Coal India to HCL Tech: Top five NIFTY50 stocks with high dividend yield

NIFTY50 companies have started declaring their financial results for the March quarter and financial year 2023-24. ALong with the result, companies are also declaring final dividend payouts for FY24.

Companies like TCS, HDFC Bank and Bajaj Auto have declared final dividends of up to 2,800% of the face value of their respective shares per unit.

Dividend per share shows the total payout an investor will get for the shares owned by him of a particular company.

However, to get a clear picture of how much an investor has actually earned on dividend payouts in comparison to his or her investment in the stock, the dividend yield matrix is used.

Dividend yield is actually a financial ratio which shows how much a company has paid in dividends annually compared to its stock price. The dividend yield for a stock is derived as a percentage by dividing the dividends paid per share in a year with price per share. The dividend yield could be higher with the declining stock price. The formula used is:

Dividend yield= Annual dividends per share/Price per share

On the basis of dividend yield, these five stocks are the top dividend-paying shares among NIFTY constituents in FY24 so far.

Coal India (5.37%)

HCL Tech (3.85%)

The dividend yield is 3.85% against its market price of ₹1,348.05 per share on NSE.

Also Read: These NIFTY50 companies declared bumper dividend in FY24

ONGC (3.4%)

Still the oil and natural gas producer has given a dividend yield of 3.4% against its current market price of ₹286.10 per share.

Tech Mahindra (3.2%)

The dividend yield of Tech Mahindra is 3.2% against its current trading price of ₹1,250.45 per share on NSE.

Power Grid Corp (2.73%)

The company is soon going to release its earnings reports for the quarter and financial year ended March 31, 2024. With the Q4 earnings report, the investors are expecting the announcement of a final dividend for FY24.

The dividend yield so far is 2.73% against its Friday’s close of ₹310.85 per share on NSE.