The India Fund, Inc. (NYSE:IFN) Sees Large Growth in Short Interest

The India Fund, Inc. (NYSE:IFN) saw a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 61,800 shares, an increase 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 currently 0.5 days.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IFN. Atria Wealth Solutions Inc. boosted its position in The India Fund by 26.2% during the second quarter. Atria Wealth Solutions Inc. now owns 368,268 shares of the investment management company’s stock valued at $6,577,000 after purchasing an additional 76,436 shares in the last quarter. Raymond James & Associates grew its position in shares of The India Fund by 168.3% in the 2nd quarter. Raymond James & Associates now owns 349,100 shares of the investment management company’s stock worth $6,235,000 after buying an additional 218,980 shares during the last quarter. Beck Capital Management LLC lifted its position in The India Fund by 0.8% during the first quarter. Beck Capital Management LLC now owns 183,425 shares of the investment management company’s stock valued at $3,755,000 after acquiring an additional 1,418 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in The India Fund by 4.3% in the first quarter. Janney Montgomery Scott LLC now owns 129,999 shares of the investment management company’s stock valued at $2,661,000 after acquiring an additional 5,402 shares in the last quarter. Finally, Consolidated Portfolio Review Corp grew its holdings in The India Fund by 16.4% in the second quarter. Consolidated Portfolio Review Corp now owns 95,241 shares of the investment management company’s stock worth $1,701,000 after purchasing an additional 13,418 shares during the last quarter. Hedge funds and other institutional investors own 10.76% of the company’s stock.

The India Fund Stock Performance

Shares of NYSE:IFN remained flat at $18.72 on Friday. The stock had a trading volume of 65,519 shares, compared to its average volume of 173,090. The stock’s 50 day simple moving average is $18.47 and its 200 day simple moving average is $18.28. The India Fund has a fifty-two week low of $15.56 and a fifty-two week high of $21.25.

The India Fund Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors 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. This represents a $1.96 annualized dividend and a dividend yield of 10.47%. The ex-dividend date of this dividend was Friday, August 23rd.

The India Fund Company Profile

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.