8 midcaps turned largecaps! Geojit lists key market cap trends between July-Dec 2023
₹321.8 lakh crores, marking a significant increase of 17.7 percent compared to the preceding six months (January to June 2023). The most notable growth was observed in Smallcaps, with a remarkable surge of 38.6 percent, while Midcaps experienced a rise of 26 percent, and Largecaps saw an increase of 11 percent, according to the report. The brokerage also pointed out that in the market dynamics of the period, notable category shifts occurred, with 8 Midcaps transitioning to Largecaps and 12 Smallcaps advancing to the Midcap category.
The midcaps that turned large-caps in the second half of 2023 include Power Finance Corp, IRFC, Macrotech Developers, Polycab India, REC, Shriram Finance, Union Bank of India and Indian Overseas Bank. Meanwhile, the small-caps that turned midcaps include Mazagon Dock, Suzlon Energy, Lloyds Metals, SJVN, Kalyan Jewellers, KEI Industries, CreditAccess Grameen, Exide Ind, Nippon Life, Ajanta Pharma, Narayana Hrudayalaya, and Genmark Pharma. Conversely, 8 Largecaps experienced declines, moving down to Midcaps, and 15 Midcaps regressed to Smallcaps, it added.
Here's a look at these stocks. Moreover, one demerged entity (Jio Financial Services) was also in the large-cap category, noted the brokerage. The report also noted that 3 Initial Public Offerings (IPOs) secured positions in the Midcap category - Tata Tech, JSW Infra and IREDA.
The influx of new capital was evident, with an estimated ₹3.48 lakh crores being added to the market capitalization through more than 50 IPOs. Interestingly, 33% of this capital flowed into Midcaps, while 67% benefited Smallcaps. Furthermore, the stock market landscape saw changes with approximately 19 companies migrating from the Small and Medium Enterprises (SME)
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