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.
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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.
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.