RVNL, NTPC Green, Bajaj Housing, Swiggy shares enter AMFI's largecap list; key details

Rail Vikas Nigam Ltd (RVNL), Indus Towers Ltd and Info Edge are some of the midcap stocks that have been categorised as largecaps in the AMFI's updated market categorisation list for H1 2025. Adani Total Gas Ltd, Bharat Heavy Electricals Ltd (BHEL) and IndusInd Bank are some of the largecap shares that have been categorised as midcap, as per AMFI.

The new list, which is mainly referred by active equity mutual fund managers, will be effective from February 1, 2025, to July 31, 2025.

"In a spectacular move driven by the current market momentum, AMFI’s market-cap cut off for the large-cap cut-off is now Rs 1 lakh crore (up from Rs 84,000 crore in June 2024), while the midcap threshold is set to surge to Rs 33,200 crore (up from Rs 27500 crore in June 2024)," said Abhilash Pagaria, Head, Nuvama Alternative & Quantitative Research.

With the ongoing bull-run, Pagaria said these thresholds are continuously breaking records, setting new highs with every semi-annual review. Recent listings such as Hyundai Motor India, Bajaj Housing Finance Ltd, Swiggy Ltd and NTPC Green Energy Ltd are now a part of AMFI's largecap list. Other additions to the list included ICICI Prudential Life Insurance Ltd, Cummins India and Polycab India Ltd.

Stocks that have been excluded from the largecap list included Adani Total Gas, IDBI Bank Ltd, Shree Cement Ltd, Union Bank of India Ltd and BHEL. Canara Bank, Jindal Steel & Power Ltd, IndusInd Bank Ltd, Mankind Pharma Ltd and Apollo Hospitals Enterprise Ltd have also been categorised as midcaps against largecaps earlier.

While the AMFI categorisation does not necessarily lead inflows, active equity fund managers consider the list while increasing or decreasing weightings on stocks from their respective portfolios, depending upon their fundamental rationale.

Delhivery, Hindustan Copper, Bandhan Bank, Star Health and Allied Insurance, Motherson Sumi Wiring India, Global Health and Gland Pharma are among midcaps, which have been categorised as smallcaps.

Kaynes Tech, Aditya Birla Fashion, GE T&D India and 360 One WAM have been upgraded to midcap stocks from smallcap category. Waaree Energies, Vishal Mega Mart, Ola Electric Mobility and Inventurus Knowledge Solutions are now midcaps.

Brainbees, Sai Life Sciences, Sagility India, Unimech Aerospace,One Mobiwik and Northern Arc are among new smallcap enteries.

As per the circular released by Sebi in October 2017, the listed stocks must be strictly categorized into baskets with a well-defined classification of large cap, midcap and small cap stocks. This was to ensure uniformity in respect of the investment universe for equity mutual fund schemes. Sebi has also stipulated that AMFI shall prepare the list of stocks in this regard. Accordingly, AMFI in consultation with SEBI and stock exchanges, prepares the list of stocks with categorisation based on the market capitalisation provided by BSE, NSE and MSEI.