Religare Broking, a domestic brokerage firm, has identified the top 10 dividend-paying companies based on their fundamental strength. Investors seeking dividend income may find these stocks appealing for investment opportunities.
Coal India: Leading the list with a dividend yield of 8.2%, Coal India boasts a Current Market Price (CMP) of ₹295. In FY22, the company had a Dividend Per Share (DPS) of ₹17, which increased to ₹24.3 in FY23.
Oil India: Oil India, an oil exploration company, offers a dividend yield of 6.7% with a CMP of ₹299. Its FY22 DPS stood at ₹14.3, while in FY23, it rose to ₹20.
PTC India: PTC India, a significant player in the power sector, presents a dividend yield of 5.9%. Its CMP is ₹133, and both FY22 and FY23 DPS remained at ₹7.8.
Oil and Natural Gas Corporation (ONGC): ONGC, a prominent player in the oil industry, provides a dividend yield of 5.9%. Its CMP is ₹192, with FY22 DPS at ₹10.5, increasing to ₹11.3 in FY23.
Gujarat State Fertilizers & Chemicals: This chemical major offers a dividend yield of 5.8%, with a CMP of ₹173. In FY22, its DPS was ₹2.5, rising to ₹10 in FY23.
Power Grid Corporation: The PSU, Power Grid Corporation, has a dividend yield of 5.3%. With a CMP of ₹200, it had an FY22 DPS of ₹14.8, which decreased to ₹10.7 in FY23.
Chennai Petroleum Corp: An oil and gas major, Chennai Petroleum Corp, presents a dividend yield of 5.3%. Its CMP is ₹510, with an FY22 DPS of ₹2 and an impressive ₹27 in FY23.
GNFC: GNFC, a chemicals major, offers a dividend yield of 4.9%. With a CMP of ₹612, it had an FY22 DPS of ₹10, which rose to ₹30 in FY23.
National Aluminium Company: This PSU has a dividend yield of 4.6% and a CMP of ₹97. In FY22, its DPS was ₹6.5, which decreased to ₹4.5 in FY23.
NMDC: NMDC, a mining major, boasts a dividend yield of 4.5%. With a CMP of ₹148, it had an FY22 DPS of ₹14.7, which decreased to ₹6.6 in FY23.
Dividend yield is a financial metric that indicates the annual dividend payment of a company as a percentage of its current share price. It serves as a measure of the return that investors are receiving on their shares, calculated by dividing the total dividends paid by the company over the past year by the current stock price and expressing the result as a percentage.