Stocks of Gland Pharma, Yes Bank and Jubilant FoodWorks may become large-caps

Research and brokerage firm Edelweiss has forecast Gland Pharma along with Yes Bank and Jubilant FoodWorks among others to be among the stocks that will be reclassified as large-caps in the semi-annual AMFI review later next month.

The review will take into account the performance of the stocks available till the end of this year and with just a handful of sessions left this year, Edelweiss has given its final list of the stocks.

Edelweiss believes that besides Gland Pharma, Yes Bank and Jubilant FoodWorks Adani Enterprises, PI Industries and Hindustan Aero will also be reclassified as large-cap stocks. Currently, all the above mentioned stocks are in the mid-cap category.

So far, Gland Pharma’s share price has sky rocketed 35 per cent and 64 per cent from the issue price. Yes Bank’s share price is still down over 60 per cent since January, but the lender has shown signs of a turnaround after its successful reconstruction earlier this year. Jubilant FoodWorks, the parent company of Domino’s Pizza has seen shares gain 64 per cent since January.

Adani Enterprises has zoomed 140 per cent since the beginning of this year while PI Industries has gained 53 per cent and Hindustan Aeronautics despite a tumultuous year is still up 13 per cent.

The report adds that Bank of Baroda, General Insurance Corporation of India, Concor India, United Breweries, MRF and NMDC will be moved lower to the mid-cap segment from the current large-cap categorisation. General Insurance Corporation’s share price is down 37 per cent so far this year as the stock failed to recover from March lows. Bank of Baroda is down 38 per cent, while Concor is down 31 per cent. Along with these, Edelweiss also expects Max Healthcare to be moved to the midcap category post de-merger.

Stocks that may be reclassified as midcaps from the current small cap category include those that have recently gained significantly. These include but are not limited to Laurus Labs, Indiamart Intermesh, Dixon Technologies, AstraZeneca Pharmaceuticals, among others. On the other hand, stocks that may move to the small cap category include Future Retail, PVR, Symphony, JM Financial, Apollo Tyres, Indiabulls Housing Finance, SKF India, Cholamandalam Finance, etc.