NSE Indices Limited, a subsidiary of the National Stock Exchange (NSE) on Thursday launched a new thematic index: the Nifty EV & New Age Automotive India, a new index designed to track the performance of companies that are integral to the electric vehicle (EV) ecosystem or are involved in the development of next-generation automotive technologies.
Key Features of the Index
The index has a base date of April 2, 2028 and a base value set at 1000.
To ensure the index remain relevant, it will be reconstituted semi-annually and rebalanced on a quarterly basis.
"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,” added Mukesh Agarwal, CEO, NSE Indices.
The introduction of the new index is expected to open up new investment avenues and is anticipated to serve as a benchmark for asset managers and as a reference index for passive funds in the form of Exchange Traded Funds (ETFs), index funds and structured products.
"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," added the NSE said in the press release.
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