On Friday, the Indian stock market opened with a noticeable gap up, despite the US markets closing in the red. Although today’s gap up might give some relief to investors during an ongoing correction, the medium-term trend still remains bearish.
As of 2:40 PM IST, the Nifty 50 index was trading 2.51% or 379.65 points up at 16,202.2. However, over the past month, the index is down over 6.8%, and trading well below its 50-day Simple Moving Average (SMA), which is at 16,948. As the market has fallen quite a bit in the one-month period, dividend lovers have started to look for high dividend-paying companies available at beaten-down prices.
If you are looking for some high-paying dividend stocks to add to your portfolio, here are some stocks that the street is keeping a close eye on. The yields mentioned below are, as of the closing price of 19 May 2022.
Bharat Petroleum Corporation Limited
Bharat Petroleum Corp. Ltd. (NS: BPCL ) is in the business of oil and gas exploration and comes under the ownership of the government of India. BPCL is the highest dividend-paying stock on the Nifty50 list and outpaces other top dividend-paying stocks by a huge margin.
Currently, the stock is trading at a whopping annual dividend yield of 23.41%. Although it is also to be noted that the yield has been bumped up by a one-time special dividend of INR 35 per share, announced in May last year. In the calendar year 2022, the company has already paid a dividend of INR 5 per share.
Vedanta Ltd (NS: VDAN ) is a Mumbai-headquartered mining company and is another stock currently trading at a mouth-watering dividend yield. Much of the increase in the yield can also be attributed to the recent decline in Vedanta shares. The stock has fallen more than 30% from its 52-week high marked last month.
Currently, the stock is trading at a double-digit dividend yield of 14.87%. The company has already announced a total dividend of INR 44.5 per share in the calendar year 2022.
REC (formerly known as Rural Electrification Corporation (NS: RECM ) Limited) has been given the status of a Navratna company by the Ministry of Power. REC is a regular dividend-paying company and has been one of the investors’ favorites for a consistent dividend income.
The stock is currently trading at a dividend yield of 13.17% and has paid a dividend of INR 6 per share in the calendar year 2022. The board of Directors has also declared a dividend of INR 4.8 per share on 13 May 2022.
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Good information. VEDL is a surpriseLike 1