The volatility that the American indices saw in August brought forth a flurry of articles about great dividend stocks, and I read a number of articles about large American companies like Intel, Pfizer, Johnson & Johnson, Vodafone, Astra Zeneca, Verizon etc. that give great dividend yields.
There are several large US companies that give dividend yields in excess of 3%, and that’s quite remarkable considering the fact that the fixed deposits in American banks fetch next to nothing.
I was curious to see if there are any large Indian companies that offer such great dividend yields. I went to the BSE website, and took a look at the dividend payouts in the last financial year (April 1 2010 – March 31 2011), and the current market price to calculate the dividend yields of the 100 biggest companies in the BSE 500.
Although there aren’t many very high yielding dividend stocks there are 23 which give dividend yields in excess of 2%. Let me share that subset with you first.
| S.No. | Stock | Dividend Paid | Market Price | Dividend Yield | Notes |
| 1 | Hero Motors | 110 | 2067 | 5.32 | Interim Div on 15 April 2010 – Rs. 80 & final dividend on Sep 1 2010 Rs. 30 |
| 2 | ITC Limited | 5 | 203 | 2.46 | Bonus of 1:1 so dividend is considered as Rs. 5 instead of Rs. 10 |
| 3 | Bajaj Holdings | 30 | 747 | 4.02 | |
| 4 | PFC | 5 | 147 | 3.40 | |
| 5 | HPCL | 12 | 379.55 | 3.16 | |
| 6 | ONGC | 8 | 264 | 3.03 | Stock split from 10 to 5 & then bonus 1:1 – original dividend was Rs. 32 |
| 7 | ACC | 30.5 | 1011 | 3.02 | Includes special dividend of Rs.7.50 |
| 8 | IOC | 9.5 | 317 | 3.00 | |
| 9 | GSK Consumer Healthcare | 68 | 2340 | 2.91 | Includes special dividend of Rs. 25 |
| 10 | SAIL | 2.9 | 109 | 2.66 | |
| 11 | Oil India | 34 | 1300 | 2.62 | |
| 12 | Tata Chem | 9 | 355 | 2.54 | |
| 13 | PNB | 22 | 912 | 2.41 | |
| 14 | Canara Bank | 10 | 420 | 2.38 | |
| 15 | Union Bank | 5.5 | 236 | 2.33 | |
| 16 | NHPC | 0.55 | 24 | 2.29 | |
| 17 | NTPC | 3.8 | 166.9 | 2.28 | |
| 18 | Bank of India | 7 | 312 | 2.24 | |
| 19 | Cummins | 13 | 614 | 2.12 | |
| 20 | BoB | 15 | 728 | 2.06 | |
| 21 | REC Ltd | 3.5 | 170 | 2.06 | |
| 22 | BPCL | 14 | 682 | 2.05 | |
| 23 | Power Grid | 2 | 99.5 | 2.01 |
As you can see I’ve tried to record special events like bonuses, splits, special dividends etc. wherever I noticed them as that makes a difference in calculating yields. This is because I’m using the current market price whereas the dividends were paid out in the last financial year, and the number of outstanding shares may be different due to these actions.
Now, here is the complete list.
| Stock | Dividend Paid | Market Price | Dividend Yield | Notes |
| Reliance Industries | 7 | 804 | 0.87 | |
| Infosys | 15 | 2315 | 0.65 | |
| ITC Limited | 5 | 203 | 2.46 | Bonus of 1:1 so dividend has been considered 5 instead of 10 |
| ICICI Bank | 12 | 887 | 1.35 | |
| HDFC | 660 | 0.00 | ||
| L&T | 12.5 | 1609 | 0.78 | |
| HDFC Bank | 2.4 | 471 | 0.51 | Stock split from 10 to 2, so dividend has been considered as Rs. 2.4 instead of Rs. 12 |
| TCS | 6 | 1021 | 0.59 | |
| SBI | 20 | 1993 | 1.00 | |
| Bharti | 1 | 408 | 0.25 | |
| ONGC | 8 | 264 | 3.03 | Stock split from 10 to 5 & then bonus 1:1 – original dividend was Rs. 32 |
| M&M | 9.5 | 766 | 1.24 | |
| HUL | 3.5 | 320 | 1.09 | |
| Tata Steel | 8 | 488 | 1.64 | |
| BHEL | 17.9 | 1737 | 1.03 | |
| Axis Bank | 12 | 1076 | 1.12 | |
| Tata Motors | 15 | 755 | 1.99 | |
| NTPC | 3.8 | 166.9 | 2.28 | |
| Coal India | 0.4 | 386.9 | 0.10 | |
| Bajaj Auto | 20 | 1623 | 1.23 | Bonus 1:1 |
| Jindal Steel | 1.25 | 525.5 | 0.24 | |
