Top Dividend-Paying Indian Stocks for 2023
Dividends play a crucial role in the investment strategy for many investors, especially those seeking regular income from their investments. In 2023, Indian stock markets continue to offer a range of options for investors, with several companies paying strong dividends. This article explores the best Indian stocks in terms of dividend yields and provides insights into their market performance.
INEOS Styrolution India Ltd.
INEOS Styrolution India Ltd. stands out with a dividend yield of almost 34%. Over the past year, the company has paid out dividends of 297 against a share price of 875, making its dividend yield an impressive 33.97%. However, it’s important to note that the share price has fallen by 40.28% in the past year, which could be a potential risk for investors.
Vedanta Ltd.
Vedanta Ltd. has shown consistent dividend performance with a yield of 26.5% for the past year. The company paid 77.5 in dividends while its current share price is 292.55. Nevertheless, its stock has not shown significant upward movement, with a decline of 0.85% in the last year.
Indian Oil Corporation Ltd.
Indian Oil Corporation Ltd. offers a moderate dividend yield of 16.8%. It has paid 11.4 in dividends over the past twelve months, while its share price currently stands at 67.85. The company’s share price has fallen by 22.13% in the last year, which might impact its attractiveness for focused dividend investors.
Rural Electrification Corporation Ltd.
Rural Electrification Corporation Ltd. is a subsidiary of the Power Finance Corporation Ltd. It has demonstrated strong dividend performance, with a dividend yield of 16% based on its 15.3 per-share dividend. The current share price is 95.75, and the company’s share price has fallen by 19.56% in the past year.
Power Finance Corporation Ltd.
Power Finance Corporation Ltd. offers a modest dividend yield of 11.33%. The company paid 12 per share, and its share price is currently at 105.9. Unfortunately, its stock price has declined by 24.88% in the past year, which could be a concern for some investors.
National Mineral Development Corporation Ltd.
National Mineral Development Corporation Ltd. is another stock worth considering, as it has a dividend yield of around 11.1%. The company paid 14.74 in dividends over the last twelve months, and its current share price is 132.85. The company’s stock price has fallen by 8.25% in the past year, which might impact its overall performance.
Steel Authority of India Ltd.
Steel Authority of India Ltd. provides a dividend yield of 10.6%. Over the past 12 months, this CPSE stock has given a dividend of 8.75, and its current market price stands at 82.3. Unfortunately, the company’s stock price has declined by 29.47% in the past year, which could indicate a cautious approach due to market conditions.
Bharat Electronics Ltd.
Bharat Electronics Ltd. is notable for its strong dividend yield of 4.25%, with each share paying 4.5 in dividends. The current share price is 105.95, which could be a compelling reason for investors looking for growth potential along with a steady dividend. Moreover, its stock price has seen a significant increase of 54.93% in the past year, making it an attractive option for those seeking both dividends and capital growth.
National Thermal Power Corporation
National Thermal Power Corporation is a CPSE that provides a dividend yield of 4.19. The company paid 7 per share, and its current market price is 166.95. Interestingly, its share price has increased by 10.41% in the past year, offering a balanced approach to dividends and potential growth.
Union Bank of India
Union Bank of India offers a dividend yield of 4.13, having given a dividend of 1.9 in the past 12 months. The current price of the stock is 45.95. While the stock price has grown by 1.77% in the past year, the dividend yield plays a significant role in its attractiveness for investors looking for regular income.
When selecting amongst these options, investors should consider not only the dividend yields but also the overall market performance, financial health, and growth potential of each company. By combining dividend income with the potential for capital appreciation, these stocks present a compelling case for inclusion in an investor’s portfolio.