AMFI’s latest reclassification, which MFs must follow for investments, features Adani Enterprises and 3 others in top m-cap club
Once a troubled lender, YES Bank, along with Adani Enterprises, has been reclassified as large-cap stocks by the Association of Mutual Funds in India. The reclassification is as per SEBI norms on stock classification based on which mutual funds make their investments.
Other stocks that have been reclassified from mid- to large-cap include PI Industries, Jubilant Food and Hindustan Aeronautical.
AMFI reclassifies stocks based on their market capitalisation every six months. The top 100 stocks are classified as large-cap stocks and those in the 101 to 250 bracket are are termed as mid-cap stocks. Companies below 251 are termed as small-cap stocks.
The cut-off for top 100 market cap stocks was that of Hindustan Aeronautical at ₹28,897 crore. Similarly, the cut-off for mid-cap was ₹8,389 crore of Persistent Systems.
Some of the stocks that slipped from being large-cap to mid-cap include Concor, NMDC, MRF, United Breweries, GIC of India, Bank of Baroda and Max Health. A few stocks that have been upgraded from small- to mid-cap include Laurus Labs, Indiamart, Dixon Tech, Navin Fluorine, Astrazeneca Pharma, Deepak Nitrite, Bombay Burmah, Suven Pharma, P&G Health, Granules Indiaand Persistent System.
AMFI has also reclassified Indiabulls Housing Finance, Kajaria, Apollo Tyres, TTK Prestige, Chola Finance, CESC, SKF India, JM Financial, V-Guard, PVR, Symphony and Future Retail as small-cap stocks.