NSE Launches India's First Electric Vehicle Index
Breaking News Summary
The National Stock Exchange (NSE) of India has launched the Nifty EV New Age Automotive Index, India's first index dedicated to tracking the performance of companies involved in the electric vehicle (EV) sector. The index aims to provide investors with a benchmark for measuring the growth and performance of the EV industry in the country.
Significance of the Index
- The EV sector is rapidly growing in India, with electric cars accounting for around 18% of all cars sold in 2023, up from only 2.5% in 2018.
- The index will provide investors with a way to track the performance of leading EV companies and gain exposure to the growing EV market.
- It will also help raise awareness of the EV industry and encourage more investment in the sector.
Index Composition and Methodology
The Nifty EV New Age Automotive Index is composed of 10 companies involved in the EV value chain, including manufacturers, suppliers, and infrastructure providers.
The index is weighted by market capitalization, and the top 5 companies by weight as of July 2023 are:
- Tata Motors
- Mahindra & Mahindra
- Ashok Leyland
- Adani Green Energy
- Tata Power
The index is calculated and disseminated by NSE Indices, a wholly-owned subsidiary of NSE. The index value is calculated in real-time and is available on the NSE website and through data vendors.
Conclusion
The launch of the Nifty EV New Age Automotive Index is a significant step in the development of the EV industry in India. The index will provide investors with a valuable tool for tracking the performance of the sector and will help raise awareness of the growing potential of the EV market.
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