New Delhi: NSE Indices Limited, a subsidiary of the National Stock Exchange (NSE) specialising in index services on Thursday introduced a new thematic index – the Nifty EV & New Age Automotive Index. In a press release, NSE said that “this index is designed to track the performance of companies involved in the electric vehicle (EV) ecosystem and the development of new age automotive vehicles or related technologies.”
Mukesh Agarwal, CEO, NSE Indices, said, “The Nifty EV & New Age Automotive India’s first ever Electric Vehicle Index aligns with NSE’s vision to provide innovative indices in line with market trends. The launch of the Nifty EV & New Age Automotive index will facilitate creation of products which will create opportunity for asset managers to invest in the Electric vehicle and new age automotive market thereby providing an investment vehicle to investors.”
The government has consistently championed policies to promote the adoption of electric vehicles, aiming to establish India as a key manufacturing hub. These policies are intended to support the production of technologically advanced EVs within the country, attract investments from renowned global EV manufacturers and bolster the Make in India initiative.
The release also stated that “the new index is expected to act as a benchmark for asset managers and be a reference index tracked by passive funds in the form of Exchange Traded Funds (ETFs), index funds and structured products.”
The index’s base date is April 2, 2018, with a base value of 1000. It will undergo semi-annual reconstitution and quarterly rebalancing. The Nifty EV & New Age Automotive Index is expected to serve as a benchmark for asset managers and be tracked by passive funds such as Exchange Traded Funds (ETFs), index funds, and structured products.
