.35 rupees amid merger speculation.
• Yum Brands explores consolidating KFC and Pizza Hut franchise rights under Devyani or merging with partners.
• Proposed 1:3 share swap would give Sapphire shareholders one Devyani share for every three owned.