Jio Financial Services: Reliance Industries’ fintech company Jio Financial Services has joined the largecap segment in less than five months of listing on the stock exchange. After the changes made by AMFI, the organization of mutual fund companies, Jio Financial Services has entered the large cap. Apart from this, Tata Tech, IREDA and JSW Infra, which were recently listed on the stock exchange, have joined the mid cap segment stocks.
AMFI (Association of Mutual Funds in India) has changed the limits of largecap, midcap and smallcap companies. The limit for what are called largecap stocks has been increased from Rs 49,700 crore to Rs 67,000 crore. The limit for what are called midcap stocks has been increased from Rs 17,400 crore to Rs 22,000 crore. And stocks with valuation below this will fall in the small cap category. This change of AMFI will come into effect from February 2024 and will remain valid till July 2024 till the next changes are made by AMFI.
Due to this change in AMFI, Jio Financial Services is going to join the largecap category. The market cap of Jio Fin at market close on January 4, 2024 was Rs 1.53 lakh crore. Apart from Jio Financial, multibagger stocks IRFC, Power Finance Corporation, Macrotech Developers, Polycab, REC, Shriram Finance, Union Bank and Indian Overseas Bank have also joined the largecap stocks.
Recently listed IREDA, Tata Tech, JSW Infra have already become midcap stocks. The market cap of IREDA, which was listed in the stock market in November 2023, has reached Rs 28,060 crore. The market cap of Tata Tech has become Rs 47,517 crore and the market cap of JSW Infra has become Rs 45000 crore. Apart from these, Suzlon Energy, Mazagon Dock, SJVN, Kalyan Jewellers, Nippon Life, Glenmark Pharma, Credit Access Gramin have also been promoted from small cap to midcap stocks category.
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