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%)

Coal India had emerged as the lead dividend-paying company with a total dividend yield of 5.37% for the financial year 2023-24. India’s largest coal miner has announced a total dividend payout of ₹25.5 per share of the face value of ₹10 each. Coal India announced final dividend of ₹5 in April 2024 for FY24 and interim dividends of ₹5.25 per share in February and ₹15.25 per share in November for the last fiscal. According to its Friday closing price of ₹474.60, the dividend yield is 5.37%.

HCL Tech (3.85%)

HCL Technologies has declared a total interim dividend of ₹52 per share of the face value of ₹2 each for the financial year ended on March 31, 2024. The company declared an interim dividend of ₹18 per share in April 2024, of ₹12 per share each in January 2024 and October 2023 and of ₹10 in July 2023.

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%)

Oil major ONGC has announced a total interim dividend payout of ₹9.75 per share of the face value of ₹5 each for 2023-24. ONGC announced an interim dividend of ₹4 per share in February and ₹5.75 per share in November 2023. ONGC investors are anticipating another dividend payout (final dividend for FY24) from the company along with its final Q4 results.

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%)

IT services provider Tech Mahindra has paid a total dividend of ₹40 per share (800%) of the face of ₹ 5 each for 2023-24. Tech Mahindra declared an interim dividend of 12 per share in November 2023. The IT company announced a final dividend of ₹28 per equity share (560%) for the financial year ended on March 31, 2024.

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%)

Power Grid Corporation of India had paid interim dividends of ₹8.5 per share for 2023-24 so far. The company announced an interim dividend of ₹4.50 per share in February 2024 and ₹4 per share in November 2023 for the financial year 2023-24.

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.