8 midcaps elevated to large-caps; 12 small-caps move to midcap basket: Geojit Financial

The brokerage noted that the total average market capitalisation of companies soared to a new high of Rs 321.8 lakh crore, up 17.7 per cent from the previous block of six months, Jan-Jun ‘23.

It must be noted that in the large-cap category, companies in the 11th–30th group saw a decline in m-cap by as much as 3 per cent year-on-year (YoY).

Brokerage firm Geojit Financial Services, in its report Average Market Cap Categorization- Analysis & Insights based on AMFI's categorisation of stocks between July and December 2023, has identified some of the noteworthy highlights. The brokerage mentioned that the m-cap of companies, amid a sharp rally in the broader markets, has swelled.

The brokerage noted that the total average market capitalisation of companies soared to a new high of Rs 321.8 lakh crore, up 17.7 per cent from the previous block of six months, Jan-Jun ‘23. The brokerage also pointed out that the most expansion in m-cap was seen in the case of smallcaps, wherein m-cap zoomed by 39 per cent, while for midcaps, m-cap soared by 26 per cent and largecaps edged higher by 11 per cent.

It must be noted that in the large-cap category, companies in the 11th–30th group saw a decline in m-cap by as much as 3 per cent year-on-year (YoY).

Stocks that saw a reshuffling

Midcaps that transitioned to large-caps

PFC
RFC
Macrotech Developers
Polycab India
REC
Shriram Finance
Union Bank of India
Indian Overseas Bank

Smallcaps that moved to midcaps

Mazagon Dock Shipbuilders
Suzlon Energy
Lloyds Metals and Energy
SJVN
Kalyani Jewellers
KEI Industries
CreditAccess Grameen
Exide Industries
Nippon Life India
Ajanta Pharma
Narayan Hrudayalaya
Glenmark Pharma

The report also highlighted that Jio Financial Services, which demerged from the conglomerate Reliance Industries, entered the large-cap space, while three of the mainboard IPOs of 2023, including Tata Technologies, JSW Infrastructure, and Indian Renewable Energy, made it to the mid-cap space.

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