India's EPL extends rally on merger with Indovida

EPL

01/04/2026 08:14

** Shares of packaging company EPL EPLI.NS rise as much as 6.15% to 217.9 rupees

** Stock extends its winning streak after a 3.4% jump on Monday

** Stock rises after EPLI agreed to merge with Indovida, backed by Thailand's Indorama Ventures, in a deal valuing the combined business at roughly $2 billion

** The merged entity will combine EPLI's packaging operations with Indovida's plastics portfolio

** ICICI Securities says EPLI's valuation is at a 35% premium to Indovida, making the merger earnings-accretive, retains "buy"

** Motilal Oswal also maintains "buy" and says the merger will form one of the largest consumer packaging platforms in emerging markets

** "Merger enables EPLI to leverage Indovida's presence and expertise in key EMs while also providing access to new geographies," says Motilal Oswal

** The average rating of seven analysts tracking EPLI is a "strong buy"; median price target is at 287.50 rupees, data compiled by LSEG shows

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))