Dividend-paying stocks are a popular choice for investors seeking a steady stream of income while benefiting from potential capital appreciation. In 2024, several companies within the Nifty 500 index have emerged as top picks for their generous dividend payouts and reliable performance. These companies not only reward shareholders with consistent dividends but also offer the stability and growth prospects needed in a volatile market. For income-focused investors, such stocks provide the dual advantage of regular returns and the opportunity to grow wealth over time. Sectors like oil and gas, metals, asset management, and utilities feature prominently among the top dividend payers this year. As we look ahead, selecting high dividend-paying stocks can be a key strategy for building a resilient, income-generating portfolio. Let us take a closer look at the 10 highest dividend-paying stocks from the Nifty 500 in 2024, highlighting their yields, sector performance, and overall appeal: 1. Indian Oil Corporation Ltd (IOC) Sub-Sector: Oil & Gas – Refining & Marketing Market Capitalization: ₹2,40,174.02 Cr Share Price: ₹170.08 PE Ratio: 5.76 Dividend Yield: 6.88% Dividend Per Share: ₹12.00 Indian Oil Corporation Ltd continues to be a top pick for dividend investors with its impressive yield of 6.88%. The company’s strong presence in refining and marketing makes it a stable income generator, supported by government backing, ensuring consistent returns. 2. Vedanta Ltd Sub-Sector: Metals – Diversified Market Capitalization: ₹1,72,840.92 Cr Share Price: ₹442.75 PE Ratio: 40.77 Dividend Yield: 6.35% Dividend Per Share: ₹29.50 Vedanta Ltd is a favorite among dividend-seeking investors. Despite a relatively high PE ratio, the company’s diversified operations in the metals sector make it a reliable dividend payer with a yield of 6.35%. 3. Bharat Petroleum Corporation Ltd (BPCL) Sub-Sector: Oil & Gas – Refining & Marketing Market Capitalization: ₹1,49,157.82 Cr Share Price: ₹343.80 PE Ratio: 5.55 Dividend Yield: 6.02% Dividend Per Share: ₹21.00 BPCL continues to be one of the top dividend-paying stocks in the oil and gas sector, offering a yield of 6.02%. Its strong profitability and low valuation make it a solid choice for long-term dividend investors. 4. Chennai Petroleum Corporation Ltd Sub-Sector: Oil & Gas – Refining & Marketing Market Capitalization: ₹14,696.81 Cr Share Price: ₹986.95 PE Ratio: 5.35 Dividend Yield: 5.57% Dividend Per Share: ₹55.00 Chennai Petroleum Corporation Ltd stands out with a dividend yield of 5.57%. The company plays a vital role in India’s energy needs and has demonstrated stable financial performance, making it a reliable choice for dividend investors. 5. Hindustan Petroleum Corporation Ltd (HPCL) Sub-Sector: Oil & Gas – Refining & Marketing Market Capitalization: ₹82,421.21 Cr Share Price: ₹387.35 PE Ratio: 5.15 Dividend Yield: 5.43% Dividend Per Share: ₹21.00 Hindustan Petroleum Corporation Ltd offers a solid dividend yield of 5.43%, supported by its leadership in the refining and marketing sub-sector. HPCL has consistently delivered dividends, maintaining its appeal to income-focused investors. 6. Coal India Ltd Sub-Sector: Mining – Coal Market Capitalization: ₹3,21,694.42 Cr Share Price: ₹522.00 PE Ratio: 8.60 Dividend Yield: 4.89% Dividend Per Share: ₹25.50 As the world’s largest coal producer, Coal India Ltd offers investors a dividend yield of 4.89%. The company’s leadership position in the coal market and strong cash flow ensure regular dividend payouts. Photo by Andrey Andreyev on Unsplash 7. UTI Asset Management Company Ltd Sub-Sector: Asset Management Market Capitalization: ₹13,483.74 Cr Share Price: ₹1,058.45 PE Ratio: 17.61 Dividend Yield: 4.44% Dividend Per Share: ₹47.00 UTI Asset Management Company Ltd offers a dividend yield of 4.44%, making it one of the top dividend payers in the asset management sector. With consistent dividend policies and strong performance, UTI AMC remains a favorite for income investors. 8. Oil and Natural Gas Corporation Ltd (ONGC) Sub-Sector: Oil & Gas – Exploration & Production Market Capitalization: ₹4,21,816.76 Cr Share Price: ₹335.30 PE Ratio: 8.57 Dividend Yield: 3.65% Dividend Per Share: ₹12.25 ONGC, a leader in oil and gas exploration, continues to deliver solid dividends, with a yield of 3.65%. With its government backing and essential role in India’s energy sector, ONGC is a reliable option for investors seeking consistent dividends. 9. ICICI Securities Ltd Sub-Sector: Investment Banking & Brokerage Market Capitalization: ₹25,770.93 Cr Share Price: ₹795.65 PE Ratio: 15.21 Dividend Yield: 3.64% Dividend Per Share: ₹29.00 ICICI Securities Ltd offers a dividend yield of 3.64%, providing consistent returns to its shareholders. The company’s strong presence in investment banking and brokerage has enabled it to maintain a robust dividend policy. 10. Power Grid Corporation of India Ltd Sub-Sector: Power Transmission & Distribution Market Capitalization: ₹3,16,499.55 Cr Share Price: ₹340.30 PE Ratio: 20.32 Dividend Yield: 3.31% Dividend Per Share: ₹11.25 Power Grid Corporation of India Ltd, a leader in power transmission, provides a dividend yield of 3.31%. The company has a consistent history of offering dividends and remains a stable pick for investors seeking income from the utility sector. Conclusion In 2024, these top dividend-paying stocks from the Nifty 500 offer not only attractive yields but also stability and growth potential in sectors that are crucial to the Indian economy. Investors looking for regular income alongside capital appreciation should consider these stocks as part of a diversified portfolio. Data Credits: Smallcase The above list is provided for educational purposes only and does not constitute financial advice or recommendations. Always conduct your own research or consult with a financial planner before making any investment decisions. These tips are brought to you by HappyWise Financial Services. If you need any assistance with organizing your finances or want to discuss your investment options, feel free to connect through Email or Whatsapp. Disclaimer: Some part/s may be generated/modified using GenerativeAI Post navigation Thinking of Investing in International Markets? 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