Short Interest in The India Fund, Inc. (NYSE:IFN) Increases By 103.3%

The India Fund, Inc. (NYSE:IFN) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 61,800 shares, a growth of 103.3% from the September 15th total of 30,400 shares. Based on an average daily trading volume, of 120,400 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Investors Weigh In On The India Fund

Several hedge funds and other institutional investors have recently made changes to their positions in IFN. International Assets Investment Management LLC purchased a new stake in The India Fund in the second quarter valued at approximately $37,000. Rathbones Group PLC lifted its stake in The India Fund by 22.6% during the 2nd quarter. Rathbones Group PLC now owns 12,205 shares of the investment management company’s stock worth $218,000 after acquiring an additional 2,246 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in The India Fund during the 2nd quarter valued at about $219,000. Miracle Mile Advisors LLC grew its position in The India Fund by 26.2% in the 2nd quarter. Miracle Mile Advisors LLC now owns 14,430 shares of the investment management company’s stock valued at $258,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Nwam LLC purchased a new position in shares of The India Fund in the first quarter valued at approximately $259,000. Institutional investors and hedge funds own 10.76% of the company’s stock.

The India Fund Stock Performance

The India Fund stock remained flat at $18.72 during trading on Friday. 65,519 shares of the company were exchanged, compared to its average volume of 173,090. The company has a fifty day moving average of $18.47 and a 200-day moving average of $18.28. The India Fund has a 1 year low of $15.56 and a 1 year high of $21.25.

The India Fund Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, August 23rd were issued a $0.49 dividend. This is an increase from The India Fund’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.96 dividend on an annualized basis and a yield of 10.47%.

About The India Fund

The India Fund, Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund invests in public equity markets of India. It seeks to invest in stocks of small-cap, mid-cap, and large-cap companies. The fund employs a quantitative and fundamental analysis with a bottom-up stock picking and asset allocation approach to create its portfolio.