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I have my account at Scottrade and the India Fund Inc. (IFN) rights got deposited today (instead of last Monday). I called up Scottrade (Richmond) because rights offer subscriptions can only be done on the phone but they can’t do anything about the offer now because ‘it is not in their system yet’.

Last year, unlike now, everything happened on time except that Scottrade took money out to pay for shares from the rights around one month later than the shares were deposited into the account! I’m hoping they do that this year too

The India Fund Inc. announced its rights offering on Friday. Shareholders as of 3rd of July receive 1 right per share. For every three rights you can buy one share of IFN at 95% of NAV on Aug 4. As of Friday (16th Jun), the premium on IFN was 32%. Assuming this premium stays high until Aug 4, you have a significant return for using the rights offer to buy more India Fund.

India Fund is up almost 5% despite another drop in the Indian Indices, with the BSE ending below 9000. This generally indicates a positive start tomorrow for Indian indices.

INTC and AMD, both of which I mentioned yesterday are up over 3% after analyst upgrades.

Panera Bread, unfortunately is down to 61$, but well can’t have it all go up in a day, can I?

Intel Stock has been in the doldrums for a while. I figured 19$ was a bottom and acquired some INTC making it my third largest holding. Now it is sitting just over 17$, however I am hanging on to it. Average Analyst expectation according to Yahoo Finance is $23.81. My expectation is higher. With a Forward P/E of 13-14 (depending what site you look at), the stock looks like a good buy. Advanced Micro Devices Inc. (AMD) has a forward P/E of 12-13 (trailing P/E over 30) so it is expected to show explosive growth. AMD touched a 52 week high of 42.70 and is now down to 25. I would say AMD is a good buy too. Analyst Price Target: 38.74.

Target corp, one of my long term Large Cap holdings, has an average analyst price target of 62.50 according to Yahoo (it has been that much for a while now and TGT did touch $60 once). Recently Lazard Capital Markets upgraded its own target for Target to $63! Currently TGT is just under $50, a little above 52 week lows. Personally I have little hope of it reaching $63 in a year ($60 maybe), but then you never know.

Today the Indian market (^BSESN) jumped 514 points (5.5%). A similar gain is not noticed in the India Fund Inc. (IFN), probably because it did not fall yesterday along with the Indian markets. Does mean we will see continued improvements? Well, who knows. We saw several worse down days than today is an up day. I’d wait for a few more gains before jumping in. The volatiliy, though not uncommon with India Fund and the Indian markethas been larger than usual in the last couple of months. I’m still hanging on to IFN.

It seems I only cover IFN here, so here goes coverage for my second largest investment after IFN – Panera Bread (PNRA). Today Panera reported same store sales below the estimates from the two (yes only two) that cover the stock. This sent the stock tanking down 2% (was down as much as 4%) to January levels.

I have been using PNRA to buy low sell high as the stock vacillates from the 60s to the 70s, so I’m just hanging on to it waiting for it to reach 75 again to sell. However I do intend to buy back the stock and I will keep holding PNRA as a long term investment.

The Indian stock market has taken more beatings over the last two days, sending IFN down along with it. The Indian index closed below 10000 again today and all gains since Jan 27 have been erased in just over a week.

Despite today’s 200 point drop, IFN has not similarly dropped possibly due to strangth in US markets and the fact that it is already at early January levels. Morningstar still shows a premium of over 30% for IFN! Is it time to get in? I’d wait for several consecutive days upwards before buying. However I do feel that the current levels for the Indian indices are reasonable.

Shares of The India Fund Inc. dropped 10% today after the Indian Stock market took another beating. The Indian stock market started up about 600 points, however it quickly dropped over 10% causing the markets to shutdown for an hour. The Finance Minister urged investors to stay invested in the market citing no change in Indias fundamentals and growth prospects and that FII (Foreign Institutional Investors) and Mutual Funds are currently buying.

My Take: Wait for a slight reversal before buying IFN/IIF. If you have some hold on.

The Indian stock market dropped another 4% falling below 11000, after yesterdays 6% drop. What does this mean for India Fund Inc. holders? Well it probably means another drop today. Yesterday, I said it might be time to get into IFN, well today might be even better than yesterday to get in. I would also expect the premiums to drop from 30% levels, however they should remain attractive enough to make the rights offer worthwhile.

No news from the Fund as far as the Rights Offer yet.