May 30, 2024 09:14 PM IST
NSE Indices explained, “The index has a base date of April 02, 2018 and a base value of 1000.”
NSE Indices Ltd- subsidiary of the National Stock Exchange- launched the EV and new-age automotive index with the aim to track performance of companies which form a part of the EV ecosystem, it said. This is India’s first ever electric vehicle (EV) index. NSE Indices said in a statement, “We’re thrilled to announce that NSE Indices has launched Nifty EV & New Age Automotive Index today. The Nifty EV & New Age Automotive Index aims to track the performance of companies which form a part of the EV ecosystem or are involved in the development of new age automotive vehicles or related technology.”
Read more: Elon Musk ‘secretly acquired’ Twitter stock before buying company, Morgan Stanley covered up: Report
“The launch of the Nifty EV and new-age automotive index will facilitate creation of products which will create opportunity for asset managers to invest in the electric vehicle and new-age automotive market thereby providing an investment vehicle to investors,” the statement added.
Unlock exclusive access to the latest news on India’s general elections, only on the HT App. Download Now! Download Now!
Read more: Saudi Arabia may announce landmark Aramco share sale soon: Report
NSE further explained, “The index has a base date of April 02, 2018 and a base value of 1000. Stocks forming part / going to be a part of the Nifty 500 index at the time of review are eligible for inclusion in the index.”
Read more: US economic growth last quarter revised down from 1.6% to 1.3%, inflation cools
It further said, “The overall weight of the stocks belonging to the Group A (Manufacturing of 2W/3W/4W/PV/CV Electric and New age automotive vehicles) shall be capped at 40 per cent. The weight of each stock belonging to Group A shall be capped at 8 per cent. All other stocks are capped at 4 per cent.”
Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!
Discover the complete story of India’s general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Get latest news on Education along with Board Exam, Competitive Exam and Exam Result at Hindustan Times. Also get latest Job updates on Employment News
- ABOUT THE AUTHOR
Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.
