The National Stock Exchange (NSE), through its index services subsidiary NSE Indices Limited, officially launched a new thematic index on Thursday, amid the growing adoption of electric vehicles in India.
Nifty EV & New Age Automotive index
According to the press release, the new Nifty EV & New Age Automotive index will serve as a guideline for asset managers. It will be a reference index tracked by passive funds, such as Exchange-Traded Funds (ETFs), index funds, and structured products.
Simply put, it aims to track the performance of players in India’s electric vehicle ecosystem.
“The Nifty EV & New Age Automotive India’s first ever Electric Vehicle Index aligns with NSE’s vision to provide innovative indices in line with market trends. This will facilitate creation of products which will create opportunity for asset managers to invest in the Electric vehicle and new age automotive market.”
Mukesh Agarwal, CEO, NSE Indices
The new thematic index’s base date is April 02, 2018, while its base value is 1000. It will be reconstituted semi-annually and rebalanced quarterly.
Facilitating investment in India’s growing EV market
Electric vehicle industry players commended the NSE Indices Limited’s initiative as they expect the new thematic index to be a beacon for current and future investors.
According to high-voltage electric motorcycle maker Raptee’s Chief Brand Officer, the index will promote transparency, encouraging more investments in the EV industry.
“The recent launch of India’s Electric Vehicle (EV) index by NSE Indices marks a significant milestone for the EV industry, reinforcing investor confidence and celebrating the sector’s progress. The EV index serves as a beacon for investors, providing transparency and benchmarks that guide sustainable investments.”
Jayapradeep Vasudevan, Raptee CBO
Kinetic Green Founder and CEO backed the Raptee CBO’s remarks.
“Increased visibility through this index will undoubtedly attract further investment into the EV space, which is essential to fuel innovation and bring more affordable and efficient electric vehicles to the market.”
Sulajja Firodia Motwani, Kinetic Green Founder and CEO
The Neuron Energy CEO & Co-Founder also believes that the new index will play a role in accelerating the adoption of sustainable transportation in India.
“By providing increased visibility and credibility to EV manufacturers and associated businesses, the index will attract much-needed investments and align perfectly with the government’s initiatives to promote sustainable transportation.”
Pratik Kamdar, Neuron Energy CEO & Co-Founder
Leading Indian electric automakers’ performance on BSE
As NSE initiates the EV index, let us check the performance of top Indian electric automakers on BSE as of May 31:
| EV Maker | Previous Close | Friday’s High | Change | Friday’s Close | Change |
| Tata Motors | INR 924.15 | INR 937.40 | +1.43% | INR 930.60 | +0.70 |
| JBM Auto | INR 2,038.15 | INR 1,992.50 | -2.40% | INR 2,005.80 | -1.59 |
| Olectra Greentech | INR 1,755.55 | INR 1,786.95 | +1.63% pen_spark | – | – |
