Accumulate stocks with high divend yeild

After the recent run up, valuations have become expensive at least as far as large caps are concerned. For conservative investors fresh investments may be considered in contrarian sectors or quality mid caps which have still not become expensive. In this regard it may be useful to consider stocks which have a consistent track record of dividend distribution and offer a good dividend yield at present rates. Majority of the dividends are paid out between April and September of any financial year. Investing at the present juncture will result in generating tax free returns in a short period of time. Also most of these stocks have limited downside and will not destroy your capital even if the markets were to correct at some stage. We present below a list of some fundamentally sound companies which offer a good dividend yield and may be considered for investments at this stage.

Company	CMP	FY09 DPS	FY08 DPS	FY07 DPS	Yield %	Last Year Ex Date
TNPL	87	4.5	4.5	4	5.2%	28-Aug-09
Karnataka Bank	117	6	5	3.5	5.1%	23-Jul-09
Andhra Bank	101	4.5	4	3.8	4.5%	12-Jun-09
Munjal Showa	45	2	2	2	4.4%	16-Jul-09
Deepak Fertilisers	108.35	4	3.5	3	3.7%	7-Jul-09
Graphite India	86.4	3	3	3	3.5%	21-Jul-09
Indian Oil	296	7.5	5.5	19	2.5%	2-Sep-09