NSE Indices, NSE’s index services subsidiary, has unveiled India’s first Nifty EV and New Age Automotive Index to reflect the escalating adoption of electric vehicles (EVs) alongside a surge in charging infrastructure.
The EV Index is designed to monitor the performance of companies within the EV ecosystem or engaged in the advancement of new-age automotive vehicles and related technology, as per a statement from NSE Indices.
With a base date of April 2, 2018, and a base value of 1,000, this index is hailed as India's first Electric Vehicle Index, aligning with NSE's objective to offer innovative indices reflecting market trends, stated Mukesh Agarwal, CEO of NSE Indices.
The Nifty EV Index will facilitate creation of products which will create opportunities for asset managers to invest in the EV and “new-age automotive market, thereby providing an investment vehicle to investors,” he added.
The index will undergo semi-annual reconstitution and quarterly rebalancing, according to NSE Indices, projecting it as a benchmark for asset managers and a reference index for passive funds like Exchange Traded Funds (ETFs), index funds, and structured products.
The Indian government has been actively involved in formulating policies to drive EV adoption, aiming to position India as a manufacturing hub for EVs equipped with cutting-edge technology , thereby attracting investments in the e-vehicle sector.
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