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Dividend Paying Stocks in July 2023

07 Sep 2023

Introduction

Investing in dividend-paying stocks is one of the most efficient strategies to outpace inflation. Such stocks benefit investors in two ways – first, they allow them to make long-term profits through capital appreciation, and second, they provide consistent income through dividends. However, the dividend payout ratio and dividend payment per share may vary from company to company based on their financial performance and corporate goals.

 Top dividend-paying stocks in July 2023:

1. Nilkamal

Nilkamal Limited is the world’s largest manufacturer of moulded furniture and chairs. It is also Asia’s largest processor of plastic moulded goods and products. The product portfolio of Nilkamal includes plastic chairs, baby tables, dining tables, crates, bins, planters, insulated crates, mattresses, and curtains, among others. 

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The company was founded in 1985, and its shares are listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Nilkamal’s consolidated net sales stood at Rs. 828.89 crores in March 2023, up by 11.7% on a year-on-year basis. On May 22, 2023, it announced a dividend of 200% with the record date being fixed as July 1, 2023.

2. Jyothy Labs

Jyothy Laboratories Limited is a Fast-Moving Consumer Goods (FMCG) company involved in the manufacturing and marketing of fabric whiteners, detergents, soaps, dishwashing bars, mosquito repellents, and incense sticks. It was founded in 1992 by Ms. Moothedath Jyothy in Mumbai, Maharashtra.

Jyothy Labs’ shares are listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Jyothy Labs’ consolidated net sales stood at Rs. 616.95 crores in March 2023, up by 12.85% yearly. On May 3, 2023, it announced a dividend of 300%, making it one of the highest dividend-paying stocks in July. The record date for the payment is set as July 4, 2023.

3. Axis Bank

Axis Bank Limited is an India-based banking and financial services company. It operates in three segments – Treasury, Retail Banking, and Corporate Banking. It also offers para-banking activities like third-party product distributions, credit cards, and online banking transactions. Axis Bank was founded in 1993 by Shri Amitabh Chaudhary.

Axis Bank shares are listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). For FY 2022-23, the company’s revenues stood at Rs. 87,448 crores, with a net profit of Rs. 23,342 crores. It announced a dividend of 50% on April 27, 2023, with the record date being fixed as July 7, 2023.

4. Swaraj Engines

Swaraj Engines Limited is a manufacturer of diesel engines, diesel engine components, and spare parts for Swaraj Mazda – a tractor made by Mahindra and Mahindra Limited. Recently, it has also ventured into the manufacturing of hi-tech engine components. Till now, the company has supplied more than 1.2 million diesel engines.

Swaraj Engines’ shares are listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The company’s standalone net sales in March 2023 stood at Rs. 359.79 crores, up by 48.46% on a year-on-year basis. The dividend payout per share of Swaraj Engines for last year stood at Rs. 80. On April 27, 2023, it announced a final dividend of 920% with the record date being fixed as July 8, 2023.

5. JSW Steel

JSW Steel Limited is India's largest private-sector steel manufacturer in terms of installed capacity. It offers a vast range of steel products, including hot rolled coils, sheets, plates, cold rolled coils, tin plates, TMT bars, wire rods, grinding balls, and special steel bars. The company’s manufacturing facilities are located in Vijaynagar (Karnataka), Dolvi (Maharashtra), and Salem (Tamil Nadu).

JSW Steel shares are listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The company’s FY 2022-23 revenue stood at Rs, 1,65,960 crores with a net profit of Rs. 4,276 crores. On May 22, 2023, it announced a dividend of 340% with the record date being fixed as July 12, 2023.

To conclude

These are the top five dividend-paying stocks in July 2023. You can buy these stocks before the record date to receive the corresponding dividend income. However, before making any investment decision, you should always consult a financial professional to understand the associated risks. 

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