Top 5 Dividend Paying Stocks in 2024

Check out these top dividend-paying stocks in 2024 for regular income and long-term growth.

Published Nov 7, 2024 4 Min Read

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Learn how dividend-paying stocks like Coal India and IOC provide regular income with high dividend yields in 2024.

Discover the benefits of investing in dividend stocks such as Britannia and Balkrishna Industries for income and long-term growth.

Find out which top dividend stocks can help you earn regular income while benefiting from stock price appreciation.

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Investing in dividend-paying stocks is one of the best ways to earn regular dividend income. Usually, when a company makes a profit, it decides to pay a portion of that profit to its shareholders in the form of dividends. Many investors find this appealing because they receive regular payouts on top of any increase in the stock price.

However, it must be noted that ideally, companies must balance rewarding shareholders with reinvesting profits. Some of the best Indian companies carefully manage this and ensure they don't give away too much in dividends. By reinvesting a portion of their earnings back into the business, these companies try to grow their revenue, which in turn increases the value of the stock. This helps shareholders benefit in the long run through both dividends and stock price appreciation.

If you are an investor looking to earn regular dividend income, we have compiled a list of some of the best dividend-paying stocks you can consider while investing.

Five best dividend-paying stocks in 2024

The table below lists the best dividend-paying stocks and includes both large-cap and small-cap companies. Many of these have been in business for a long time, which makes them a safer investment choice. Let’s check them out.

1. Coal India

Coal India Ltd. was established in 1973. It is a large company in the mining sector, primarily earning revenue from coal sales and other operating income. For the quarter ending June 30, 2024, Coal India reported a total income of Rs. 38,349.21 crore. This represents a 3.29% decrease from the previous quarter when total income was Rs. 39,654.50 crore. The company’s net profit after tax for this latest quarter was Rs. 10,858.15 crore.

2. Indian Oil Corporation (IOC)

Indian Oil Corporation Ltd. was founded in 1959. It is a large company in the gas and petroleum sector, generating income mainly from:

Refining petroleum products
Scrap sales
Consultancy services

For the quarter ending June 30, 2024, the company reported a total income of Rs. 1,94,377.56 crore. This figure marks a 2.86% decrease from the previous quarter's income of Rs. 2,00,103.28 crore. It is also a 2.40% decrease compared to the same quarter in 2023 when the income was Rs. 1,99,165.39 crore. Despite the drop in income, Indian Oil Corporation earned a net profit of Rs. 3,151.46 crore for this quarter.

3. Britannia Industries

Britannia Industries Ltd. is a major FMCG company founded in 1918. The company earns revenue primarily from manufacturing and selling food products. For the quarter ending on June 30, 2024, Britannia reported a total income of Rs. 4,305.90 crore. This marks a 4.34% increase from the previous quarter’s income of Rs. 4,126.70 crore. After taxes, the company's net profit for the latest quarter was Rs. 505.53 crore.

4. Punjab National Bank (PNB)

Punjab National Bank was established in 1969. It is a major banking institution earning its revenue mainly from interest on loans, income from investments, and interest on balances with the RBI. For the quarter ending June 30, 2024, the bank’s total income was Rs. 32,759.89 crore. This marks a slight decrease of 0.66% from the previous quarter, which had an income of Rs. 32,976.47 crore. The bank’s net profit after tax for this quarter was Rs. 4,006.90 crore.

5. Balkrishna Industries

Balkrishna Industries Ltd. was founded in 1961. It is a large company in the tyre industry and generates income primarily from selling tyres and tubes. Also, it earns revenue from scrap sales and export incentives. For the quarter ending June 30, 2024, the company reported a total income of Rs. 2,876.13 crore. This marks a slight increase of 0.82% compared to the previous quarter’s income of Rs.2,852.66 crore. In this quarter, the company’s net profit after taxes was Rs. 489.99 crore, which shows solid financial growth.

Key takeaways

Dividend-paying stocks offer regular income to investors. They provide long-term benefits through stock price appreciation.
Among the best dividend-paying stocks, Coal India and IOC stand out for their high dividend yields of 5.13% and 7.12%.
Britannia Industries and Balkrishna Industries have lower dividend yields but show strong growth potential through reinvestment.

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Frequently asked questions

Why should I invest in dividend-paying stocks?

They provide regular income, and in the long term, these stocks also increase in value. This makes them suitable for investors looking for both income and capital appreciation.

What is dividend yield?

Dividend yield shows what percentage of the stock price is paid back to you each year in the form of dividends. For example, if a stock's price is Rs. 100 and it pays Rs. 5 in dividends per year, the dividend yield is 5%.

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Top 5 Dividend Paying Stocks in 2024

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