NSE Indices Roll Out India’s First EV Index to Keep Track New-Age Automakers

Introducing the Nifty EV & New Age Automotive Index

Thursday i.e. May 30, 2024 marks a historic day with the launch of the Nifty EV & New Age Automotive index by NSE Indices. NSE’s index services subsidiary, NSE Indices Limited launched a new thematic index – Nifty EV & New Age Automotive index.

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.

Government Support for EV Adoption

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.

CEO’s Vision for the Nifty EV Index

Mr. Mukesh Agarwal, CEO, 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 opportunities for asset managers to invest in the Electric vehicle and new age automotive market thereby providing an investment vehicle to investors.”

Index Details and Rebalancing

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.

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.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions