Top dividend yield stocks: Religare Broking picks best bets for investors

Top dividend yield stocks:  Domestic brokerage firm Religare Broking has come up with a list of stocks with high dividend yields. Dividend yield is one of the main factors to consider when investing in dividend-paying stocks. It is an indicator of the return that investors are earning on their shares.

Religare Broking has filtered the list of top dividend-paying companies based on their fundamental strength and selected 10 stocks. Investors interested in dividend income may consider these stocks for investment.

Chennai Petroleum Corporation leads the list of top dividend yield stocks, followed by Coal India, Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Power Finance Corporation, Gujarat State Fertilizers & Chemicals (GSFC), Oil & Natural Gas Corporation (ONGC), VST Industries, HCL Technologies, Bank of Baroda, and REC.

Here's the detailed list of the top 10 stocks with high dividend yields:

Chennai Petroleum Corporation secured the first spot with a dividend yield of 5.5 per cent and a current market price of Rs 997. The company's price-to-earnings (P/E) ratio stands at 4.9. For the fiscal year 2023, the dividend per share (DPS) was 55, compared to 27 in the previous fiscal year 2022.

Coal India has a dividend yield of 4.9 per cent with a current market price of Rs 522. The P/E ratio is 7.1. For the fiscal year 2023, the DPS was 25.5, while in 2022, it was 24.3.

GNFC has a dividend yield of 4.1 per cent with a current market price of Rs 713. The company's P/E ratio stands at 17.4. For the fiscal year 2023, the DPS was 30, compared to 10 in the previous fiscal year 2022.

GSFC has a dividend yield of 4.1 per cent with a current market price of Rs 246. The P/E ratio is 21.6. For the fiscal year 2023, the DPS was 10, while in 2022, it was 2.5.

VST Industries has a dividend yield of 3.4 per cent with a current market price of Rs 4,378. The company's P/E ratio stands at 14.8. For the fiscal year 2023, the DPS was 150, compared to 140 in the previous fiscal year 2022.

ONGC has a dividend yield of 3.4 per cent with a current market price of Rs 334. The P/E ratio is 5.4. For the fiscal year 2023, the DPS was 11.3, while in 2022, it was 10.5.

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HCL Technologies has a dividend yield of 3.2 per cent with a current market price of Rs 1,643. The company's P/E ratio stands at 26.7. For the fiscal year 2023, the DPS was 52, compared to 48 in the previous fiscal year 2022.

Bank of Baroda has a dividend yield of 3 per cent with a current market price of Rs 254. The P/E ratio is 7.3. For the fiscal year 2023, the DPS was 7.6, while in 2022, it was 5.5.

REC has a dividend yield of 2.9 per cent with a current market price of Rs 644. The company's P/E ratio stands at 8.4. For the fiscal year 2023, the DPS was 16, compared to 12.6 in the previous fiscal year 2022.

Power Finance Corporation has a dividend yield of 2.4 per cent with a current market price of Rs 557. The P/E ratio is 6.5. The DPS was 16 for FY23 and 12.6 for FY22.