“Dividend Yield” is usually defined as the annual dividend payment that is expressed as a percentage of the current stock price prevailing in the market. The same tells the shareholder what the return on investment has been for the price paid at the time of purchasing the security.
Listed below are three stocks under the ‘Auto Ancillary’ category that have a high dividend yield:
Munjal Auto Industries Limited
With a market capitalization of Rs 626.90 crores, the stocks of Munjal Auto Industries Limited closed at Rs 62.69 on Thursday, slipping about 1.90 percent as compared to the Previous Closing Levels of Rs 63.88 apiece.
During FY22-23, the company paid out a total dividend of Rs 2 per equity share equating to a dividend yield of 3.19 percent.
Munjal Auto Industries Limited is a company based in India that offers exhaust systems. The company engages in the manufacturing process of rims, wheels, fuel tanks, and other components for the automotive industry.
Rane Brake Lining Limited
With a market capitalization of Rs 602.23 crores, the stocks of Rane Brake Linings Limited closed at Rs 779.10 on Thursday, gaining about 0.20 percent as compared to the previous closing levels of Rs 777.60 apiece.
During FY22-23, the company paid out a total dividend of Rs 25 per equity share equating to a dividend yield of approximately 3.20 percent.
Rane Brake Linings Limited is engaged in the business of manufacturing and marketing auto components. The company offers products such as brake linings, clutch buttons, disc pads, and many more for utility vehicles, passenger cars, etc.
Banco Products (India) Limited
With a market capitalization of Rs 3,671.05 crores, the stocks of Banco Products (India) Limited closed at Rs 513.30 on Thursday, slipping about 0.96 percent as compared to the previous closing levels of Rs 518.30 apiece.
During FY22-23, the company paid out a total dividend of Rs 22 per equity share equating to a dividend yield of 4.29 percent.
Banco Products (India) Limited is involved in the business of manufacturing as well as selling radiators. The company manufactures copper brass & aluminum radiators. The product portfolio comprises oil coolers, fuel coolers, charged air coolers, rubber products, etc.
Written by Amit Madnani
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