NSE Rolls Out India's First Nifty EV & New Age Automotive Index
Date
5/31/2024 4:19:01 AM
(MENAFN- KNN India) New Delhi, May 31 (KNN) NSE indices Limited, an index services subsidiary of the National stock exchange (NSE), introduced a new thematic equity index designed to track the performance of companies operating in the electric vehicle (EV) ecosystem and the development of cutting-edge automotive technologies.
Titled the Nifty EV & New Age Automotive Index, this novel offering aligns with the exchange's mission to provide innovative indexing solutions that reflect burgeoning market trends.
The index is poised to serve as a benchmark for asset managers and a reference for passive investment vehicles such as exchange-traded funds (ETFs), index funds, and structured products.
"The Nifty EV & New Age Automotive Index is India's pioneering Electric Vehicle Index, facilitating the creation of investment products that will allow asset managers to gain exposure to the promising electric vehicle and new-age automotive market," remarked Mukesh Agarwal, Chief Executive Officer of NSE Indices.
The Indian government has actively promoted policies aimed at establishing the nation as a global manufacturing hub for technologically advanced electric vehicles.
These initiatives intend to stimulate domestic EV production, attract investments from preeminent international automakers, and bolster the 'Make in India' campaign.
With a base date of April 2, 2018 and a base value of 1000, the index will undergo semi-annual reconstitution and quarterly rebalancing to ensure it accurately represents the evolving EV and automotive technology landscape.
(KNN Bureau)
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