Every six months, the Association of Mutual Funds of India (AMFI) releases a list of stocks, ranked according to their market capitalisation. These are stocks listed on either the BSE or NSE and hence does not include unlisted public companies or private companies. This list is used by mutual funds to comply with SEBI rules dealing with mutual fund categories. For example, mid cap funds in India must invest 65% of their assets in companies lying between the 101st largest and 250th largest company by market cap. Exactly which companies fit this bill is identified by the AMFI list (revised every six months).
The list now covers 4,895 companies in all, down from the 5,077 companies covered in the June 2018 version. Some of the reduction may be a direct consequence of the government clampdown on shell companies. TCS remains the largest listed company in India with a market cap of Rs 7.51 lakh crore, up from Rs 6.10 lakh crore in June 2018. Over the past year, TCS has risen by a whopping 43%, accounting for this huge increase in market cap.
At number two, Reliance Industries has also done well for itself. It has a market cap of Rs 7.24 lakh crore, up from Rs 5.96 lakh crore in June 2018. Reliance Industries is up by 18.47% over the past year. These impressive performances among large caps stand in contrast to the despondency and gloom in the broader market. The combined market cap of all listed companies in India has grown from Rs 140.7 lakh crore to Rs 146.6 lakh crore over the past year, a rise of just 4%. Over the last six months, there has been virtually no growth in this figure.
The 100th largest company is Steel Authority of India (SAIL) with a market cap of Rs 28,336 crore. This threshold has dropped from the Rs 30,621 threshold recorded in June 2018 for breaking into the top 100 club. The top 100 companies account for 70% of the total market cap of all listed companies.
The AMFI list of mid caps begins with Torrent Pharma at Rs 27,945 crore and ends with Reliance Power at Rs 8,591 crore. Once again the threshold for entering the mid cap club has dropped from Rs 9,985 crore in June 2018 to Rs 8,591 crore. Mid caps in total account for another 16% of the total market cap of all listed companies. The mid cap club is followed by a vast universe of 4,645 small cap companies which collectively account for just 14% of the total market cap of Indian equities. You can view the full AMFI list, here.