High dividend yield stocks: Vedanta to Oil India, 5 stocks with attractive dividend and high return in 2024

Dividend payouts by corporates along with the announcement of quarterly and yearly results have caught the attention of investors this earnings season. Share prices of good dividend-paying companies have always been on the radar of investors for steady income.

The investors always look for high performing stocks and when it comes with a good dividend yield, it couldn’t be more rewarding.

Here is the list of shares that have given handsome returns in 2024 so far as well as paid good dividends. The list includes shares with market capitalisation of more than ₹5,000 crore and high dividend yield of 3-4%.

Vedanta

Metals to mining conglomerate Vedanta tops the chart in providing high returns as well as dividend returns in the current year so far. Vedanta shares have soared more than 70% in 2024 so far. It has also turned into a high dividend-paying stock with a dividend yield of 6.69%.

While its fourth quarter earnings remained subdued, the company achieved record production across key businesses in FY 2023-24. Its strong margin even during a challenging commodity market and expansion plans have boosted the stock. Vedanta also revealed plans to expand the Lanjigarh refinery production capacity to 3.5 MTPA and setting up of copper plant in Saudi Arabia have also supported the rally.

Oil India

State-run oil producer and refiner OIL India Ltd was second in the list. Oil India shares have rallied over 68% in 2024 so far. In an icing on the cake for investors, the company has given a dividend yield of 3.18%.

Oil India announced strong quarterly numbers for the March quarter, beating street estimates. The company’s strong volume growth outlook, expanding refining capacity and gains in gas prices have boosted the share price.

Oracle Financial Software Services Ltd

Financial and insurance technology services provider Oracle Financial Software Services Ltd (OFSS) have gained around 72% in 2024 so far on strong financial performance. The company has also rewarded shareholders with dividend income. The dividend yield was 3.22% as the company paid and declared a dividend of ₹240 per share in FY 2023-24.

The company recorded double-digit growth in revenues, operating income, and net income for FY 2023-24. Also, its revenue rose by 12% and profit by 17% in the March quarter compared to the last year. Its operating margin was 43% for the quarter ended March 31, 2024.

Power Grid Corporation

India’s leading transmission utility Power Grid Corp has turned a wealth creator for investors with its impressive dividend payouts. Power Grid Corp has a dividend yield of 3.59%. The company has announced a final dividend of ₹2.75 per share for the financial year 2023-24.

Shares of the company have risen more than 29% in 2024, so far, while in the past year it has given returns of more than 75%.

Securing new transmission projects, dividend payouts and bonus share issue have propelled the stock price. The company also announced better financial results for the December quarter which boosted its shares in recent months.

Indian Oil Corporation

Indian Oil Corp has given a dividend yield of 3.59%. The PSU stock has given nearly 24% YTD return.

Indian Oil for FY 2023-24 reported a record net profit of ₹39,619 crore, the highest ever in its history, and over four-fold increase from ₹8,242 crore in the previous year. Strong operational performance across business verticals boosted the bottomlines. The company also achieved its highest ever sales volume reaching 97.55 million tonnes of products in FY 2023-24.