The Association of Mutual Funds in India (AMFI) has made a few changes in stock classification in its semi-annual review, adding six stocks in the large cap segment. The new classification will be effective from February to July. The six stocks included in the large cap segment are Yes Bank, Gland Pharma, Adani Enterprises, PI Industries, Jubilant Foodworks and Hindustan Agro.
Yes Bank was dropped from Nifty, Nifty bank and other Nifty indices from 19 March. Six-month average MCAP of Yes Bank is Rs 34,869 cr which gave it an entry to the large cap segment. Its current market cap stands at Rs 45,099 cr.
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The cut off for the large cap segment is Rs 28900 cr, whereas for mid cap it is Rs 8389 cr. Large cap stocks (Top 100) attribute 73.68%, Mid cap stocks (101-250) attribute 15.41% and small cap stocks (251 below) attribute 10.91% of the total MCAP. With full MCAP, the large cap classification has the highest exposure to the BFSI (25.3%), consumer (17%), IT (16.6%) and oil & gas (15%) sectors.
Stocks which were classified as mid cap from large cap are Concor India, NMDC, MRF, United Breweries, GIC of India, Bank of Baroda and Max Healthcare.
Stocks that have been classified to mid cap from small cap are Laurus Lab, Indiamart Intermesh, Dixon Technologies, Navin Fluorine, Astrazeneca Pharma, Deepak Nitrite, Bombay Burmah, Suven Pharma, P&G Healthcare, Granules India and Persistent Systems,
Indian MF schemes have to be strictly categorized into baskets with a well-defined classification of large cap, mid cap and small cap stocks.