India's Bharat Electronics, HAL, Mazagon Dock rise; JP Morgan starts coverage
** Shares of Hindustan Aeronautics HIAE.NS rise 2.1%, Bharat Electronics BAJE.NS gain 2.3% and Mazagon Dock MAZG.NS up 4%
** Uptick after J.P. Morgan initiates BAJE and HIAE with "overweight", citing likely structural growth in the sector due to rising capex
** Says India's defence sector still in the very early stages of a long runway of growth
** Adds recent pull-back in BAJE, HIAE offers attractive entry point
** Names BAJE its preferred pick due to diversified rev and order inflow and long track record as a listed company
** "HIAE's growth potential helped by the fact that it is the main domestic maker of aircraft, engines and helicopters for Indian defence"
** Also starts MAZG with "neutral"
** Says, "While MAZG also faces structural growth opportunities, its core profit margin will normalize and it faces higher competition from other government-owned and private shipyards"
Reporting by Bharath Rajeswaran in Bengaluru
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