Top 5 Stocks Paying Dividends in April 2024

When searching for a substantial investment mix, it's tempting to check out the highest-paying dividend stocks. Who wouldn't be drawn to the idea of growing capital and getting a regular income? It's like the sweet spot for folks wanting the best of both worlds in their portfolio.

Dividend stocks hold a universal appeal, capturing the interest of both everyday investors and billionaires.

But identifying the right dividend stocks at the right time? That's the tricky part. For those looking to enhance their portfolio with dividend income, here are five stocks worth watching for dividend income in April 2024.

This article is in continuation of the article we covered last week that highlighted another set of companies that are going to pay dividends in April 2024.

#1 Sun TV Network

First on the list is Sun TV Network.

The Board of Directors at their meeting held on 28 March 2024, approved an interim dividend payout of 60% per share with a face value of Rs 5 apiece.

The said dividend payout translates to Rs 3 per equity share with a face value of Rs 5 each.

The company has fixed Monday, 8 April 2024, as the record date for determining eligible shareholders for payment of the interim dividend.

Sun TV Network has declared 57 dividends since 13 September 2006.

In the past 12 months, Sun TV Network has declared an equity dividend amounting to Rs 13.8 per share.

The five-year average dividend payout ratio stands at 37.2%. The dividend yield over the past five years has averaged 3.7%.

Sun TV Network is an Indian mass media company headquartered in Chennai, Tamil Nadu.

It is a part of Sun Group and is one of Asia's largest TV networks. The company was established in April 1992 by Kalanithi Maran.

Sun TV Network Dividend History (2019-23)

	19-Mar	20-Mar	21-Mar	22-Mar	23-Mar
Dividend per share (Adj.) * (Rs)	12.5	25	5	13.8	15
Dividend payout ratio (%)	34.4	71.1	12.9	33	34.6
Dividend Yield (%)	2	8.8	1.1	2.8	3.6

*Adjusted for bonus issues and stock splits
Data Source: Equitymaster

For more details, see the Sun TV company fact sheet and quarterly results.

#2 Indian Metals & Ferro Alloys

Second on the list is Indian Metals & Ferro Alloys.

The company, on 29 March 2024, declared a special dividend of Rs 15 per equity share of Rs 10 each for the financial year 2024.

This is the highest-ever dividend that Indian Metals declared in its entire history.

The has set 8 April 2024 as the record date for the said special dividend.

Indian Metals & Ferro Alloys announced 21 dividends since July 2009.

In the past 12 months, the company declared an equity dividend of Rs 12.5 per share.

The five-year average dividend payout ratio stands at -214.5%. The dividend yield over the past five years has averaged 2.1%.

IMFA is India's leading fully integrated producer of value-added ferro chrome with 190 MVA installed furnace capacity backed up by 204.55 MW captive power generation capacity and extensive chrome ore mining tracts.

Indian Metals & Ferro Alloys' Dividend History (2019-23)

	19-Mar	20-Mar	21-Mar	22-Mar	23-Mar
Dividend per share (Adj.) * (Rs)	1.2	0	5	12.5	10
Dividend payout ratio (%)	-1,125.80	0	16.2	13.3	23.9
Dividend Yield (%)	1.9	0	2.2	3	3.5

*Adjusted for bonus issues and stock splits
Data Source: Equitymaster

For more details, see the Indian Metals company fact sheet and quarterly results.

#3 DCM Shriram

Third on the list is DCM Shriram.

The board of DCM Shriram Industries in its meeting held 28 March 2024 has declared an interim dividend of Rs 2/- per equity share of face value of Rs 2/- each (100%) for the financial year 2023-24.

The company has fixed 10 April 2024 as the record date for payment of this interim dividend.

DCM Shriram has declared 50 dividends since December 2000.

The five-year average dividend payout ratio stands at 20.4%. The dividend yield over the past five years has averaged 2.3%.

