AMFI reshuffle: Mazagon Dock and Global Health among 18 stocks that may be upgraded in H2 CY25

Mazagon Dock and Global Health are among 18 stocks that may soon be upgraded to the large-cap and mid-cap segments by the Association of Mutual Funds in India (AMFI) in its rejig for H2 CY25, according to predictions by Nuvama Institutional Equities.

Around 10 stocks may be upgraded to the large-cap segment from the mid-cap segment, which includes Indian Hotels, Max Healthcare Institute, Shree Cements, Mankind Pharma, Mazagon Dock Shipbuilders, Apollo Hospitals Enterprises, Solar Industries India, Lupin, Union Bank of India, and Muthoot Finance.

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Ten stocks may be upgraded to the mid-cap space from the small-cap space, including stocks such as Laurus Labs, Global Health, Godfrey Phillips India, Narayana Hrudayalaya, K.P.R. Mill, Cholamandalam Fin. Holdings, Radico Khaitan, Piramal Pharma, Hexaware Tech., and ITC Hotels. Among these 10 stocks, Hexaware Tech. and ITC Hotels are new entrants to the small-cap segment.

Based on current average market-cap levels, AMFI may set the large-cap cut-off at approximately Rs 91,100 crore (compared to Rs 1 lakh crore as of December 2024) and the mid-cap threshold to be around Rs 29,200 crore (compared to Rs 33,200 crore as of December 2024).

The early predictions also highlight the downgrade of some stocks to mid-cap and small-cap from the large-cap and mid-cap segments, respectively.

RVNL, Swiggy, NTPC Green Energy, and Dabur are among 10 stocks that may lose their large-cap status and be downgraded to the mid-cap segment. On the other hand, Ola Electric Mobility, Punjab & Sind Bank, and Tata Technologies are among 10 stocks currently in the mid-cap segment that may be downgraded to the small-cap segment after the AMFI recategorization.

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Around 10 stocks may be downgraded to small-cap status in the AMFI recategorization, including Ajax Engineering, Dr. Agarwal's Health Care, Laxmi Dental, Indo Farm Equipment, and Denta Water & Infra.

The change in categorization doesn’t lead to incremental inflows or outflows. Active mutual fund managers keep an eye on the list while taking fresh or modifying positions in stocks in different categories of schemes.

The cut-off period spans from January 1, 2025, to June 30, 2025, with the announcement expected in the first week of July. The categorization will take effect from August 1, 2025.