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Navigating investment opportunities Dividend paying stocks in January 2024

equity market
09 Feb 20246 mins readBy MOFSL

Introduction:

A dividend represents a company's decision to share a portion of its earnings with its current shareholders. This distribution is made in cash to those who hold the company's stock on the specified record date. Dividends can come in different forms: interim, final, or special.

Declining a dividend hinges on a company's financial performance and is never a guaranteed outcome. Depending on their financial health or strategic direction, companies might opt to raise, decrease, introduce, or cease dividend payments altogether. When considering dividend-paying stocks, investors are advised to assess them based on their investment objectives, the company's historical dividend track record, its financial stability, and its future potential.

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Dividend-paying stocks in January 2024

The new year brings attractive investment opportunities in the form of dividend-paying stocks in January 2024. Five leading companies have already announced dividends for January 2024. These companies include Tata Consultancy Services (TCS) Limited, Shree Cements Limited, HCL Technologies Limited, Angel One Limited, and Ksolves India Limited.

Investing in these companies before the record date can fetch additional income apart from capital appreciation. Please continue reading to learn more about the dividend-paying stocks in January 2024 and their record dates.

 

1. Tata Consultancy Services

Tata Consultancy Services Limited is a leading IT solutions provider in India. The company is also into the businesses of telecom, retail, banking, distribution, insurance, and other financial services. Following robust Q3 results, the company’s board of directors announced an interim dividend for its equity shareholders on 29 December 2024. 

The company has set the record date for the interim dividend payment as 19 January 2024. As of 31 December 2023, TCS shares were trading for Rs. 3,793.35 per share at the National Stock Exchange (NSE) and Rs. 3,794.95 at the Bombay Stock Exchange (BSE). The last one-year return of this stock stood at 16.51%.

2. Shree Cements Limited

Shree Cements Limited is a large-cap cement manufacturing company. It manufactures and markets different types of cement under brand names – Shree Ultra Jung Rodhak Cement, Bangur Cement, and Tuff Cemento. The company’s board of directors announced the payment of an interim dividend on 28 December 2023. The final decision will be taken after the next review meeting going to be held on 31 January 2024.

As of 31 December 2023, the shares of Shree Cements Limited were trading for Rs. 28,654.50 per share at the NSE and Rs. 28,619.10 per share at the BSE. The last one-year return of this stock stood at 23.22%.

3. HCL Technologies Limited

HCL Technologies Limited is an India-based global technology company offering services related to engineering, digital, cloud, and AI. It also offers software, business process outsourcing (BPO), and infrastructure services. The company’s board of directors announced the payment of an interim dividend to shareholders by the record date of 20 January 2024. 

HCL Technologies Limited has a knack for distributing frequent dividends. Since 2000, the company has paid 87 dividends. As of 31 December 2023, HCL Technologies’ shares were trading for Rs. 1,463,75 per share at the NSE and Rs. 1,463.95 per share at the BSE.

4. Angel One Limited

Angel One Limited is a diversified financial services company with offerings such as stockbroking, research, and investment advisory. It also provides a margin trading facility and loans against shares to investors. The company is set to finalise the payment of an interim dividend during the next review meeting going to be held on 15 January 2024. The company has fixed the record date for dividend payment as 23 January 2024.

Angel One Limited has a five-year dividend payout ratio of 31.1%. As of 31 December 2023, the company’s shares were trading for Rs. 3,486.00 at the NSE and Rs. 3,485.90 at the BSE.

5. Ksolves India Limited

Ksolves India Limited is a global technology-based company. Its product portfolio in India includes Machine Learning, Artificial Intelligence, Penetration Testing, etc. The board of directors will conduct a review meeting on 18 January 2024 to finalise the interim dividend payment. The company has fixed the record date for dividend payment as 26 January 2024.

As of 31 December 2023, Ksolves India shares were trading for Rs. 1,182.00 per share at the NSE and Rs. 1,185.00 per share at the BSE.

 

To conclude

You can add these dividend-paying stocks to your portfolio to earn additional income in January 2024. But before investing, remember to assess the companies based on their historical performances, financial stability, and your investment objectives.

 

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Disclaimer: The stocks, companies, or financial instruments mentioned in this blog are for informational purposes only and should not be considered as investment recommendations. It is advised to consult with your financial advisor before making any investment decisions. Investment in securities markets are subject to market risks, read all the related documents carefully before investing. Investors are strongly encouraged to carefully read the risk disclosure documents prior to participating in market-related investments or trading activities. Due to the volatile nature of financial markets, no guarantees can be made regarding investment returns. Motilal Oswal Financial Services Ltd. does not offer any assured returns on market-linked securities. Please note that past performance of stocks or indices is not indicative of future results.
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