JPMorgan has initiated coverage on defence stocks Hindustan Aeronautics (HAL), Bharat Electronics (BEL), and Mazagon Dock Shipbuilders. Both HAL and BEL have received an "overweight" rating, with a target price of ₹5,135 and ₹340, respectively. The brokerage has initiated coverage on Mazagon Dock with a "neutral" rating with a target price of ₹4,248.