Jindal Steel, TVS Motor, PNB among new large-cap stocks
stocks of Jindal Steel, Punjab National Bank, IDBI Bank, Canara Bank, TVS Motor Corp, and Tube Investments were upgraded from mid-cap to large-cap by the Association of Mutual Funds in India (AMFI) in its semi-annual classification of stocks.Mankind Pharma, listed recently after a primary market offering, was a new entrant in the large-cap category. In a list released by AMFI on Wednesday, companies such as FSN E-Commerce (Nykaa), JSW Energy, Tata Elxsi, Indus Towers, and Page Industries were downgraded from large-cap to mid-cap.
Stocks that moved from small-cap to mid-cap included Punjab and Sind Bank, Carborundum Universal, Bank of Maharashtra, New India Assurance, and IIFL Finance. The new classifications will be valid from August 2023 to January 2024.
AMFI announces the reclassification of shares twice a year. The next round is scheduled for the first week of January.
This time, the cut-off for a large-cap stock was a market capitalisation of ₹49,700 crore, while for mid-cap it was ₹17,400 crore. AMFI, based on the average market capitalisation over the previous six months, categorises the first 100 companies as large-cap, 101 to 250 as mid-cap, and the rest as small-cap.
Mutual fund managers must consult the AMFI classification to balance their portfolio according to the category requirement.Piramal Pharma, Tata Teleservices, Nippon Life, Gillette India, and Blue Dart Express were downgraded from mid-cap to small-cap. New entrants into the small-cap list included Ikio Lighting, Avalon Tech, Divgi Torqtrasfer, Global Surfaces, and Sah Polymers.
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