NSE Indices Ltd- subsidiary of the National Stock Exchange- launched the EV and new-age automotive index with the aim to track performance of companies which form a part of the EV ecosystem, it said. This is India’s first ever electric vehicle (EV) index. NSE Indices said in a statement, “We’re thrilled to announce that NSE Indices has launched Nifty EV & New Age Automotive Index today. 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 launch of the Nifty EV and 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 statement added.
NSE further explained, “The index has a base date of April 02, 2018 and a base value of 1000. Stocks forming part / going to be a part of the Nifty 500 index at the time of review are eligible for inclusion in the index.”
It further said, “The overall weight of the stocks belonging to the Group A (Manufacturing of 2W/3W/4W/PV/CV Electric and New age automotive vehicles) shall be capped at 40 per cent. The weight of each stock belonging to Group A shall be capped at 8 per cent. All other stocks are capped at 4 per cent.”