For the six month period ended December 31, 1998, the company has reported a net profit of Rs 7.02 crore on a turnover of Rs 10.75 crore. For the full year the company is likely to report a net profit of Rs 15 crore, which on an equity base of Rs 13.1 crore, translates into a dividend of Rs 11.50 per share.

Oswal chemicals & Fertilisers is another stock which had been giving excellent yield for the last couple of years. For fiscal 1997 and 1998, the company paid dividend of 23 and 40 per cent, respectively. Historically, the stock peaks in the month of June, as it crosses the Rs 20 mark. The stock is currently trading at Rs 15.05. The rally, in anticipation of a handsome dividend yield has already started at the counter, as the stock moved from Rs 14.05 to Rs 16.25. But in last two tradingsessions, it has come down on account of technical correction and is a good buy. Even the company's performance in the first half of fiscal 1999 has improved over the previous year. It reported a net profit of Rs 45 crore for first half against previous year's Rs 39.9 crore.

Pentafour Products has been paying a dividend of more than 22 per cent for the last five years. The stock currently changes hands at Rs 8.7 and enjoys a PE of as low as 1.5 times. Although the company's performance in the third quarter of last fiscal has not been impressive, the company is likely to end the year with a net of Rs 22 crore. Another investment with a handsome yield is IFCI. The stock currently trades at Rs 11.75. For the nine month period ended December 31, 1998, the institution has reported a net profit of Rs 106.55 crore. Even if IFCI lowers its dividend payout from 30 per cent to 20 per cent for fiscal 1999, the yield at current market price works out to be 17 per cent. Since the holding period is less than twelvemonths, the yield on the annualised basis works out to be more.