Bengaluru: NSE Indices Limited, a subsidiary of NSE, on Thursday, launched the Nifty EV & New Age Automotive Index, a new thematic index to track the performance of companies involved in the electric vehicle (EV) ecosystem or the development of advanced automotive technology.
The base date for the index is April 02, 2018, and the base value is 1000. The index will be reconstituted semi-annually and rebalanced on a quarterly basis.
Mukesh Agarwal, CEO, NSE Indices, said, “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 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 been 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.
Published 30 May 2024, 21:28 IST