Jio Financial Services gains Large cap status

The reshuffling by the Association of Mutual Funds in India [AMFI], has made Jio Financial enter the segment of large-cap. The large cap threshold is now amended to stand at Rs 67,000 crore, increased from Rs 49,700 crore in June 2023.

Jio Financial Services gains Large cap status

The eight stocks including Jio Financial have now been upgraded to the large cap segment are- Power Finance Corporation, IRFC, Macrotech Developers, Polycap India, REC, Shriram Finance, Union Bank and IOB. While some stocks have been upgraded from small cap to midcap- Mazagon Dock, Suzlon Energy, Lloyds Metals, SJVN, Kalyan Jewelers, KEI Industries, Credit Access Grameen, Exide Industries, Nippon Life, Ajanta Pharma, Narayana Hrudaya and Glenmark Pharma.

According to SEBI mandate, AMFI categorises stocks based on their six-month average market capitalisation. The first 100 companies are ranked as large caps, then 101-250 are midcaps while beyond 250 are small caps.

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Large caps companies have a market cap of Rs 20,000 crore or above, the market cap of mid-cap companies is between Rs5000-20,000 crore, while the small-cap companies have a market cap of below Rs5000 crore.

The AMFI categorization refers to mainly equity mutual fund managers which actively depends upon the quantitative factors more, whereas, the reshuffling of stock entities leads to provide more visibility and demands driven to investors as to make them choose the investments and shares wisely and accurately.

The recently listed Tata Technologies, IREDA, and JSW infrastructure have made it to settle down under the category of mid-cap list after recent gains.

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Meanwhile, Jio Financial Services Ltd and Blackrock Financial Management have filed the papers under the market regulator SEBI, to launch a mutual fund business in India. Jio Financial Services and BlackRock, a leading global asset management company, has entered into a strategic agreement to form a 50:50 joint venture named Jio BlackRock in July 2023.

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