NSE Indices Ltd. has launched India's first index focused on electric mobility, highlighting the once-in-a-century shift underway in the wider automotive sector.
The Nifty EV and 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, according to an exchange filing on Thursday.
“The Nifty EV and 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, chief executive officer at NSE Indices, in the statement. “The launch 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 2, 2018, and the base value is 1,000.
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, index funds and structured products.
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