Short Interest in The India Fund, Inc. (NYSE:IFN) Declines By 33.6%

The India Fund, Inc. (NYSE:IFN) was the target of a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 162,400 shares, a decrease of 33.6% from the February 28th total of 244,500 shares. Based on an average daily volume of 217,000 shares, the short-interest ratio is presently 0.7 days. Approximately 0.5% of the company’s shares are sold short.

The India Fund Stock Performance

Shares of The India Fund stock traded down $0.14 during trading on Friday, hitting $15.66. The stock had a trading volume of 88,996 shares, compared to its average volume of 189,730. The India Fund has a 1 year low of $14.17 and a 1 year high of $20.83. The stock has a 50 day simple moving average of $15.48 and a 200 day simple moving average of $16.80.

The India Fund Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, February 21st will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 11.75%. The ex-dividend date of this dividend is Friday, February 21st.

Hedge Funds Weigh In On The India Fund

Several institutional investors and hedge funds have recently bought and sold shares of the business. Noble Wealth Management PBC acquired a new stake in shares of The India Fund during the fourth quarter worth approximately $49,000. Wilmington Savings Fund Society FSB purchased a new stake in The India Fund in the 3rd quarter worth approximately $65,000. Farther Finance Advisors LLC increased its stake in shares of The India Fund by 21,522.2% in the fourth quarter. Farther Finance Advisors LLC now owns 3,892 shares of the investment management company’s stock worth $61,000 after acquiring an additional 3,874 shares during the last quarter. Elequin Capital LP purchased a new stake in shares of The India Fund during the fourth quarter worth $143,000. Finally, IHT Wealth Management LLC acquired a new stake in The India Fund during the third quarter valued at $191,000. Hedge funds and other institutional investors own 10.76% of the company’s stock.

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.