3 Stocks Declaring Dividends this Week!

As the Q3 FY23 earnings season is going on, dividend-paying companies are handing out a part of their profits to shareholders in the form of dividends. If you are looking for some immediate payouts, here’s a list of 3 such companies that are going ex-dividend this week.

IIFL Finance Limited 

IIFL Finance Ltd (NS:) is a financial services company with a market capitalization of INR 19,276 crores. In the December 2022 quarter, the company reported a 4.5% QoQ jump in revenue to INR 2,144.56 crores, however, there was a bit of decline seen in the net income, by 0.3% to INR 378.3 crores, translating into a decline in profit margins to 17.64%, from 18.5% in the preceding quarter.

FIIs were seen increasing their stake to 27.79% in the reported period. The company has declared an interim dividend of INR 4 per share, translating into a 0.81% yield, as of the CMP of INR 492.65. The ex-dividend date is 7 February 2023.

Power Grid Corporation of India

Power Grid Corporation of India Ltd (NS:) is a government-owned company, with a market capitalization of INR 1,49,867 crores. It is in the business of power transmission and is one of the best consistent dividend-paying companies out there, with a current dividend yield of 6.93%, easily beating interest on many FDs.

After reporting a net profit of INR 3,645.34 crores in Q3 FY23, the company announced an interim dividend of INR 5 per share, the ex-dividend date of which is 8 February 2023. Since FY15, the company has increased its dividend payout every fiscal year, from INR 1.5 per share in FY15 to INR 14.75 per share in FY22. 

Coal India Limited

Coal India Ltd (NS:) is another PSU on the list and has a market capitalization of INR 1,34,902 crores. This coal major is trading at a P/E ratio of a mere 7.73 compared to the Nifty 50’s average of 22.67, making it one of the cheapest stocks. This coal mining company declared a noticeable 16.5% QoQ jump in revenue to INR 36,840.12 crores and a 28.3% increase in net income to INR 7,755.55 crores in Q3 FY23.

FIIs’ stake has risen to 7.86% in the company by the end of the December 2022 quarter, from 6.73% in the preceding quarter. The company has declared an interim dividend of INR 5.25 per share and the ex-dividend date is 8 February 2023. The current dividend yield of Coal India is 7.81%, the highest in the Nifty 50 list.