| GAIL India | 7.5 | 414 | 1.81 | |
| Sun Pharma | 2.75 | 505 | 0.54 | Stock split from Rs. 5 to Rs. 1 |
| Hindalco | 1.35 | 154 | 0.88 | |
| Hero Motors | 110 | 2067 | 5.32 | Interim Div on 15 April 2010 – Rs. 80 & final dividend on Sep 1 2010 Rs. 30 |
| Wipro | 6 | 334 | 1.80 | Interim and final div of 6.00 is considered |
| Sterlite Industries | 0.9375 | 133 | 0.70 | |
| Dr. Reddy’s | 11.25 | 1509 | 0.75 | |
| Kotak Bank | 0.425 | 442 | 0.10 | Stock split from 10 to 5, original dividend Rs. 0.85 |
| Nestle | 21.5 | 4470 | 0.48 | |
| Tata Power | 1.2 | 1021 | 0.12 | Stock split from 10 to 1 original dividend is Rs. 12 |
| Power Grid | 2 | 99.5 | 2.01 | |
| Maruti | 6 | 1081 | 0.56 | |
| Asian Paints | 23.5 | 3252 | 0.72 | Declared on 11 June 2011 |
| Adani Enterprises | 2 | 531 | 0.38 | |
| Cipla | 2.8 | 280 | 1.00 | |
| Grasim Inds | 30 | 2167 | 1.38 | |
| IDFC | 1.5 | 110 | 1.36 | |
| PNB | 22 | 912 | 2.41 | |
| BoB | 15 | 728 | 2.06 | |
| Ultratech Cement | 6 | 1114 | 0.54 | |
| Lupin | 3 | 467 | 0.64 | |
| HCL Tech | 3 | 397 | 0.76 | |
| Cairn | 284 | 0.00 | ||
| Ambuja Cem | 2.6 | 135 | 1.93 | |
| BPCL | 14 | 682 | 2.05 | |
| ACC | 30.5 | 1011 | 3.02 | Includes special dividend of Rs.7.50 |
| Indus Ind Bank | 1.8 | 252 | 0.71 | |
| Titan | 1.25 | 210 | 0.60 | |
| STFC | 4 | 672 | 0.60 | |
| GSK | 40 | 2137 | 1.87 | |
| Sesa Goa | 3.25 | 231 | 1.41 | |
| DLF | 2 | 208 | 0.96 | |
| NMDC | 2.15 | 221 | 0.97 | |
| Idea | 100 | 0.00 | ||
| United Spirits | 2.5 | 893 | 0.28 | |
| Ranbaxy | 2 | 478 | 0.42 | |
| JSW Steel | 9.5 | 720 | 1.32 | |
| Mundra Ports | 0.5 | 157 | 0.32 | |
| IOC | 9.5 | 317 | 3.00 | |
| Siemens | 5 | 870 | 0.57 | |
| Jaiprakash | 0.94 | 61.85 | 1.52 | |
| Zee | 2 | 117 | 1.71 | |
| Exide | 1.3 | 147 | 0.88 | |
| Bosch | 30 | 7232 | 0.41 | This year they have declared Rs. 125 as dividends so far |
| Dabur | 0.65 | 112 | 0.58 | |
| Yes Bank | 1.5 | 278 | 0.54 | |
| SAIL | 2.9 | 109 | 2.66 | |
| LIC Housing Finance | 3.5 | 216 | 1.62 | |
| Colgate | 5 | 979 | 0.51 | |
| Reliance Infra | 7.1 | 451 | 1.57 | |
| Canara Bank | 10 | 420 | 2.38 | |
| HPCL | 12 | 379.55 | 3.16 | |
| Federal Bank | 5 | 366 | 1.37 | |
| Rel Com | 0.85 | 84 | 1.01 | |
| Cummins | 13 | 614 | 2.12 | |
| Tata Chem | 9 | 355 | 2.54 | |
| Bank of India | 7 | 312 | 2.24 | |
| REC Ltd | 3.5 | 170 | 2.06 | |
| GSK Consumer Healthcare | 68 | 2340 | 2.91 | Includes special dividend of Rs. 25 |
| PFC | 5 | 147 | 3.40 | |
| Adani Power | 88 | 0.00 | ||
| Crompton Greaves | 0.8 | 150 | 0.53 | |
| Union Bank | 5.5 | 236 | 2.33 | |
| Hindustan Zinc | 1 | 131 | 0.76 | |
| Aditya Birla Nuvo | 5 | 914 | 0.55 | |
| Cadila Healthcare | 5 | 830 | 0.60 | |
| United Phosphorus | 2 | 146 | 1.37 | |
| Reliance Capital | 6.5 | 406 | 1.60 | |
| Bajaj Holdings | 30 | 747 | 4.02 | |
| Container Corporation | 15.5 | 940 | 1.65 | |
| Divi’s Labs | 6 | 729 | 0.82 | |
| Jain Irrigation | 1 | 174 | 0.57 | |
| Glenmark | 0.4 | 323 | 0.12 | |
| Godrej Consumers | 2 | 422 | 0.47 | |
| Reliance Power | 84 | 0.00 | ||
| Oil India | 34 | 1300 | 2.62 | |
| Petronet | 1.75 | 177 | 0.99 | |
| ABB | 2 | 857 | 0.23 | |
| NHPC | 0.55 | 24 | 2.29 |
This was a very time consuming exercise and I’ve tried to be as accurate as possible, however there is always a possibility of errors in compiling such data, so please let me know if you spot anything, and I’ll correct it.
I’m going to try to do a similar list for small cap stocks and see if the yields are better there, and that post will probably be up next week.
Update: Tata Motors to include the whole Rs. 15 from last financial year as Ashok has pointed out.