NSE launches Nifty EV & New Age Automotive Index

Currently, the index includes 33 stocks, including Tata Motors, Maruti Suzuki, Mahindra and Bajaj Auto.

The National Stock Exchange (NSE) has launched India’s first index to track the performance of companies that produce electric vehicles and those based on hybrid and hydrogen tech.

The new Nifty EV & New Age Automotive index includes companies involved in the production and supply of electric or new-age automotive vehicles, batteries, components, raw materials and technology. Stocks that are part of the Nifty 500 index are eligible to be part of this.

Currently, the Nifty EV & New Age Automotive index includes 33 stocks, including Tata Motors, Maruti Suzuki, Mahindra, Bajaj Auto, Exide Industries, Bosch, Samvardhana Motherson International, Eicher Motors, CG Power and Industrial Solutions and Himadri Speciality Chemical. Companies like Ola Technologies, Ather Energy and Hyundai Motor India could be listed on this index in the future.

The base date for the index will be April 2, 2018, and the base value is 1,000. The index will be reconstituted semi-annually and rebalanced quarterly.

Source: Autocar India