Penny stocks are shares of small companies that don’t cost much, usually trading between Rs. 20-50 per share.
Investors are interested in these small companies because they might grow a lot and give good profits.
Penny stocks have cheap prices, and their value in the stock market can go up and down a lot. Even though they can make you a lot of money, they are also very risky.
Top 10 Highest divident paying penny stocks in India
To help investors looking for chances to make more money in the Indian market, we’ve put together a list of the top 10 penny stocks you might want to consider buying in India for the year 2024.
- Seacoast Shipping Services Ltd:
- Established in 2005.
- Specializes in logistics for exporters and importers.
- One of the largest freight forwarders in Gujarat.
- Shows strong profit growth and a robust return on equity (ROE).
- Taparia Tools Ltd:
- Founded in 1969, collaborates with a Swedish company.
- Specializes in hand tools like wrenches, screwdrivers, pliers, etc.
- Nearly debt-free with impressive profit growth and ROE.
- Offers a variety of manufacturing solutions.
- Indian Overseas Bank:
- Operates in the banking sector.
- Engaged in various banking operations like retail and corporate banking.
- Significant profit growth over the past five years.
- Virgo Global Ltd:
- Focuses on IT software-related services.
- Diversified business portfolio including computer hardware and software.
- Expected positive performance in the upcoming quarter with a high ROE.
- Swiss Military Consumer Goods Limited:
- Specializes in trading and marketing lifestyle products under the brand SWISS MILITARY.
- Reduced debt with a remarkable profit growth rate.
- Brightcom Group Ltd:
- Formerly known as Lycos Internet Ltd.
- Provides digital marketing solutions globally.
- Minimal debt with consistent growth and a good profit growth rate.
- Alok Industries Ltd:
- Operates in the textile sector, manufacturing yarn, fabrics, and home textiles.
- Global presence with exports to over 90 countries.
- Recently underwent corporate restructuring for improved efficiency.
- Dish TV India Ltd:
- Direct-to-home television service provider in India.
- Invests in new technologies and services to stay competitive.
- Faces competition from online streaming services.
- Jaiprakash Power Ventures Ltd:
- Engaged in power generation with hydroelectric and thermal power plants.
- Focuses on efficiency, cost reduction, and investments in new power projects.
- Suzlon Energy Ltd:
- Specializes in renewable energy, particularly wind energy solutions.
- Operates globally in over 18 countries.
- Takes steps to reduce debt and improve financial stability.
These companies operate in diverse sectors, offering various products and services, and each has its own strategies for growth and success.
Highest divident paying penny stock
Taparia Tools Ltd was established in 1969 in partnership with a Swedish company. They specialize in providing solutions for hand tools, offering a wide range of manufacturing solutions such as adjustable wrenches, screwdrivers, pliers, hammers, C-clamps, chisels, spanners, punches, pipe wrenches, socket sets, and more.
A notable aspect is that Taparia Tools has minimal debt, meaning they owe very little money. In the past five years, the company has shown impressive profit growth, with a rate of 37.2% CAGR. Their Return on Equity (ROE), a measure of profitability, stands at 27.6%. Additionally, the company distributes a healthy dividend payout of 48.6%. This indicates that the company is financially strong and has been successful in its operations.
