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

Key Points

• Short interest in India Fund, Inc. (NYSE:IFN) declined by 33.9% in July, with total short interest at 121,500 shares.
• The company announced a quarterly dividend increase to $0.43, up from $0.41, resulting in an annualized yield of 10.9%.
• India Fund shares rose 0.5% to $15.7750 during trading, with trading volume at 132,632 shares.

India Fund, Inc. (NYSE:IFN - ) was the recipient of a significant decline in short interest in July. As of July 31st, there was short interest totaling 121,500 shares, adeclineof33.9% from the July 15th total of 183,900 shares. Based on an average daily volume of 144,100 shares, the days-to-cover ratio is currently 0.8 days. Currently,0.4% of the shares of the stock are sold short. Currently,0.4% of the shares of the stock are sold short. Based on an average daily volume of 144,100 shares, the days-to-cover ratio is currently 0.8 days.

Hedge Funds Weigh In On India Fund

Several large investors have recently modified their holdings of IFN. Cambridge Investment Research Advisors Inc. lifted its stake in India Fund by 10.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 20,670 shares of the investment management company's stock worth $326,000 after acquiring an additional 1,898 shares in the last quarter. Jane Street Group LLC purchased a new position in India Fund in the fourth quarter valued at approximately $667,000. Bank of America Corp DE increased its stake in India Fund by 3.7% in the fourth quarter. Bank of America Corp DE now owns 70,182 shares of the investment management company's stock valued at $1,105,000 after purchasing an additional 2,491 shares during the last quarter. Cetera Investment Advisers grew its stake in India Fund by 9.4% during the 1st quarter. Cetera Investment Advisers now owns 475,056 shares of the investment management company's stock worth $7,492,000 after buying an additional 40,798 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC acquired a new position in India Fund in the first quarter valued at $257,000. Institutional investors and hedge funds own 10.76% of the company's stock.

India Fund Stock Up 0.5%

NYSE:IFN traded up $0.0850 during trading hours on Tuesday, hitting $15.7750. The company had a trading volume of 132,632 shares, compared to its average volume of 171,247. The company has a 50-day moving average of $15.96 and a 200 day moving average of $15.72. India Fund has a 1 year low of $13.76 and a 1 year high of $19.25.

India Fund Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 22nd will be paid a $0.43 dividend. This is a boost from India Fund's previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.72 annualized dividend and a dividend yield of 10.9%.

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.

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