Here Are The Top Dividend-Paying Stocks In May 2024
Introduction:
Investing in the stock market presents an opportunity for investors to generate substantial profits. This is exemplified by the recent positive performance of the Indian market, which saw a notable increase of 1.2% in the past week and an impressive surge of 48% over the preceding 12 months. Nevertheless, it’s essential to acknowledge the inherent risks associated with such investments.
One strategy to mitigate risk while still capitalising on your investment is to focus on stocks that offer attractive dividends. By prioritising investing in dividend-paying shares, you can cultivate a steady stream of income within their portfolios over time. While this approach may lack the allure of rapid gains, it provides a more stable and sustainable method for wealth accumulation.
Why invest in dividend-paying stocks?
By investing in dividend-paying stocks before the record date, you can receive a fixed income. Dividends allow listed companies to share their profits with their shareholders. They are given as a percentage of the face value of the existing equity shares.
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For example, suppose you own 100 shares of a company with a face value of Rs. 5 per share and the company announced a dividend of 100%. It means that you will receive a Rs. 5 per share dividend in your bank account, which amounts to a total of Rs. 500 (5 x 100).
Dividend-paying stocks in May 2024
For those looking to invest in dividend-paying stocks in May 2024, below is a list of such stocks:
1. CRISIL
CRISIL stands for Credit Rating and Information Services of India Limited. The company is a premier credit rating agency in India, renowned for its comprehensive suite of services encompassing research and risk advisory. With a robust presence in both domestic and international markets, CRISIL extends its rating expertise across a diverse spectrum of debt instruments, covering a vast portfolio of more than 8,000 companies.
As of 23 April 2024, CRISIL shares were trading for Rs. 4,194.10 per share at the National Stock Exchange (NSE) and Rs. 4,203.35 per share at the Bombay Stock Exchange (BSE). On 8 April 2024, the company’s Board of Directors announced an interim dividend of 700% for the shareholders. The record date for the dividend payment has been set as 3 May 2024.
2. Sanofi India Limited
Sanofi India Limited is a subsidiary of the multinational corporation Sanofi. It operates within the healthcare sector with a strategic focus on various therapeutic domains. These encompass diabetes, cardiology, consumer healthcare, hospital, central nervous system, and anti-histamines, among others. The company’s diverse product portfolio comprises insulin, tablets, vaccines, and injections.
As of 23 April 2024, Sanofi India’s shares were trading for Rs. 8,140.25 per share at the NSE and Rs. 8,155.00 per share at the BSE. On 24 February 2024, the company announced a dividend of 1170% on the face value of Rs. 10 each. The company has set 3 May 2024 as the record date for the payment of the dividend.
3. ABB India Limited
ABB India holds a distinguished position in the Indian infrastructure sector. Widely recognised for its exceptional reputation, the company’s operations are organised into four primary segments: electrification, process automation, motion, and robotics.
As of 23 April 2024, ABB India Limited shares were trading for Rs. 6,307.45 per share at the NSE and Rs. 6,307.60 per share at the BSE. On 20 February 2024, the company announced a dividend of 1190% on the face value of Rs. 2 each. The record date for the dividend payment has been set as 3 May 2024.
4. Infosys Limited
Infosys Limited is a leading IT services provider in India. The multi-national company has its footprint in India as well as abroad. As of 23 April 2024, Infosys’ shares were trading for Rs. 1,442.40 per share at the NSE and Rs. 1,441.70 per share at the BSE.
On 19 April 2024, the company’s Board announced a special dividend of 160% for its shareholders. The record date for the dividend payment has been set as 31 May 2024.
To conclude
These are the top dividend-paying stocks in May 2024. Undoubtedly, these stocks offer a great option to generate some passive income. However, as an investor, you must conduct thorough research before making investment decisions and ensure your portfolio is aligned with your investment goals and risk appetite.
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