NSE unveils New Age Automotive Index, includes India’s 1st Electric Vehicle Index

NSE Indices, NSE’s index providers subsidiary, on Thursday launched a brand new Nifty EV and New Age Automotive Index, because the adoption of Electric Vehicles (EVs) surges amid a rise in charging infrastructure.

The EV Index goals to trace the efficiency of firms which type part of the EV ecosystem or are concerned within the improvement of latest age automotive autos or associated expertise, NSE Indices stated in a press release.

The base date for the index is April 2, 2018, and the bottom worth is 1,000. “The Nifty EV & New Age Automotive India’s first-ever Electric Vehicle Index aligns with NSE’s imaginative and prescient to offer progressive indices in keeping with market tendencies,” stated Mukesh Agarwal, CEO, NSE Indices.

The Nifty EV Index will facilitate creation of merchandise which is able to create alternatives for asset managers to spend money on the EV and “new-age automotive market, thereby offering an funding car to traders,” he added. The index can be reconstituted semi-annually and rebalanced on a quarterly foundation.

According to NSE Indices, the brand new index is anticipated to behave as a benchmark for asset managers and be a reference index tracked by passive funds within the type of Exchange Traded Funds (ETFs), index funds and structured merchandise. The authorities has been on the forefront of framing insurance policies associated to EV adoption within the nation.

The purpose is to advertise India as a producing vacation spot in order that EVs with the most recent expertise could be manufactured within the nation and appeal to investments within the e-vehicle house.

(With inputs from IANS)