NSE Indices Limited, a subsidiary of NSE specializing in index services, unveiled a new thematic index named the Nifty EV & New Age Automotive Index, on Thursday.
This index is designed to monitor the performance of businesses within the electric vehicle (EV) sector and those engaged in the advancement of new-age automotive vehicles and associated technology.
“The Nifty EV & New Age Automotive index aims to track the performance of companies which form a part of the EV ecosystem or are involved in the development of new age automotive vehicles or related technology,” NSE said in an official release.
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 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,” said Mukesh Agarwal, CEO, 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 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,” NSE added.
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Currently, the NSE hosts 17 thematic indices, including Nifty Commodities, Nifty India Consumption, Nifty CPSE, Nifty Energy, and Nifty Infrastructure.
In addition to these thematic indices, the NSE oversees Broad Market Indices such as Nifty, Nifty Next 50, Nifty 100, and others, along with 15 sectoral indices like Nifty Bank, Nifty IT, and Nifty Auto.
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Published: 30 May 2024, 06:49 PM IST
