The Budget 2024 will be presented on July 23 by Finance Minister Nirmala Sitharaman. Expectations are high for a comprehensive strategy to steer India’s economic trajectory. Positioned against a backdrop of recovering from the pandemic’s impact, the budget is anticipated to prioritize key sectors such as healthcare, education, and infrastructure.
With an emphasis on fiscal prudence and inclusive growth, the budget aims to foster resilience and sustainable development while addressing emerging challenges in the global economic landscape.
Here are some of the top dividend paying stocks to watch ahead of Budget
Coal India
Topping the list is Coal India, offering a substantial dividend yield of 5.1% at a market price of Rs 491.65. The company significantly increased its dividend per share (DPS) from Rs 17 in FY22 to Rs 24.3 in FY23, cementing its position as a reliable dividend payer.
GSFC
Following closely is Gujarat State Fertilizers & Chemicals (GSFC), with a dividend yield of 4.1% and a price of Rs 243.50. GSFC’s dividend grew impressively from Rs 2.5 per share in FY22 to Rs 10 in FY23, reflecting its strong financial performance.
ONGC
Oil & Natural Gas Corporation (ONGC) also shares a 4.1% dividend yield, trading at Rs 288.20. The oil major distributed dividends of Rs 10.5 per share in FY22, increasing slightly to Rs 11.3 in FY23, bolstering its appeal among dividend-focused investors.
GNFC
In the chemical sector, Gujarat Narmada Valley Fertilizers & Chemicals matches ONGC’s 4.1% dividend yield, priced at Rs 713.95. The company’s DPS surged from Rs 10 in FY22 to Rs 30 in FY23, demonstrating strong dividend growth potential.
PTC India & VST Ind.
PTC India and VST Industries both offer a 3.8% dividend yield, with PTC India trading at Rs 218.10 and VST Industries at Rs 4,098.55. PTC India maintained a steady DPS of Rs 7.8 across FY22 and FY23, while VST Industries increased its DPS from Rs 140 to Rs 150 during the same period.
HCL Tech
HCL Technologies stands out in the tech sector with a 3.3% dividend yield, priced at Rs 1,519.25. The company raised its DPS from Rs 42 in FY22 to Rs 48 in FY23, indicating strong dividend growth amidst its technological advancements.
ITC
ITC maintains a dividend yield of 4.2%, trading at Rs 433.65. Despite a slight decline in DPS from Rs 15.5 in FY22 to Rs 13.8 in FY23, ITC remains a reliable choice for dividend-seeking investors in the FMCG sector.
Power Grid
Power Grid Corporation offers a stable dividend yield of 3.2%, with a price of Rs 339.40. The PSU maintained a consistent DPS of Rs 14.8 in both FY22 and FY23, reflecting its commitment to regular dividend payouts.
Infosys
Infosys, closing the list, provides a dividend yield of 2.9% at Rs 1,647.20. The IT major significantly increased its DPS from Rs 34 in FY22 to Rs 46 in FY23, showcasing its strong financial performance and dividend growth potential.
These top dividend-yield stocks have been selected based on their dividend history and current market performance, presenting attractive opportunities for investors seeking stable income amidst market uncertainties.
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(With Inputs)