13 July 2016
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Few mid-caps that grew bigger and bigger
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Some of the famous mid-caps three years ago - they included Eicher Motors, Shree Cement, Yes Bank, Aurobindo Pharma, Cadila Healthcare, Bajaj FinServe, Bajaj Finance and Pidilite Industries - are no longer called mid-caps. The current Bull Run, which started in September 2013, has made all these mid-caps bigger than even some of the traditional largecaps.
Shree Cement is currently trading at a market cap of about Rs 55,500 crore, higher than ACC Rs 30,300 crore. Aurobindo, with a market value of about Rs 7,000 crore three years ago, now commands more than Rs 46,000 crore and is larger than Cipla. The m-cap of Bajaj Finance has risen from Rs 7,000 crore to over Rs 46,000 crore in three years, more than that of Bank of Baroda and IDBI Bank put together.
Currently, there are about 50 companies whose market capitalisation is more than Tata Power's `19,974 crore, which is the lowest among the Nifty 50 stocks. Nifty stocks are generally considered large-cap stocks. The large-cap, mid-cap and small-cap companies contribute 80%, 15% and 5%, respectively, of the total market capitalisation of the market. The market capitalisation of a stock plays a key role in deciding the stock on risk profile.