NSE Indices Ltd, a subsidiary of the National Stock Exchange, launched the EV and New Age Automotive Index on Thursday (May 30, 2024).
This new index will track the performance of companies within the electric vehicle ecosystem. Also, this is the country’s first-ever electric vehicle (EV) index.
The main purpose is to establish India as a prime manufacturing hub for advanced electric vehicles (EVs), thereby attracting investments in the EV sector.
NSE in a press release said, “The Government of India has always been at the forefront of framing policies related to e-vehicles (EV) adoption in the country to promote India as a manufacturing destination so that EVs with the latest technology can be manufactured in the country and attract investments in the e-vehicle space by reputed global EV manufacturers, thereby giving a boost to the Make in India initiative.”
The index has a base date of April 2, 2018, with a starting value of 1000. It will be reconstituted semi-annually and rebalanced quarterly.
Mukesh Agarwal, CEO of 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.”
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The new index is expected to serve as a benchmark for asset managers and be tracked by passive funds, including ETFs, index funds, and structured products.
Currently, the NSE offers 17 thematic indices, including Nifty Commodities, Nifty India Consumption, Nifty CPSE, Nifty Energy, and Nifty Infrastructure.
In addition to these specialized indices, the NSE oversees broader market indices like Nifty, Nifty Next 50, and Nifty 100, along with 15 sector-specific indices such as Nifty Bank, Nifty IT, and Nifty Auto.
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