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

The India Fund, Inc. (NYSE:IFN - Get Free Report) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 191,800 shares, an increase of 18.1% from the March 15th total of 162,400 shares. Based on an average daily volume of 206,300 shares, the days-to-cover ratio is presently 0.9 days. Currently, 0.6% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IFN. Stifel Financial Corp boosted its stake in shares of The India Fund by 24.3% during the third quarter. Stifel Financial Corp now owns 55,049 shares of the investment management company's stock valued at $1,047,000 after purchasing an additional 10,764 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in The India Fund during the third quarter valued at approximately $65,000. Rivernorth Capital Management LLC bought a new position in The India Fund in the third quarter worth approximately $3,540,000. Pallas Capital Advisors LLC bought a new stake in The India Fund during the 4th quarter valued at $268,000. Finally, Janney Montgomery Scott LLC purchased a new position in shares of The India Fund in the 4th quarter valued at $2,722,000. Institutional investors own 10.76% of the company's stock.

The India Fund Stock Performance

Shares of NYSE IFN traded up $0.01 during midday trading on Thursday, reaching $15.76. The stock had a trading volume of 145,820 shares, compared to its average volume of 178,500. The India Fund has a 12-month low of $13.76 and a 12-month high of $19.25. The stock has a 50-day moving average of $15.11 and a 200-day moving average of $16.28.

The India Fund Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, February 21st were given a dividend of $0.46 per share. The ex-dividend date was Friday, February 21st. This represents a $1.84 annualized dividend and a yield of 11.68%.

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.