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Metals, Mining cos lead dividend payout
Some Good Fixed-Income Investments Options in India
The metals and mining sector has the highest dividend yield of 5.2 per cent, as per an analysis by Trendlyne.
New Delhi: The metals and mining sector has the highest dividend yield of 5.2 per cent, as per an analysis by Trendlyne. Companies with the highest dividend yield in this sector are Vedanta, Hindustan Zinc and National Aluminium Company with 30.7 per cent, 19.8 per cent and 4.8 per cent, respectively.
Though Vedanta tops the list, its outsize dividend yield can be attributed to a 20 per cent drop in its stock price over the past year. This shows how a plummeting share price can push up yields, as per Trendlyne. Vedanta chose to distribute a substantial dividend of Rs101.5 per share to its shareholders to meet its holding company’s financial obligations and debt repayments. This massive payout set a new record for the company. Moving on to the zinc major, Hindustan Zinc (HZL), its share price increased by 9.9 per cent.
Vedanta holds a 65 per cent stake in HZL as of June 2023. The company’s cash equivalents stood at Rs 10,061 crore in FY23, compared to borrowings of Rs 11,841 crore.
Meanwhile, the utilities sector had an overall dividend yield of 2.4 per cent in FY23.
