5.4% Yield: After Maha-Returns, 3 Maharatna Companies To Announce Maha-Dividends Ahead; Coal India, SAIL, ONGC

Three Maharatna companies will be announcing interim dividends for FY24. These companies are from diverse segment such as metals, coal and oil & gas. While they are among top dividend yield stocks as well. These are ONGC, Coal India and SAIL. All three stocks touched new 52-week highs ahead of their dividends in the coming days.

ONGC Dividend:

Leading oil and gas explorer, ONGC will be the first up to declare interim dividends next week. The company's board is scheduled to meet on February 10, to consider and approve Un-Audited Financial Results for the Quarter and Nine Months ended 31st December 2023 and recommendation of 2nd Interim Dividend, if any for FY24. Also, on the same day, ONGC's board will consider the purpose of distribution of a second Interim Dividend for FY24.

For the second interim dividend, the company fixed Saturday, 17th February 2024 as the record date to determine eligible shareholders. Accordingly, the stock will turn ex-dividend on February 16.

Earlier, ONGC paid the first interim dividend of 115% amounting to Rs 5.75 per share for FY24. In the previous fiscal, the payout was to the tune of 225% aggregating to Rs 11.25 per share.

ONGC share price touched a new 52-week high of Rs 275.30 apiece on February 7th, before ending at Rs 271.95 apiece, broadly flat on BSE with a market cap of Rs 3,42,120.69 crore.

In six months, ONGC share price jumped by 57% on BSE, while in a year, the surge a whopping 89%.

Coal India Dividend:

Coal India has the highest dividend yield in the PSU stocks and is also among the large-caps on the Indian market. At the current market price, CIL's dividend yield is at 5.36%. The board of directors at Coal India is scheduled to meet on February 12. On this day, the board will consider and declare payment of the 2nd Interim Dividend for FY 2023-24, if any.

In the regulatory filing, CIL informed that it has fixed Tuesday, 20th Feb'24 as the 'Record Date' for payment of the 2nd Interim Dividend on Equity Shares for Financial Year 2023-24, if declared by the Board. With the 'T+1' settlement type in effect on stock exchanges, now shares turn ex-dividend on the same day as the record date. Hence, Coal India's ex-dividend date for the upcoming dividend is also on February 20.

Earlier, the company paid its first interim dividend of 152.5% amounting to Rs 15.25 per share for FY24. Meanwhile, in the previous financial year 2022-23, Coal India paid up to 242.50% dividend aggregating to Rs 24.25 per share.

Ahead of the dividend recommendations, CIL's share price has been hitting back-to-back new 52-week highs. On BSE, during the February 7th session, CIL shares touched a new 52-week high of Rs 460.60 apiece, before ending at Rs 452.55 apiece up by 0.90%. CIL has a market cap of Rs 2,78,894.27 crore.

Coming to Coal India, its share price has jumped massively by 96.55% on BSE, while in a year, the stock emerged as a multibagger with upside of 110%.

Steel Authority Of India Limited (SAIL) Dividend:

Just like CIL, SAIL is also scheduled to meet on February 12 to consider and approve Q3 results along with the interim dividend. As per the regulatory filing, SAIL said, the Board of Directors of Steel Authority of India Limited (SAIL) will be held on 12th February 2024 at New Delhi to, inter-alia, consider, approve and take on record the
Unaudited Standalone and Consolidated Financial Results of the Company for the Quarter and Nine Months ended December 2023; and consideration of Interim Dividend for the Financial Year 2023-24, if any.

In case, the Board decides to consider and declare an Interim Dividend, the record date for payment of the Dividend would be 20th February 2024.

This will be the first interim dividend payout from SAIL for FY24. In the previous financial year 2022-23, the company delivered dividends up to 15% amounting to Rs 1.5 per share.

On the current market price, the company has a dividend yield of 1.05%. On BSE, the stock price ended at Rs 143.50 apiece, down by 1.48% after market hours of Wednesday. However, the reason for the correction was that investors cashed in gains as the stock touched a new 52-week high of Rs 150 apiece on Wednesday.

Further, SAIL has gained by nearly 55% on BSE in six months, while the share is has rallied by 70% in a year.