Coal India, Oil India, Petroleum and Natural Gas Corporation (ONGC) among other public sector (PSU) stocks are part of the top 10 dividend-paying companies, according to domestic brokerage firm Religare Broking.
”We filtered the list of best dividend-paying companies according to their fundamental strength and selected 10 stocks. Investors interested in dividend income may consider these stocks for investment,” Religare Broking said in its report.
At a dividend yield of 7.7 percent, Coal India tops the list of the highest dividend-paying companies, followed by Oil India with a yield of 6.7 percent. In FY22, the dividend per share of Coal India (DPS) stood at ₹17 and in FY23, the DPS stood at ₹24.3, according to the brokerage.
Here are the top 10 dividend yielding stocks:
1.Coal India: At current market price (CMP) of ₹314, the coal miner gave a dividend yield of 7.7 percent with FY22 DPS at ₹17 and FY23 DPS at ₹24.3
2.Oil India: At CMP of ₹299, the oil explorer gave a dividend yield of 6.7 percent with FY22 DPS at ₹20 and FY23 DPS at ₹14.3
3.ONGC: At CMP of ₹186, the oil major gave a dividend yield of 6 percent with FY22 DPS at ₹10.5 and FY23 DPS at ₹11.3.
4.PTC India: At CMP of ₹140, the powerhouse gave a dividend yield of 5.6 percent with FY22 DPS at ₹7.8 and FY23 DPS at ₹7.8
5.Power Grid Corporation: At CMP of ₹202, the PSU gave a dividend yield of 5.3 percent with FY22 DPS at ₹14.8 and FY23 DPS at ₹10.7
6.Petronet LNG: At CMP of ₹200, the PSU gave a dividend yield of 5.0 percent with FY22 DPS at ₹11.5 and FY23 DPS at ₹10
7.Gujarat State Fertilizer & Chemicals: At CMP of ₹200, the chemical major gave a dividend yield of 5 percent with FY22 DPS at ₹2.5 and FY23 DPS at ₹10.
8.National Aluminum Company: At CMP of ₹92, the PSU gave a dividend yield of 4.9 percent with FY22 DPS at ₹6.5 and FY23 DPS at ₹4.5
9.Chennai Petroleum Corp: At CMP of ₹575, the oil and gas major gave a dividend yield of 4.7 percent with FY22 DPS at ₹2 and FY23 DPS at ₹27
10.REC: At CMP of ₹288, the PSU gave a dividend yield of 4.4 percent with FY22 DPS at ₹15.3 and FY23 DPS at ₹12.6.
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The dividend yield is a financial metric that represents a company’s annual dividend payment as a percentage of its current stock price. It is an indicator of the return that investors earn on their shares.
Dividend yield is calculated by dividing the total dividend paid by the company during the past year by the current share price and expressing the result as a percentage