New Delhi: NSE Indices, the subsidiary of the National Stock Exchange (NSE) specialising in index services has launched the Nifty EV and New Age Automotive Index. This new index comes as more people adopt Electric Vehicles (EVs) and charging infrastructure continues to expand.
The EV Index aims to track performance of companies that are part of the electric vehicle (EV) ecosystem or are involved in the development of new age automotive vehicles and related technologies, according to NSE Indices. The index has a base date of April 2, 2018 with a base value of 1,000. (Also Read: Stock Market Holidays June 2024: BSE, NSE Trading Closed On THESE Dates- Check Here)
“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,” said Mukesh Agarwal, CEO, NSE Indices. The Nifty EV Index will facilitate creation of products which will create opportunities for asset managers to invest in the EV and “new-age automotive market, thereby providing an investment vehicle to investors,” he added. (Also Read: Sensex Falls 314 Points Amid Muted Global Cues)
The index will be reconstituted semi-annually and rebalanced on a quarterly basis. According to NSE Indices, 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 government has been at the forefront of framing policies related to EV adoption in the country. The aim is 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. (With IANS Inputs)