Turkey's leading defense company ASELSAN became the country's most valuable company as of Tuesday morning.
ASELSAN's market capitalization reached $11.56 billion (44.8 billion Turkish liras) as it surpassed Garanti Bank's market value of TL 43.2 billion.
The defense company's shares traded in Borsa Istanbul (BIST) have risen 3.5 percent Tuesday morning and are selling for $11.26 (TL 43.71) per share.
Since the beginning of the year, ASELSAN shares surged 245 percent in value, while Garanti rose 33 percent.
According to BIST data, among 20 most valuable companies listed on Turkey's benchmark BIST 100 index, ASELSAN increased its value the most, rising 167 percent in 2017.
The defense company ASELSAN designs, develops and manufactures military communication systems, radar and electronic warfare systems, electro-optical systems and defense and weapon systems for the Turkish military, in addition exports abroad.
The company is ranked 58th in the list of the world's top 100 defense giants in 2016, according to the prestigious U.S. weekly, Defense News.