NSE Indices Limited, the index services subsidiary of the National Stock Exchange (NSE), has introduced a new thematic index called the Nifty EV & New Age Automotive Index. This innovative index is designed to track the performance of companies involved in the electric vehicle (EV) ecosystem or those engaged in the development of new age automotive vehicles and related technologies.
The Government of India has been proactive in formulating policies to encourage the adoption of electric vehicles, aiming to establish India as a premier manufacturing hub for EVs. These policies are part of the broader Make in India initiative, which seeks to attract investment from global EV manufacturers and promote the production of cutting-edge EV technology domestically.
Mr. Mukesh Agarwal, CEO of NSE Indices, stated, “The Nifty EV & New Age Automotive Index, India’s first-ever Electric Vehicle Index, aligns with NSE’s vision of providing innovative indices that reflect market trends. The launch of this index will facilitate the creation of investment products, offering asset managers the opportunity to invest in the electric vehicle and new age automotive market, thus providing a new investment vehicle for investors.”
The index has a base date of April 2, 2018, with a base value set at 1000. It will undergo semi-annual reconstitution and quarterly rebalancing to ensure it remains current and reflective of market changes.
The Nifty EV & New Age Automotive Index is expected to serve as a benchmark for asset managers and a reference index for passive investment funds, such as Exchange Traded Funds (ETFs), index funds, and structured products. This new index provides a strategic tool for investors seeking exposure to the rapidly growing EV and automotive technology sectors.
