Association of Mutual Fund in India (Amfi) in its report said the cutoff market cap to become a largecap company stood at Rs 37,746.26 crore compared to Rs 28,900.31 crore as of January. Similarly, the cutoff to be a midcap company stood at Rs 11,820.07 crore vis-a-vis Rs 8,389.68 crore.
NMDC,
, , SAIL, Bank of Baroda, and Adani Total Gas moved from midcap space to largecap. These stocks replaced PI Industries, HPCL, Indraprastha Gas, Petronet LNG, and Abbott India.
There was a lot of movement in the broader market as they have been in the spotlight for the last six months. 15 stocks moved from midcap to smallcap category, while 11 moved to midcap from smallcap.
Among those that moved from midcap to smallcap are Metropolis Healthcare, ITI, Prestige Estates, Mahanagar Gas, P&G Health, Credit Access, Motilal Oswal, Granules India, Bombay Burmah, Astrazeneca, Godrej Agrovet, IIFL Wealth, SJVN and Central Bank.
Meanwhile, Tata Elxsi, APL Apollo, Kajaria Ceramics,
, Apollo Tyres, Indian Bank, Alkyl Amines, Linde India, Affle India, Blue Dart and Vaibhav Global moved to midcap segment from smallcap.
IPO mart was also buzzing in the first half of the year, which gave birth to some of the stocks that directly entered the midcap space. They included Macrotech Developers, Jubilant Pharmova and Indigo Paints. Rest of the debutants entered the smallcap category.
Amfi announces reclassification of shares twice in a year. The next reclassification will happen in early January. Mutual fund managers are required to consult the Amfi classification to balance their portfolio according to the category requirement.
Amfi said fund managers have one month to comply with the new changes.
