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AMFI will release the names of stocks classified as “largecap” and other categories possibly during the first week of January, according to a note by Nuvama Alternative and Quantitative Research.
According to Nuvama Alternative, the current market momentum may result in the cut-off for a “largecap” stock to be ₹1 lakh crore from ₹84,000 crore in June, while the “Midcap” threshold” may rise to ₹32,900 crore from ₹27,500 crore in June.
Among these four names, Swiggy and Bajaj Housing Finance are the best performers. Shares of Swiggy now trading over 50% higher than its IPO price. The food delivery aggregator now commands a market capitalisation of ₹1.33 lakh crore.
On the other hand, Bajaj Housing Finance has gone into a consolidation mode, having doubled on listing day and making a post listing high of ₹188. The stock is down over 20% from those levels.
Shares of Hyundai Motors India, the largest IPO in India till date, are trading below their IPO price.
Apart from these new listings, stocks like CG Power, ICICI Prudential, Polycab India and Rail Vikas Nigam (RVNL) may get an upgrade in status to “largecap” from “Midcap,” according to Nuvama.
It must be noted that the change in categorisation will not lead to any incremental inflows or outflows. Fund managers may keep a watch on these stocks while taking fresh or modifying their positions across various schemes, Nuvama said.