DCM Shriram Ltd. is a leading business conglomerate with a group turnover of Rs 77.7 bn.

DCM Shriram Industries Limited is a diversified group with operations in sugar, alcohol, co-generation of power, and inorganic chemicals, among others.

DCM Shriram's Dividend History (2019-23)

	19-Mar	20-Mar	21-Mar	22-Mar	23-Mar
Dividend per share (Adj.) * (Rs)	9.8	8.2	9.3	14.7	14
Dividend payout ratio (%)	16.9	17.8	21.6	21.5	24
Dividend Yield (%)	2.4	3.8	1.9	1.3	1.9

*Adjusted for bonus issues and stock splits
Data Source: Equitymaster

For more details, see the DCM Shriram company fact sheet and quarterly results.

#4 Mold- Tec Packaging

Fourth on the list is Mold-Tek Packaging.

The company at its meeting on 3 April 2024 declared an interim equity dividend for the financial year 2023-24 @ 40% i.e. Rs 2 per equity share on the face value of Rs 5 per equity share.

The record date for the said dividend is set as 12 April 2024.

With a rich dividend history, the company has declared 29 dividends since 2006.

The five-year average dividend payout ratio stands at -214.5%. The dividend yield over the past five years has averaged 2.1%.

The company is engaged in manufacturing rigid plastic packaging. It produces moulded containers for the paints and lubricants industry.

Recently, it also ventured into manufacturing packaging containers for the food, cosmetics, and FMCG industries.

Some of its clients include Asian Paints, Castrol, Mondelez International, Heinz, Nestle, Kansai Nerolac, Dabur, ITC, Amul, and P&G.

Mold-Tek Packaging's Dividend History (2019-23)

	19-Mar	20-Mar	21-Mar	22-Mar	23-Mar
Dividend per share (Adj.) * (Rs)	3.3	4.2	5.9	7.5	5.9
Dividend payout ratio (%)	34.7	37	41.3	39.3	24.7
Dividend Yield (%)	1.4	2.1	2.4	1.3	0.7

*Adjusted for bonus issues and stock splits
Data Source: Equitymaster

For more details, see the Mold-Tek Packaging company fact sheet and quarterly results.

#5 Stovec Industries

Second on the list is Stovec Industries.

The company's board has declared a final dividend of Rs 17 per share or 170% for the financial year 2024.

The record date for the same is 19 April 2024.

The company has maintained a good record of paying dividends for the last five years. Since 2001, the company has issued 25 dividends.

The five-year average dividend payout ratio stands at 112.1%. The dividend yield over the past five years has averaged 3.2%.

Stovec Industries engages in the development and production of consumables for the textile, graphic printing, and sugar industry.

It produces rotary printing machines for textiles, rotary screens, chemicals for textile printing, anilox and screens for graphic printing, digital ink and sugar screens.

Stovec Industries' Dividend History

	19-Mar	20-Mar	21-Mar	22-Mar	23-Mar
Dividend per share (Adj.) * (Rs)	60.1	22	57.1	47.1	174.2
Dividend payout ratio (%)	44.8	34.1	40.2	39.6	402
Dividend Yield (%)	2.9	1.2	2.5	1.9	7.7

*Adjusted for bonus issues and stock splits
Data Source: Equitymaster

For more details, check out the Stovec Industries company fact sheet and quarterly results.

To Conclude

Dividend paying stocks usually pay a dividend at a growing rate. This increases the amount of passive income every year.

Dividends also act as a defensive strategy during market downturns, as they exhibit more stability compared to non-dividend-paying stocks.

It's important to note that while dividend stocks can provide a level of defensiveness, they are not immune to market fluctuations.

They can still experience declines in value during severe market downturns or company-specific challenges.

Thus, it's essential to conduct thorough research, assess the financial health of the company, and diversify your investment.

If you want to dig deeper, use Equitymaster's stock screener to check high dividend yield stocks and the best dividend stocks to buy.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...