PNB, IDBI Bank And Canara Bank Upgraded To Large-Cap Category By AMFI
AMFI categorises stocks into large-cap, mid-cap, or small-cap based on daily average market cap, over a six-month period.
Banking stocks took the lead among those being reclassified as large-cap companies by the Association of Mutual Funds in India.
Punjab National Bank, IDBI Bank Ltd., and Canara Bank were among the seven stocks that were moved up the ranks from mid-cap to large-cap categories as part of a biannual reclassification of stocks by the industry body.
AMFI categorises stocks into large-cap, mid-cap, or small-cap based on their daily average market cap over a six-month period. The 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, with the remaining being small-cap.
Of the seven stocks that have been added to the large-cap category, Mankind Pharma Ltd. stood out as an exception, as it was not previously categorised as a mid-cap company.
The pharmaceutical company was listed on the Indian exchanges on May 9, after which it rose over 58%.
Punjab & Sind Bank, Bank of Maharashtra, and Rail Vikas Nigam Ltd. were among the stocks that were earlier classified as small-cap and have now been upgraded to the mid-cap category.
The reclassification also demoted some stocks to the lower categories.
Some of the stocks that were downgraded to the mid-cap category include Macrotech Developers Ltd., Page Industries Ltd., and JSW Energy Ltd.
Tata Teleservices (Maharashtra) Ltd., Blue Dart Express Ltd., and Trident Ltd. were among those downgraded from mid-cap to small-cap.
