AMFI classification: Jio Financial makes it to largecap list, Tata Tech, IREDA midcaps

As per AMFI’s definition, largecaps are the 1-100 companies based on full market cap, midcaps are 101-250 and smallcaps are 251 onwards

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The Association of Mutual Funds of India (AMFI) on January 4 announced the new market categorisation list for H1 CY24. Largecap threshold now stands at Rs 67,000 crore, up from Rs 49,700 crore in June 2023. Midcap cut-off has risen to Rs 22,000 crore from Rs 17,400 crore, Nuvama Institutional Equities has said.

The changes make Jio Financial Services officially a largecap stock, while recently-listed Tata Technologies, IREDA and JSW Infrastructure have made it to the midcap list after their recent gains.

As per AMFI’s definition, largecaps are the 1-100 companies based on full market cap, midcaps are 101-250 and smallcaps are 251 and on.

The list will be effective from February to July 2024.

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“The AMFI stock categorisation list is mainly referred by active equity mutual fund managers. Recategorisation helps but not necessarily immediately in term of flows. As the stocks move up from lower categorisation to higher, say smallcap to midcap and midcap to largecap, it increases their visibility,” said Abhilash Pagaria, Head, Nuvama Alternative & Quantitative Research.

Also read: Jio Financial Services shares gain 2% after Reliance arm files MF application with BlackRock

Smallcap to midcaps and midcaps to largecaps

PFC, IRFC, Macrotech Developers, Polycab India, REC, Shriram Finance, Union Bank and Indian Overseas Bank are among those that have moved from midcaps to largecaps, thanks to the rally in these stocks over the past six months.

Stocks that upgraded from smallcap to midcaps include Mazgaon Dock, Suzlon Energy, Lloyds Metals, SJVN, Kalyan Jewellers, KEI Industries, Credit Access Grameen, Exide Industries, Nippon Asset Management, Ajanta Pharma, Narayana Hrudalaya and Glenmark Pharma.

Also Read: Bajaj Finance AUM crosses Rs 3 lakh crore in December quarter; stock rises 3% on Q3 update

Largecaps to midcaps and midcaps to smallcaps

There are some stocks that have “downgraded”, after they missed out on the market’s recent record run.

The largecap stocks that have now been categorised as midcaps are UPL, Adani Wilmar, PI Industries, IRCTC, Bosch, Tube Investments, Samvardhana Motherson and Hero Motocorp.

Rajesh Exports, Pfizer, Aarti Industries, Vinati Organics, Crompton Greaves Consumer Electricals, Whirlpool India, Atul, Navin Fluorine, Sumitomo Chemicals, Laurus Labs, Aditya Birla Fashion, Bharat Dynamics, Bata India, Kajaria Ceramics and Carborundrum Universal have been pushed down as smallcaps from midcaps.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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