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NSE Indices launches India's first electric vehicle index: All you need to know
NSE Indices explained, “The index has a base date of April 02, 2018 and a base value of 1000."
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.”
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“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.
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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.”
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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.”
