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Business News/ Markets / Stock Markets/  Dividend stock hits 52-week high on fourth day in a row. Do you own?
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Dividend stock hits 52-week high on fourth day in a row. Do you own?

Indian Oil Corporation (IOC) shares hit a new 52-week high during Tuesday deals on the NSE, climbing to ₹90.95 apiece

IOC shares are one of the dividend stocks in Dalal Street, with a 2022 dividend yield of over 10%. (Bloomberg)Premium
IOC shares are one of the dividend stocks in Dalal Street, with a 2022 dividend yield of over 10%. (Bloomberg)

Indian Oil Corporation or IOC shares are one of the dividend stocks that has been in uptrend after bottoming out in October 2022. However, some steam is still left in this oil stock as IOC share price on Tuesday opened upside and went on to hit intraday high of 90.95 apiece levels on NSE, which turned out to be its new 52-week high on NSE. As per the information available on BSE, this dividend stock has been climbing to new 52-week highs for the last four straight sessions.

IOC dividend history

As per the information available on BSE website — bseindia.com, IOC shares are one of the dividend stocks in Dalal Street. In the year 2022, this PSU stock traded ex-dividend on two occasions and its dividend yield in 2022 was over 10 per cent. IOC share traded ex-dividend for the first time in 2022 on 9th February 2022 for payment of 4 per share interim dividend to its eligible shareholders. Later on, it traded ex-dividend on 11th August 2022 for payment of 2.40 per share interim dividend to its eligible shareholders. so, net dividend declared by IOC in 2022 is 6.40 per share.

 

However, in between these two interim dividend announcements, IOC declared 1:2 bonus shares that means if an investor had taken position in this PSU stock at the beginning of new year 2022, one's shareholding in the company would have surged 50 per cent after issuance of 1:2 bonus shares. Hence, net dividend received by a long term investor would have been 7.60 ( 4 + 2.4 + 1.2), where 1.20 per share additional dividend came due to the bonus shares received by the shareholders after 1:2 bonus shares.

IOC dividend yield

At the beginning of new year 2022, IOC share price was arund 74.50 apiece whereas net dividend declared by IOC was 7.60 per share. So, IOC dividend yield in 2022 stands at 10.20 per cent, which is much higher than the annual return given by Public Provident Fund (PPF), Employees Provident Fund (EPF) and bank fixed deposit FD) returns.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 30 May 2023, 01:42 PM IST
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