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NSE Indices launches India’s first Electric Vehicle Index

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

The EV 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, NSE Indices said in a statement.

The base date for the index is April 2, 2018, and the base value is 1,000.

“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,” said Mukesh Agarwal, CEO, 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 be reconstituted semi-annually and rebalanced on a quarterly basis.