Home / News / India /  Multibagger Adani group stock may be upgraded to largecap in MF semi-annual review

As per Edelweiss Alternative Research, which has populated potential changes to the AMFI marketcap categorization, multibagger stock Adani Power is among the stocks that could move from midcap to largecap category in mutual fund (MF) Semi Annual Review.

Midcap stocks Cholamandalam Investment and Fin, Bank of Baroda, Hindustan Aeronautics (HAL), Bandhan Bank, Page Industries could possibly also move to largecap stocks category along with the Adani Group stock in the review, as per the brokerage. Meanwhile, newly listed Life Insurance Corporation of India (LIC) and Adani Wilmar could be the new entrants in the largecap category. 

The below list of changes is Edelweiss Alternative & Quantitative Research predictions of the formal list to be released by the Association of Mutual Funds of India (AMFI) between July 04 to 07, 2022. The updated list will be valid from start of August till January 2023 end.

Shares of power and energy company Adani Power, part of the Gautam Adani-led Adani Group conglomerate, has given multibagger return of more than 119% in a year's period, whereas has surged over 152% in 2022 (YTD) so far.

Meanwhile, largecap stocks like PB Fintech (Policybazaar), Jubilant Food, Zydus Lifesciences, Steel Authority of India (SAIL), Godrej Properties, HDFC AMC, IDBI Bank, Torrent Pharma are among the ones that could be downgraded to the midcaps category, as per brokerage Edelweiss, whereas Delhivery, Vedant Fashions can be the new entrants in the midcap stocks list that can be rejigged in the semi annual review.

On the other hand, smallcap stocks Tata Teleservices (Maharashtra), KPR Mill, Tanla Platforms, Poonawalla Fincorp, Pheonix Mills, SKF India and Chambal Fertiliser may turn midcaps.

As per market regulator Securities and Exchange Board of India (SEBI), the listed stocks must be strictly categorized into baskets with a well-defined classification of largecap, midcap and smallcap stocks. This is to ensure uniformity in respect of the investment universe for equity mutual fund schemes.

Further, SEBI has also stipulated that AMFI shall prepare the list of stocks in this regard. Accordingly, AMFI in consultation with SEBI and stock exchanges, prepares the list of stocks with categorization based on the market capitalization provided by BSE, NSE and MSEI.

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