Jio Financial Services Ltd., Power Finance Corp. and Indian Railway Finance Corp. were among the nine stocks that moved from the mid-cap to the large-cap category for mutual funds.
The latest reclassification by the Association of Mutual Funds in India on Thursday was based on market capitalisation.
Jio Financial Services, which demerged from Reliance Industries Ltd., has a market cap of Rs 1.53 lakh crore currently. Tata Technologies Ltd., JSW Infrastructure Ltd., and Indian Renewable Energy Development Agency Ltd. are some companies that had initial public offerings recently and got included in the mid-cap category.
The stocks that moved from the small-cap category to the mid-cap segment include Suzlon Energy Ltd., Tata Technologies Ltd., and Mazagon Dock Shipbuilders Ltd.
The reclassification also demoted some stocks to the lower categories. Hero MotoCorp Ltd., Indian Railway Catering and Tourism Corp., and Samvardhana Motherson International Ltd. are some of the stocks that were moved from the large-cap to the mid-cap segment.
Stocks that were downgraded to the small-cap category from the mid-cap segment include Bharat Dynamics Ltd., Aditya Birla Fashion and Retail Ltd., and Aarti Industries Ltd.
AMFI categorises stocks into large-cap, mid-cap and small-cap on the basis of their daily average market cap over a six-month period.
The first 100 companies with the highest average daily market cap over this period are classified as large caps. The next 150 get classified as mid-cap and the remaining as small-cap.
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