5 Quality Stocks That Offered The Highest Dividend Yield Above 7% In FY23

In a research report of IDBI Capital, the stock broking firm has identified five stocks that have offered high dividend yields in the financial year FY2023. These stocks are all considered to be high-quality companies with a track record of paying dividends. As a result, they could be good options for investors looking for income and growth.

However, note that dividend yield is only one factor to consider when selecting stocks. You should also consider the company's financial strength, growth prospects, and dividend history.

It is important to note that past performance is not a guarantee of future results. The dividend yields of these stocks could change in the future, and the stocks could also lose value. Investors should always do their research before investing in any stock.

IDBI Capital used the following criteria to select the stocks:
- Stocks that have a market cap of more than Rs 800 crores,
- Dividend yield should be more than 3%,
- The company should be profit making for the past 3 years,
- Five-year average ROE should be more than 9,
- Special Dividend (one-off) are not taken into consideration,
- While consistent Special Dividends are considered,
- Consistent dividend-paying track record.

Here are 5 quality stocks that offered the highest dividend yield above 7% in FY2023, as per the research report.

1. Hindustan Zinc Ltd

Hindustan Zinc Limited is an Indian integrated mining and resources producer of zinc, lead, silver, and cadmium. It has a dividend yield of 24.6%.

2. Coal India Ltd

Coal India Ltd is the largest government-owned coal producer in the world. It has a dividend yield of 10.1%.

3. Sanofi India Ltd

Sanofi India Limited is a healthcare pharmaceutical company that is owned by Sanofi and Hoechst GmbH. Together they hold 60.4% of its paid-up share capital. It has a dividend yield of 9.8%.

4. REC Ltd

REC Ltd is an infrastructure financing company catering to government power projects across India. It has a dividend yield of 9.1%.

5. Oil India Ltd

Oil India Limited is a premier Indian National Oil Company engaged in the business of exploration, development, and production of crude oil and natural gas. It has a dividend yield of 7.8%.

Disclaimer
The stocks have been picked up from the brokerage report of IDBI Capital. Greynium Information Technologies, the author or the brokerage firm will not be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.