Yogeshji, have you looked into doing the same picks but doing it when the P/B and P/D ratios are favorable also. This will give you a measure of undervaluation. Indian stocks do not have consistency in dividends but the inconsistency is also good since it is giving larger dividends when the business is good and smaller when business is bad, unlike the dividend system in Westernized nations where growth in dividends, and long term consistency of paying is MOST critical.
Also, doing filteration of stocks through one of the screener sites is great, but the issue is that you will run into change in names constantly and therefore the SIPs have to stop and restart with a new company. The only way you can do SIP into a screened list of stocks is if your criteria for Screening has a Buy Screen, and also another Sell Screen. Both screens have to be run, since the Sell Screen might tell you to unload the SIPped stock and save you from pain. BUT, but,,,,,it will now generate taxable transactions, a lot of tracking of stock buy and sells (yes there are programs available), but all of that becomes a chore that one has to do at tax time.
Both strategies above are great, but have their own merits associated with it.
My recommendation is to find out how you are 'creating wealth' first. If you have a busy full time job, go with a simple stock market strategy of annual rebalancing, and let go the zhanzat and complications of buy / sell / SIP / Un-SIP etc. If you are making money, saving money, and doing it consistently from job / business, that is MUCH MORE important and fruitful than managing the wealth, since the imperfections in Wealth Management will get made up plenty by job income.
Just my 2 cents.....