JPMorgan bullish on defence stocks: Initiates coverage on BEL, HAL, Mazagon Dock, sees up to 17% upside

Global brokerage firm JPMorgan has shared an optimistic outlook on India’s defense sector, initiating coverage on Bharat Electronics (BEL), Hindustan Aeronautics (HAL), and Mazagon Dock Shipbuilders, with a growth potential of up to 17%. JPMorgan emphasized the sector’s promising growth prospects in both production and exports.