Banking

Yes Bank, 5 others in large cap category

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Yes Bank Ltd and five other companies have joined the large-cap stock category, under a semi-annual review by the Association of Mutual Funds in India (Amfi). The changes will be effective for the February-July period in 2021.

The other five stocks which have joined the large-cap club are Gland Pharma Ltd, Adani Enterprises Ltd, PI Industries Ltd, Jubilant Foodworks Ltd and Hindustan Agro.

In 2017, the Securities and Exchange Board of India (Sebi) defined large-cap, mid-cap and small-cap companies, and asked Amfi to prepare lists of stocks in these baskets.

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The threshold for the large-cap segment is 28,900 crore. The six-month average market cap of Yes Bank now stands at 34,869 crore. Its current market cap is 44,973.56 crore on BSE. Incidentally, the troubled private lender was dropped from the benchmark index Nifty 50, Nifty banking index and other Nifty indices on 19 March.

“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 market cap. With full market cap, the large cap classification has highest exposure to banking, financial services and insurance (BFSI) (25.3%), consumer (17%), IT (16.6%) and oil and gas (15%) sector,” said Edelweiss Securities Ltd.

Amfi also reclassified Concor India, NMDC Ltd, MRF, United Breweries Ltd, GIC of India, Bank of Baroda and Max Healthcare as mid-cap stocks, from their previous status as large-cap. For mid-caps, the market value cut-off is 8,389 crore.

Stocks which have been classified as mid-cap from small-cap are Laurus Lab, Indiamart Intermesh Ltd, Dixon Technologies, Navin Fluorine International Ltd, AstraZeneca Pharma, Deepak Nitrite, Bombay Burmah, Suven Pharma, P&G Healthcare, Granules India Ltd and Persistent Systems.

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