National Stock Exchange launches India’s first electric vehicle index

India now has its first index on the stock exchange to track the performance of companies in the electric vehicle ecosystem. On Thursday, National Stock Exchange's index services subsidiary NSE Indices Ltd launched a new thematic index - the Nifty EV & New Age Automotive index. 

The index will track the performance of companies that are part of the electric ecosystem or involved in developing electric vehicles or new-age automotive vehicles such as those based on hybrid technology and hydrogen fuel. 

Stocks that are part of the broader Nifty 500 index are eligible to be a part of the index, provided they are involved in the production and supply of electric or new-age automotive vehicles, batteries, components, raw materials, and technology. The index could act as a benchmark for asset managers and become a reference index tracked by passive funds in Exchange Traded Funds (ETFs), index funds and structured products. The base date for the index will be April 2, 2018, and the base value is 1000. The index will be reconstituted semi-annually and rebalanced quarterly. 

Currently, the index has 33 stocks. Top constituents by weightage include Bajaj Auto, Tata Motors Ltd, Maruti Suzuki India Ltd, Mahindra & Mahindra Ltd, Exide Industries Ltd, Bosch Ltd, Samvardhana Motherson International Ltd, Eicher Motors Ltd, CG Power and Industrial Solutions Ltd and Himadri Speciality Chemical Ltd. 

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