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NSE Rolls Out India's First Nifty EV & New Age Automotive Index

NSE Rolls Out India's First Nifty EV & New Age Automotive Index
NSE Indices Limited, an index services subsidiary of the National Stock Exchange (NSE), introduced a new thematic equity index designed to track the performance of companies operating in the electric vehicle (EV) ecosystem and the development of cutt

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In a move to reflect the growing market trends, NSE Indices Limited, a subsidiary of the National Stock Exchange (NSE), has introduced India's first Nifty EV & New Age Automotive Index. This new thematic equity index aims to track the performance of companies operating in the electric vehicle (EV) ecosystem and the development of cutting-edge automotive technologies. The index is designed to serve as a benchmark for asset managers and a reference for passive investment vehicles such as exchange-traded funds (ETFs), index funds, and structured products. With the Indian government actively promoting policies to establish the nation as a global manufacturing hub for technologically advanced electric vehicles, the index is poised to facilitate the creation of investment products that will allow asset managers to gain exposure to the promising electric vehicle and new-age automotive market. The index, with a base date of April 2, 2018 and a base value of 1000, will undergo semi-annual reconstitution and quarterly rebalancing to accurately represent the evolving EV and automotive technology landscape. This move comes as Zypp Electric secures USD 15 million funding for nationwide fleet expansion, the government likely to prioritize pure EVs over hybrids in the FAME-III scheme, and Volkswagen in advanced discussions for an Indian production partnership, while electric ride-hailing startup BluSmart raises $24 million.

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