BILKULONLINE
Mumbai, May 30: NSE’s index services subsidiary, NSE Indices Limited today 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.
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.
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 opportunity for asset managers to invest in the Electric vehicle and new age automotive market thereby providing an investment vehicle to investors.”
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.